RESIDUAL & SPECIFIC BEQUESTS

"Residual (or remainder) bequest" is the disposition in a will of all that remains after payment of debts of the estate, administrative expenses of the estate, charitable bequests, disposition of personal effects, and specific bequests. In layman's terms, it is what is leftover after the completion of all other outflows from the estate directed by the will. In our will form (as with most other forms), the residuary either goes to one beneficiary, multiple beneficiaries in equal shares, or multiple beneficiaries in designated percentages (with the total percentages assigned adding up to 100%). It is up to you to choose from these methods.

A "specific bequest" is one whereby the maker of a will gives a beneficiary a specific sum of money, a specific item of property (whether real property--such as land--or personal property--such as an automobile), or a well-defined class or kind of property (i.e., "all stocks that I own" or "my coin collection"). In our will form, it differs from a charitable bequest only by the fact that the bequest is to an individual or institution that is not considered a "charity".