What is residuary legatees?

Residuary legatees are beneficiaries who are entitled to receive the remaining assets of an estate after all specific gifts and bequests have been distributed. These beneficiaries are typically named in a will as the recipients of any property or assets that are not specifically designated to other beneficiaries or charitable organizations.

The duties of a residuary legatee typically include filing tax returns, paying any outstanding debts or liabilities of the estate, and distributing the remaining assets to the named beneficiaries. They may also be responsible for managing any ongoing trusts or investments that are set up as part of the estate plan.

In some cases, a residuary legatee may be designated as the executor of the estate, which involves managing the entire probate process and ensuring that all assets are distributed in accordance with the deceased's wishes. This can be a complex and time-consuming task, requiring careful attention to legal and financial matters.

Overall, residuary legatees play an important role in ensuring that the assets of an estate are distributed appropriately and that the wishes of the deceased are respected.