residuary legatee

residuary legatee definition - business

residuary legatee

The person designated by a will to receive property not specially designated for others. For example, an unmarried man leaves his home to his sister and everything else to his disabled brother, who is the residuary legatee. Also called residuary beneficiary.

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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