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Simple English definitions for legal terms
residuary legatee
Read a random definition: in patria potestate
A quick definition of residuary legatee:
A residuary legatee is a person who is named in a will to receive the remaining property or assets of a deceased person's estate after all other specific gifts and bequests have been distributed. This means that if there is anything left over, it goes to the residuary legatee. It's like being the person who gets the last slice of cake after everyone else has had their share.
A more thorough explanation:
A residuary legatee is a person who is designated to receive the remaining assets of a deceased person's estate after all specific bequests and debts have been paid. This person is named in the decedent's will and is entitled to receive the residue of the estate.
For example, if a person's will states that their house is to be given to their sister, their car to their nephew, and $10,000 to their favorite charity, the residuary legatee would receive everything else that was not specifically mentioned in the will. This could include cash, investments, personal property, and any other assets that were not specifically bequeathed to someone else.
Another example would be if a person's will only named one beneficiary, the residuary legatee would be that person and would receive the entire estate.