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Will Guidance Transcripts
Do you live in England or Wales?Are you legally Married or have a Civil Partner?Your ExecutorsDo you have any children?Do you want to appoint a guardian?Do you have any pets?Do you own a property?Do you want to provide ‘life interest’ to your legal partner?Gifts and BequestsLeaving a BequestThe remainder; your residuary estateHave you excluded anyone?

what is your residuary estate?

Your residue, or residuary estate, is what remains of your estate after all debts, funeral expenses, taxes, specific gifts and pecuniary legacies have been paid or distributed.

When you pass away, your cash, investments, property, personal possessions and other assets collectively make up your estate. Life insurance policies usually form part of your estate too, unless they are written in trust.

Your Executor oversees the management of your estate. Once debts and any Inheritance Tax are settled, the remainder is distributed to your beneficiaries as set out in your Will.

You can leave your residuary estate to your partner, your children, others such as a friend, or to an organisation such as a charity. You can allocate a specific percentage to each, with individual tabs available to record the details.

Joint assets, such as a property held as joint tenants, and assets held in trust are excluded from your residuary estate. Your Executor deals with these under survivorship and trust rules instead.

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