RESIDUARY LEGATEE Meaning and
Definition
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A residuary legatee is a legal term used in the context of wills and estates. It refers to an individual or entity designated to receive the remainder of an estate after specific bequests, debts, taxes, and expenses have been settled.
When someone creates a will, they can outline how they want their assets distributed upon their death. They may specifically name individuals or organizations to receive certain items or amounts of money. These specific gifts are known as bequests. However, it is common for a person's estate to have a residual or remaining portion that is not specifically mentioned in the will. This residue may include any assets that were not named in the will, or any assets that were not distributed to specific beneficiaries.
The residuary legatee, therefore, becomes the recipient of this residue. They inherit whatever is left after all the specific bequests, debts, taxes, and expenses have been accounted for. The individual or entity named as the residuary legatee holds a significant position in the administration of the estate since they receive the remaining assets.
It is important for individuals creating a will to carefully consider and designate a residuary legatee to ensure that their entire estate is effectively and efficiently distributed. By naming a residuary legatee, the testator (the person creating the will) can provide additional clarity and prevent any unintended consequences or disputes over the distribution of their estate.
Common Misspellings for RESIDUARY LEGATEE
- eesiduary legatee
- desiduary legatee
- fesiduary legatee
- tesiduary legatee
- 5esiduary legatee
- 4esiduary legatee
- rwsiduary legatee
- rssiduary legatee
- rdsiduary legatee
- rrsiduary legatee
- r4siduary legatee
- r3siduary legatee
- reaiduary legatee
- reziduary legatee
- rexiduary legatee
- rediduary legatee
- reeiduary legatee
- rewiduary legatee
- resuduary legatee
- resjduary legatee
Etymology of RESIDUARY LEGATEE
The term "residuary legatee" combines two concepts: "residuary" and "legatee".
The word "residuary" comes from the Latin word "residuus", which means "remaining" or "leftover". In legal context, "residuary" refers to what is left over or remaining after all specific gifts or bequests have been distributed in a will or an inheritance.
The term "legatee" also has its roots in Latin. It comes from the word "legatus", which means "appointed" or "chosen". In legal terms, a legatee is a person who is named in a will to receive a specific gift or bequest, whether it is a sum of money, property, or any other kind of asset.
