What is a Residuary Devisee? A Comprehensive Legal Guide
Definition & Meaning
A residuary devisee is a person designated in a will to receive any remaining property after all other specific gifts, debts, and obligations have been settled. This includes real estate and other assets that are left over after fulfilling the testator's (the person who made the will) instructions regarding debts and legacies. Essentially, the residuary devisee inherits what is left after everything else has been addressed.
Legal Use & context
The term "residuary devisee" is commonly used in estate planning and probate law. It is relevant in the context of wills, where the testator specifies how their assets should be distributed after their death. Understanding this term is crucial for anyone involved in estate administration, as it helps clarify who will receive any remaining property after all debts and specific bequests are fulfilled. Users can manage their estate planning by utilizing legal templates from US Legal Forms, designed by qualified attorneys.
Real-world examples
Here are a couple of examples of abatement:
Example 1: If a testator leaves a house to one person and a car to another, but names a third individual as the residuary devisee, that third person will inherit any remaining assets, such as cash or personal belongings, after the specific gifts are distributed and debts are settled.
Example 2: In a will, a testator might state that their debts must be paid first, followed by specific gifts to family members, with the rest of the estate going to a residuary devisee. This ensures that the residuary devisee receives whatever is left after fulfilling all obligations. (hypothetical example)