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

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The person or persons named in a will to receive any residue left in an estate after the bequests of specific items are made.

Once specific bequests have been made, the remaining estate of the testator is given to the residuary legatee. The residuary clause of the will grants the first right to apply for letters of administration with the will annexed. The name of a residuary legatee will be included in a will to receive any remaining assets. After deducting the costs of estate administration and any applicable inheritance tax, he or she is officially designated as the heir apparent.

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