What is a residuary estate?
Your residuary estate is everything that is left over after your specific gifts are given out and all claims against your estate (e.g. your debts and obligations) have been settled. It’s also any specific gift that “lapses” or “fails” – meaning the gift could not be given out (e.g. if the beneficiary could not be located or refuses the gift, or dies before you and no backup beneficiary was named).