In legal contexts, residue refers to the remaining portion of an estate or property after specific bequests, debts, taxes, and administrative expenses have been satisfied or accounted for. It consists of assets or property that are not specifically devised or distributed to named beneficiaries through a will or trust. The residue of an estate is typically distributed among the residuary beneficiaries according to the terms of the will or trust document. Residuary beneficiaries are individuals or entities designated to receive the remaining assets of the estate after all specific gifts and obligations have been fulfilled. The residue may include various types of property, such as cash, investments, real estate, or personal belongings, and its distribution is subject to the provisions of the governing legal instrument and applicable laws.
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This glossary post was last updated: 29th March, 2024.
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