Yes, residuary beneficiaries are different from primary beneficiaries in the context of estate planning.
Primary beneficiaries are individuals or entities specifically named in the Will or estate plan to receive certain assets or property. These beneficiaries are designated to receive specific bequests, such as a particular sum of money, specific items, or a percentage of the estate.
Residuary beneficiaries, on the other hand, are individuals or entities named to receive the remaining assets and property of the estate that are not specifically designated for primary beneficiaries. They inherit the residuary estate, which includes any assets that were not explicitly mentioned or allocated to primary beneficiaries.
The primary beneficiaries are typically identified in specific clauses or provisions of the Will, while the residuary beneficiaries are named in the residuary clause. The residuary clause specifies who will receive the remaining assets after all the specific bequests have been fulfilled.