Residuary & Non Residuary Beneficiary

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  • chesky
    chesky Posts: 1,341 Forumite
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    If the beneficiaries take 100%, then there IS no residual (that which remains after a PART is taken) for any possible residual beneficiary to take.
  • unholyangel
    unholyangel Posts: 16,863 Forumite
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    chesky wrote: »
    If the beneficiaries take 100%, then there IS no residual (that which remains after a PART is taken) for any possible residual beneficiary to take.

    Thats not how it works.

    Either you're a specific beneficiary or you are a residuary beneficiary. Specific beneficiaries are those who have been left a specific asset/amount - as in my example above, bob being left £10,000 and june being left grandmothers necklace.

    The residuary beneficiaries are those who aren't left a specific gift but are left a share of whats left after debts and specific legacies have been paid. So if a will states that the remainder is split equally or that the remainder is split 40% to a, and 30% to each b & c. then they are residuary beneficiaries.

    In this instance, they are all residuary beneficiaries because they've all been left a share of the residual estate and not a specific amount of say £2000. Its always going to add up to 100%!
    You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride
  • GillyFlower
    GillyFlower Posts: 147 Forumite
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    Phew.... Our Mum had no property and no 'valuables' i.e. specific items. The Will was written on how the 100% of her savings would be shared i.e. first her children, then grandchildren and finally great grandchildren. (Also written if one dies, etc.)

    So as one of her children and my brother is executor to the Will (I have put on a previous thread about this) I wanted to know if I could see a draft set of accounts when available. It is my understanding as an beneficiary you can - has anyone had experience in this?
  • unholyangel
    unholyangel Posts: 16,863 Forumite
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    GillyFlower wrote: »
    Phew.... Our Mum had no property and no 'valuables' i.e. specific items. The Will was written on how the 100% of her savings would be shared i.e. first her children, then grandchildren and finally great grandchildren. (Also written if one dies, etc.)

    So as one of her children and my brother is executor to the Will (I have put on a previous thread about this) I wanted to know if I could see a draft set of accounts when available. It is my understanding as an beneficiary you can - has anyone had experience in this?

    Yes, as a beneficiary of the residual estate you are entitled to a copy of the estate accounts.
    You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride
  • GillyFlower
    GillyFlower Posts: 147 Forumite
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    unholyangel wrote: »
    Yes, as a beneficiary of the residual estate you are entitled to a copy of the estate accounts.

    That is interesting and would it be in order to ask to see a draft set of accounts to date i.e. before finalisation?

    The reason I ask is no way would I wish to go to a solicitor over this but our brother has made the 'funeral' a far more costly affair than our mother requested in her Will. (He had been heard to say that 'we' my brother and I wanted the cheapest possible - when in actual fact we had no input at all he took over. Even down to tacky fridge magnets with her photo on.) It would be interesting to know if he was paying for the 'extra' himself.
  • nom_de_plume
    nom_de_plume Posts: 959 Forumite
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    I'm pretty sure the deceased wishes, even in a Will, have no legal bearing and if the executor chooses different funeral arrangements, then that's perfectly permissable.
  • GillyFlower
    GillyFlower Posts: 147 Forumite
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    nom_de_plume wrote: »
    I'm pretty sure the deceased wishes, even in a Will, have no legal bearing and if the executor chooses different funeral arrangements, then that's perfectly permissable.

    That is interesting.... even if that takes away funds that she wanted to share with her 'children'. I know it would upset her as she was a loving Mum and Granny.

    Just goes to show the importance of maybe choosing a solicitor to be the executor of a Will - she/he would have no emotions and would surely carry out the 'wishes' as stated in the Will. Personal 'power' would not then come into it.
  • nom_de_plume
    nom_de_plume Posts: 959 Forumite
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    https://www.kingsleynapley.co.uk/insights/blogs/private-client-law-blog/how-to-ensure-your-funeral-wishes-are-respected


    First result on a very quick search

    Under the present law, the executors appointed under the Will have ownership of the body and are, technically, the decision makers for funeral arrangements. They are not obliged to follow any funeral wishes expressed in the Will.
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    nom_de_plume wrote: »
    https://www.kingsleynapley.co.uk/insights/blogs/private-client-law-blog/how-to-ensure-your-funeral-wishes-are-respected


    First result on a very quick search
    The source is not entirely correct. Legally there can be no ownership in a human body only custody of it. IMHO it is a major weakness.in the law that a testator’s wishes do not have to be followed. Rather like organ donation relatives should not be allowed to meddle.
  • GillyFlower
    GillyFlower Posts: 147 Forumite
    First Anniversary Combo Breaker First Post
    Good job he didn't go as far as a gold coffin and we all went to the church and crematorium in horse drawn carriages.

    Seriously though it is hard enough to cope with the death of a loved one and even now he owns the ashes and will deal with those in his own time - last chance of power. By the way, bless her, she even wrote a letter of wishes.

    So it comes back to what I said maybe a solicitor for a Will has no emotive ties - only what is written in black and white.
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