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Simple English definitions for legal terms
residuary legacy
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A quick definition of residuary legacy:
A residuary legacy is a gift that is left in a will after all other gifts have been given out. It is usually given as a percentage of the remaining estate or as specific items that were not mentioned in the will. This type of legacy is important because it ensures that any leftover assets are distributed according to the wishes of the deceased.
A more thorough explanation:
A residuary legacy is a type of gift given in a will, usually of personal property or money, that is left over after all other specific gifts have been distributed. It is the remainder of the estate that is left to a particular person or organization.
For example, a person may leave specific gifts to their children and grandchildren, but then leave the rest of their estate as a residuary legacy to a charity. This means that the charity will receive whatever is left over after all the specific gifts have been distributed.
Another example is if a person leaves a specific gift to their friend, but that friend passes away before the will is executed. The gift then becomes part of the residuary legacy and is distributed according to the terms of the will.