What Is The Difference Between Specific Devisees Versus Residuary Beneficiaries?
There are two main types of beneficiaries to an estate: specific devisees and residuary beneficiaries. Depending on which type of beneficiary you are, it may or may not be immediately clear what you will inherit from a loved one. At the Law Office of Cheryl Bucker, P.A., in Pompano Beach, Florida, we serve clients in Lauderdale-by-the-Sea, Lighthouse Point and the surrounding areas. Our attorneys have extensive experience reviewing wills and can help you determine exactly what your rights are during the probate process.
What Is A Specific Devisee?
A specific devisee is someone who is directly named in a will as a beneficiary of a particular probate asset, such as a car, a piece of jewelry or specific dollar amount. For example, “I give $15,000.00 to my niece, Susan, if she survives me.” Unless Susan passes away before the individual who created the will, she will receive $15,000.00 shortly after the estate is opened.
Understanding Residuary Beneficiaries
Unlike specific devisees, residuary beneficiaries are not bequeathed specific property. Instead, they inherit everything that isn’t left specifically to another beneficiary. In some cases, a residuary beneficiary may receive a substantial amount of the estate. For example, the will may bequeath a home to one person and everything else in the estate to the residuary beneficiary. In other cases, the residuary beneficiary may be intended to receive very little from the estate.
Schedule A Consultation Today
Understanding your rights as the beneficiary to an estate is very important. Our lawyers offer complimentary initial consultations to discuss your legal needs. Call our law office today at 954-773-8983 or toll-free at 888-392-5781. We are open from 9 a.m. to 5 p.m., Monday through Friday. You may also contact us online.