Definition - What does Residuary Estate mean?
The residuary estate is the net sum of a deceased person's estate or what is left from the total gross value of the estate after all debts and administrative fees are deducted.
The residuary estate is the portion that is available to split between the beneficiaries.
Justipedia explains Residuary Estate
When a person dies, their estate must cover outstanding debts where requested by third parties and that can be proven. The law dictates that any debts that were accrued by the deceased must be paid off prior to any distribution among beneficiaries. The residuary estate is the amount that is left after the debts are paid and that is available to split between beneficiaries.