Residuary & Non Residuary Beneficiary

GillyFlower

If this has been answered before can you please provide the link - thank you.

I found this today - my brothers and I are named on our mother's Will alongside named grandchildren, etc. Percentages of her small savings are defined to each of us. So the question is are we Residuary or Non Residuary. I found the article below but it does mention money in Non- Residuary.

What is a Beneficiary? Get Specific

There are two types of beneficiaries. The first is the residual beneficiary. Residual beneficiaries receive all or part of the estate. The second type is the non-residual beneficiary. This beneficiary receives a specific gift, such as a piece of jewelry or a specific amount of money.

When making your will, it’s important to be very specific about who your beneficiaries are. Use their full names and explain how this person is related to you (daughter, son, friend). This will help ensure the right people receive your assets.

So seeing money mentioned in non-residual made me think again.

Just a thought - thanking you in anticipation.

Yorkshireman99

GillyFlower wrote: »

If this has been answered before can you please provide the link - thank you.

I found this today - my brothers and I are named on our mother's Will alongside named grandchildren, etc. Percentages of her small savings are defined to each of us. So the question is are we Residuary or Non Residuary. I found the article below but it does mention money in Non- Residuary.

What is a Beneficiary? Get Specific

There are two types of beneficiaries. The first is the residual beneficiary. Residual beneficiaries receive all or part of the estate. The second type is the non-residual beneficiary. This beneficiary receives a specific gift, such as a piece of jewelry or a specific amount of money.

When making your will, it’s important to be very specific about who your beneficiaries are. Use their full names and explain how this person is related to you (daughter, son, friend). This will help ensure the right people receive your assets.

So seeing money mentioned in non-residual made me think again.

Just a thought - thanking you in anticipation.

A residuary beneficiary is one that receives what is left after all other beneficiaries have been paid. You are no residuary beneficiaries.

Sea_Shell

I would have thought that if there are no specific amount bequests, or specified items, then you are ALL residuary beneficiaries. Do all the % splits total 100%?

GillyFlower

Sea_Shell wrote: »

I would have thought that if there are no specific amount bequests, or specified items, then you are ALL residuary beneficiaries. Do all the % splits total 100%?

Yes - our Mum has split her wishes as to how her savings are distributed (to us her 'children', grandchildren and great grandchildren ) into percentages that equate to 100%.

Owain_Moneysaver

Then there is no residuary legatee named. The residuary legatee is someone who gets whatever's left once all the bequests have been made.

The only issue that might arise is if a named beneficiary predeceases mother, and what happens to that share has not been specified correctly.

unholyangel

A residual/residuary beneficiary is someone who has been left all or part of the residual estate - what is left after debts and specific bequests have been dealt with.

So for example purposes:
I give £10,000 to my brother bob, my grandmothers necklace to my sister june and the remainder of my estate is to be divided equally amongst my grandchildren.

Bob and June have been left specific gifts while the grandchildren are residuary beneificiaries as there is no specific asset or sum that has been left to them. If there are 5 grandchildren then its 20% each, but that could be 20% of £100 or 20% of £1,000,000.

Sea_Shell

GillyFlower wrote: »

Yes - our Mum has split her wishes as to how her savings are distributed (to us her 'children', grandchildren and great grandchildren ) into percentages that equate to 100%.

You specifically mention her savings. Are there any other specific bequests involving Property etc?

Sea_Shell

Owain_Moneysaver wrote: »

Then there is no residuary legatee named. The residuary legatee is someone who gets whatever's left once all the bequests have been made.

The only issue that might arise is if a named beneficiary predeceases mother, and what happens to that share has not been specified correctly.

Surely they are ALL residual legatee in this case then? If there are no other specific bequests, then they all get the remainder, split as per the percentages noted.

Sea_Shell

It is also possible to for a beneficiary to fall into both categories too. If they are left both a specific amount, in £££ or property, and then ALSO a % share of the remainder.

chesky

But they are specific bequests, they total 100%. There's nothing left to be residual. So there are no residual beneficiaries.

Sea_Shell

chesky wrote: »

But they are specific bequests, they total 100%. There's nothing left to be residual. So there are no residual beneficiaries.

They are not specific requests though. It does not say " I leave £10,000 to Bob". In this case Bob would be entitled to his share BEFORE the residuary is split.

If £10,000 is the sum total of the estate, then the residuary get nothing. So if no "Bob's" are mentioned, then the % are all residuary.