What is a residuary trust?

If your spouse is not alive at the time of your death, your will provides that a “Residuary Trust” will be created from your estate to be used for the health, education, support or maintenance of any minor children. This trust will automatically terminate when all of your children reach the age specified in your will. If you have no minor children at the time of your death, your estate will pass directly to your children, without the need for a residuary trust.