Writing Wills: The Residuary Device

When writing wills, there are a number of different things that an individual needs to keep in mind. A residuary device is a tactic that you can use in order to name a beneficiary in your will. Here are the basics of the residuary device.

Residuary Device

By using a residuary device in your will, you will be able to create a very large blanket inheritance for a particular beneficiary. For example, you might decide to leave a specific item, such as your car, to one beneficiary. Then you can choose a residuary beneficiary and say in your will that the individual is going to get everything else in your estate.

Purpose

Using a residuary device can make writing your will quite a bit easier. Instead of having to go through every single item in your estate and designate a beneficiary, you can simply say that one beneficiary is going to get the remainder of your estate after certain items have been distributed to other beneficiaries. This makes the process a lot quicker, and it keeps you from having to spend hours upon hours filling out your will documents and inventorying every item that you own. 

blog comments powered by Disqus