The distribution of the residuary estate is determined by the provisions outlined in the individual’s Will or estate plan. The residuary clause in the Will specifies who will receive the assets included in the residuary estate.
Typically, the residuary estate is distributed among the residuary beneficiaries. Residuary beneficiaries are individuals or entities named in the Will who are entitled to receive the remaining assets after specific bequests and distributions have been made. These beneficiaries are usually identified in the residuary clause.
The specific individuals or entities named as residuary beneficiaries can vary based on the individual’s preferences and circumstances. They may include family members, friends, charitable organizations, or other designated recipients.