What is the difference between a specific bequest and a residuary bequest?
A specific bequest gives the beneficiary either all or a fractional interest to specific identified property. It is paid after lawful claims and administrative costs – before the residuary bequest. If the specific property is not in the estate at the time of death, the beneficiary takes nothing. A residuary bequest gives the beneficiary everything that remains in the estate after payment of lawful claims, administrative costs and specific bequests. Unless provided otherwise in the will, claims and costs are charged against the residuary bequest. If there is no devise of the residuary assets, the residuary estate passes as provided by the intestate provisions.
