residuary estate

residuary estate definition - business

residuary estate

The portion of an estate that remains after all debts, taxes, and fees are paid and specific gifts are distributed. Specific gifts that cannot be distributed (for example, the beneficiary has already died) become part of the residuary estate.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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