A residuary beneficiary receives the “residue” of an estate or trust – that is, all of the property that's left after specific gifts are distributed. ... Residuary beneficiaries are also called "remainder beneficiaries" because they receive all of the property that remains after specific gifts are made.

Does residuary estate include property?

What is meant by 'Residuary Estate' in a Will? The Residuary Estate is the property that remains in a deceased person's estate after all specific gifts have been made and all debts, taxes, administrative fees, probate costs and court costs have been paid.

What comprises a residuary estate?

Related Content. The rest of a deceased person's estate which is left after the payment of specific gifts, debts, funeral expenses and inheritance tax.