A residuary bequest is a provision in a will that directs the distribution of the remaining assets in an estate after all specific bequests, debts, taxes, and administrative costs have been settled. This type of bequest ensures that any remaining property, which has not been explicitly mentioned or allocated to beneficiaries in the will, is distributed according to the testator’s wishes.
Typically, the residuary bequest is expressed in clear terms, stating who will receive the residual estate. For example, a testator might leave specific items or sums of money to certain individuals but then specify that the remainder of their estate should go to a particular family member or charity. In such cases, the residuary beneficiary is entitled to whatever remains after fulfilling all other bequests.
In the context of estate planning, a residuary bequest is important because it allows for the orderly and intended distribution of an estate’s assets while minimizing potential disputes among beneficiaries. If there are no clear instructions regarding the residual assets, they may be subjected to intestacy laws, which can lead to outcomes that differ from the testator’s intentions.
For example, if a person bequeaths $10,000 to their friend and their home to their child but states in their will that the rest of their estate should go to their spouse, any remaining assets—such as bank accounts, investments, or personal property—will automatically be transferred to the spouse as part of the residuary bequest.
In Houston and other areas of Texas, it’s advisable to consult with an estate planning attorney to ensure that the residuary bequest and other provisions within a will comply with state laws and effectively reflect the testator’s wishes.
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