The Residuary Is the Remaining Property of a Person's Estate

question 23

True/False

The residuary is the remaining property of a person's estate after bequests and devises have been made.

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Definitions:

External Benefits

Benefits of a product or service that are enjoyed by people who are not directly involved in the purchase or production of it.

Federal Government

The national government of a federal country, which holds the central political authority.

Abolition

The action of abolishing a system, practice, or institution, such as slavery or capital punishment.

Private Property

Ownership of assets (land, buildings, goods) by individuals or corporations, legally protected by the government.