Residuary Gift Law and Legal Definition
Residuary gift is a legacy or devise bequeathed by the residuary clause of a will. A residuary gift is a testamentary gift where all of the leftover property or residual property is gifted away. It is a legacy or devise of the residuary estate or of a part of the residuary estate. For example, the residuary gift of a will might say “and the rest of the property goes to Bob.” Thus, once the other gifts are met out, whatever property is left in the estate is the residual property, and it goes to Bob as a residuary gift.
