Residuary Devisee

A Residuary Devisee is an individual or entity designated in a will to receive the remainder of an estate after all specific bequests, debts, taxes, and administrative expenses have been paid. This term is crucial in estate planning as it clarifies who will inherit any assets that remain once all other obligations have been satisfied.

In a typical will, a testator (the person making the will) may leave specific gifts to several beneficiaries, such as cash, property, or personal belongings. Once these specific bequests are fulfilled, any remaining assets—those not specifically designated to any other beneficiaries—are passed on to the residuary devisee.

For example, if a testator bequeaths $10,000 to a friend, a piece of jewelry to a sibling, and designates their child as the residuary devisee, the child would receive everything else in the estate after the cash and jewelry have been given out, including any remaining property, investments, or cash.

In Texas, it’s essential for testators to clearly identify their residuary devisee within the will to avoid potential disputes among heirs and to ensure that the remaining assets are distributed according to their wishes. If the residuary devisee is not explicitly stated, the remaining assets may be distributed according to state intestacy laws, which may not align with the testator’s intentions.