Tags
Alternate Benficiaries, Beneficiary, Bequests, decedent, estate, Estate Plan, Intestate, probate, Probate Court, Residuary Clause, Residuary Estate, Will
The residuary clause in a will distributes property in the residuary estate. As explained in the article Why List Beneficiaries in Your Will?, the residuary estate consists of property remaining after distributing all bequests and paying estate obligations. Therefore, when property exists in the residuary estate, the residuary clause will name a beneficiary to receive the property. Finally, to have a truly sound estate plan, a residuary clause in the will is necessary.