This is where you can say '.... and the rest goes to ....'.
When they execute your Will, your Executors first of all distribute everything you have bequeathed in Step 2. Then they convert enough of what is left of your Estate into cash to pay off any debts you have (including any Inheritance Tax due), any expenses incurred in executing your Will, and the cost of your Funeral expenses.
Whatever is left (your Residuary Estate), they then distribute to the people or organisations you specify here.
You can either specify percentages for your Residuary Estate to be distributed in, or that it is to be divided equally amongst a group of people (or organisations).
You can also specify substitute beneficiaries using 'SPECIFY SUBSTITUTES' and add age-limits using 'CONDITION'.
So, for example, you may want to specify that .....
You would do this by naming your spouse in Group (a), clicking on 'SPECIFY SUBSTITUTES' and specifying your children (either name by name or 'my children') in Group (b), and clicking on 'SPECIFY SUBSTITUTES' and naming your favorite charity in Group (c).
But what if somebody I specify here dies?
If you leave everything to one person
and they die before you do, your Residuary Estate will go to the next 'group'
of people you specify (or, if you don't specify another 'group', it eventually
may go to the Taxman).
Alternatively, if you specify several people who are to receive equal or percentage shares, then the share of whoever dies is divided among the rest of the group so that those remaining receive their shares in the same proportion to each other as before.
So, for example, if your Residuary Estate was to be divided in the following shares .....
..... and if 'A' dies before or within 30 days of your death, then A's 50% is divided between the others so that everybody gets the same proportions as before and your Residuary Estate is now divided in the following shares :-
If you are unsure as to how to fill in this Section to reflect your wishes, we suggest you fill it out as best you can and then see how it reads in the Online Summary which you can see, without obligation to buy.
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