Residuary beneficiary

Residuary beneficiary – this legal term has got application in the Wills & Probate Law in some legal systems. There it usually refers to a person, who acquires title on assets, initially left to another person, but he has died before opening the will. For example you wish to gift your assets to your uncle, but if he is not alive at the time of reading the will, then you gift these to your nephew. The nephew is residuary beneficiary. A synonym is “residuary legatee” – a person to whom residuary property is gifted after all specific legacies are made. The foundation of the term is the word “residue”, which refers to something left over, once something has been taken away. In terms of Inheritance Law it details the assets left after debts are cleared and the specific assts have been gifted.

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