What is a Residuary Legatee? A Comprehensive Guide

Q: Can there be more than one residuary legatee?

Yes, a will can name multiple residuary legatees who will share the remaining assets equally.

Q: What happens if there is no residuary legatee named in a will?

If no residuary legatee is named, the remaining assets may be distributed according to state intestacy laws.

Definition & Meaning

A residuary legatee is a person designated in a will to receive the remaining assets of a deceased person's estate after specific gifts, known as bequests, have been distributed. This individual is entitled to the residue of the estate, which is calculated after deducting any administrative expenses and applicable taxes. The residuary legatee plays a crucial role in ensuring that any leftover assets are allocated according to the testator's wishes.

Table of content

Legal Use & context

The term "residuary legatee" is primarily used in the context of estate planning and probate law. It is relevant in civil law, particularly when dealing with the distribution of a deceased person's assets. The residuary legatee's rights are outlined in the will, and they may need to apply for letters of administration with the will annexed to manage the estate's remaining assets. Users can often find legal templates and forms related to wills and estate management through resources like US Legal Forms.

Key legal elements

Real-world examples

Here are a couple of examples of abatement:

For instance, if a person leaves their home to a sibling and designates their remaining assets, such as investments and personal belongings, to their partner, the partner is the residuary legatee. In another scenario, a testator may leave specific items to friends but name their children as residuary legatees to inherit any leftover assets (hypothetical example).

State-by-state differences

Examples of state differences (not exhaustive):

State	Notes
California	Allows for multiple residuary legatees and outlines their equal rights in the will.
New York	Requires clear language in the will to define the residuary legatee's share.
Texas	Follows similar rules but may have specific requirements for the execution of the will.

This is not a complete list. State laws vary, and users should consult local rules for specific guidance.

Comparison with related terms

Term	Definition	Difference
Specific legatee	A person who receives a specific item or amount from the estate.	Unlike a residuary legatee, a specific legatee receives a defined gift rather than the remaining assets.
Executor	The person responsible for managing the estate and ensuring the will is executed.	The executor administers the estate, while the residuary legatee receives the remaining assets.

Common misunderstandings

What to do if this term applies to you

If you are named as a residuary legatee in a will, it is important to understand your rights and responsibilities. You may need to apply for letters of administration with the will annexed to manage the estate. Consider consulting with a legal professional to navigate the process effectively. Additionally, you can explore US Legal Forms for templates that can assist you in managing your role as a residuary legatee.

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Quick facts

Role: Receives remaining assets after specific bequests.
Legal Area: Estate planning and probate law.
Application: May need to apply for letters of administration.
Multiple legatees: Can be appointed to share the residue.

Key takeaways

Frequently asked questions

What is the difference between a residuary legatee and a beneficiary?

A residuary legatee specifically receives the remaining assets of an estate, while a beneficiary may receive specific gifts or bequests.