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What is a residual beneficiary?

Somers Point, NJ |

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The residual beneficiary is the person identified in the will or trust who receives the "residue" of an estate, which is what is left after all debts and obligations of the decedent, and all administrative expenses of administering the estate after death have been paid (attorneys, accounts, court fees, executor fees, etc) and all specific gifts of property to specific persons or charities have been made.

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