A demonstrative devise is a general gift that is payable from a specified source. For example, Mario leaves his brother Luigi a gift of $25,000 from his Bank of Mushroom Kingdom savings account or Mario leaves Luigi a gift of any three plungers in Mario’s extensive plunger collection.
A residuary devise is a gift of everything that remains after all of the specific, general, and demonstrative devises have been made and all expenses, debts, taxes, and any other obligations have been paid. A residuary clause names beneficiaries who will receive any remaining money or property. For example, Mario’s will could contain a residuary clause stating “I give all of the residue of my estate to my brother Luigi. If Luigi does not survive me, I give all of the residue to Princess Peach.”
Call to schedule an appointment to learn more.
