Dealing with the Residue of Your Estate

Your Will should contain a clause about the residue of your estate.

The residue of your estate is what is left behind after all debts have been paid, and all specific gifts have been distributed to your beneficiaries.

Completing this clause ensures all assets are properly disposed of.

You can leave the residue of your estate to anyone you wish, for example, your partner, children, family, friends or an institution, such as a hospital or charity of your choice.

If you wish to leave the residue of your estate to an institution, ensure the full legal name of that institution is used, including the correct address and Australian Business Number as this ensures the correct institution will receive the benefit.

Two Levels for Giving Away the Residue

In our Maddison Wills® product, there are two levels for giving away the residue of your estate:

➢ The first level is for your preferred or main beneficiary, or beneficiaries, receiving under your Will (for example, your partner and/or children).

➢ The second level is needed for when your main beneficiary or beneficiaries fail to survive you, and as such the second level beneficiary or beneficiaries (for example, your grandchildren, friends or a charity) may instead receive the benefit.