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What Is a Residuary estate? Definition, Uses and Importance.

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Also known as residue of the estate. Portion of the estate left after bequests of specific items of property are made.

The assets remaining in a deceased person’s estate after all bequests, debts, taxes, and other expenses (such as probate fees and court costs) have been paid are referred to as the “residuary estate” in probate law. The residuary estate includes any gifts that, for whatever reason, cannot be passed on to the designated beneficiary in the will.

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