Who Gets the Rest of Your Estate?

After specific gifts and liabilities have been dealt with, there is often part of an estate left to distribute. This is commonly known as the residual estate, and it is frequently one of the most important parts of a Will.

The residual estate is everything that remains after debts, taxes, funeral expenses, administration costs and any specific gifts have been paid or transferred.

This may include cash, investments, property proceeds, personal possessions not specifically gifted, or other assets left over once the estate has been administered.

Your Will should clearly state who receives this remainder. Those entitled are often referred to as residuary beneficiaries.

In many estates, the residue can represent the largest overall share of value, which makes clear drafting especially important.

If the residue is not dealt with properly, uncertainty can arise over who should inherit. This can lead to delay, unnecessary cost or unintended outcomes.

The person responsible for carrying out these instructions will usually be the executor, who must administer the estate and distribute the residue in accordance with the Will.

At MJV Solicitors, we help clients prepare Wills that deal clearly with both specific gifts and the remainder of the estate.

For more information about making or updating a Will, read our complete guide to Wills and Estate Planning.