A residue clause provides for who is to inherit any part of your estate that has not already been specifically mentioned in your Will. It is a vital clause for ensuring that all assets of your estate are distributed according to your wishes.
In the absence of a residue clause, any assets that have not been specifically included in your Will or any gifts that have lapsed due to the intended beneficiary predeceasing you, will be treated as though no will existed for that portion of the estate and those specific assets will be distributed in accordance with the laws of intestacy which dictates how and to who the asset is distributed to. This can result in individuals benefiting from your Will that you may have specifically excluded such as estranged family members or distant relatives.
With the inclusion of a residue clause, you can ensure that any unspecified assets or assets that are acquired after the date of your Will are distributed to your desired beneficiaries in accordance with your wishes. A residue clause also acts as a safeguard in the event that any of your beneficiaries predecease you resulting in a lapsed gift, as in that event your residuary beneficiary/beneficiaries will instead inherit the lapsed gift which avoids unintended beneficiaries benefitting from your assets under the laws of intestacy.
Should you have any queries in relation to the above or in relation to Wills in general, please do not hesitate to contact Dillon Solicitors LLP on 01 296 0666 or info@dillon.ie.
