What is the residue if making my will
What is the residue if making my will without the assistance of a solicitor can baffle as it is not a particular thing or asset but what is left over and Cheshire solicitors Stonehewer Moss recommend that the preparation of a will is best carried out with legal advice as a valid will you prepare for yourself must cover everything you have that is not otherwise transferred on death according to the rules of that asset, such as the discretionary trust that distributes some death benefits of a pension. The difficulty you must get your head around is the concept of residue. Your will needs to dispose not just of the things you have thought you want to leave to deserving people or causes, such as cash gifts, but all the other stuff you have accumulated. If you do not draft a gift of residue in you will, there is a partial intestacy of the things your otherwise valid will has not dealt with. An intestacy is death without making your own decision known by will and there is a statutory list of people that will benefit starting with a spouse and running down to distant relatives and even the Duchy of Lancaster. Stonehewer Moss suggest that your affairs at death are best being addressed by a will drafted by a solicitor for you, which need not cost the earth if you do not expect a complex estate planning exercise for tax or other purposes. Telling your children what you want is not binding in law and leaving no will creates a power vacuum on your death that is an encouragement to undue pressure being brought upon family members when vulnerable by the domineering personalities in your family who purport to “know what he wanted”. A residuary gift does not need to itemise everything you own; an uncle of the writers had a family will from the past leaving a bucket but all your stuff is just distributed as residue,if not otherwise gifted, amongst those you express in the will should benefit.
For advice and help preparing a will call 01606 872200 e mail firstname.lastname@example.org visit www.stonehewermoss.co.uk
Tags: making a will