Residuary estate: The remaining assets of an estate after payment of debts, expenses, and specific bequests.
Resignation: The formal notification of giving up one's office.
RESIDUARY ESTATE: Also known as residue of the estate. Portion of the estate left after bequests of specific items of property are made. Often the largest portion.
Residuary estate
Definition
: all of what is left of an estate once the deceased person's debts and administration costs have been paid and all specific and general bequests and devises have been distributed
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When property bequested under a will is no longer in the testator's estate when the testator dies the court may restore back the property or its value by auctioning off testator's residuary estate.
Some states have anti-lapse statutes, which prevent gifts to relatives of the deceased person from lapsing unless the relative has no heirs of his or her own. A lapsed gift becomes part of the residuary estate.
As where a testator gave his residuary estate to his six grandchildren, by their christian names. The name of Ann, one of them, was repeated, and the name of Elizabeth, another of them, was omitted.
 See also: Estate, Person, Time, Term, Law
  
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