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baddestbunny
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Simple English definitions for legal terms
remainder bequest
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A quick definition of remainder bequest:
A bequest is when someone gives away their things after they die. There are different types of bequests, like giving money or a specific item to someone. A remainder bequest is when someone gives away what's left of their things after everything else has been given away. It's like saying, "Whatever is left, give it to this person."A more thorough explanation:
A remainder bequest is a type of bequest in which the testator leaves the remainder of their estate to a beneficiary after all debts, legacies, and specific bequests have been paid. It is also known as a residuary bequest.
For example, a testator may leave specific bequests to their children and grandchildren, but then leave the remainder of their estate to a charity. This means that the charity will receive whatever is left over after all the other gifts have been distributed.
Another example is if a testator leaves a specific bequest of their house to their spouse, but then leaves the remainder of their estate to their children. This means that the spouse will receive the house, but the children will receive everything else that is left over.
Overall, a remainder bequest is a way for a testator to ensure that their entire estate is distributed according to their wishes, even if they have not specifically named every beneficiary in their will.