Everything left over in an estate after debts, taxes, expenses and specific gifts have been paid out.
What it means
The residuary estate is what remains of a deceased person's assets after funeral and administration costs, debts, and all specific gifts and legacies have been satisfied. A will usually includes a residuary clause directing who receives this balance, the residuary beneficiaries.
A well-drafted residue clause is important: if part of a will fails (for example, a gift lapses), that property typically falls into the residue. Without a valid residuary clause, any leftover assets may pass under intestacy rules.
How it's used
After the specific gifts were distributed, the residuary estate was divided equally among her three grandchildren.
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