1. What is a residuary estate?
When a person dies and leaves all his property (collectively known as the estate) to various people, the residuary estate comprises of those assets which are left behind even after dividing all the other assets among your beneficiaries in your Will.
Eg. While making your Will, you forgot to mention one land you have in Raipur, that becomes your residuary estate as the division of that property among your beneficiaries is not explicitly mentioned in your Will.
2. What is a residuary estate clause in your Will?
It is possible that some of your assets are not assigned to any of your beneficiaries maybe because they slipped out of your mind but after your death, your family members might locate them. If in your Will, there is a residuary estate clause in which you have mentioned the distribution of your residuary estate among your beneficiaries, your beneficiaries will not get into any dispute because you would have made its distribution very easy for them.
3. Why do you need a residuary estate clause?
If you don’t insert this clause in your Will then that property will be distributed as per the intestacy laws, applicable on you. This is a saviour clause which could prevent anticipated dispute over an unassigned asset in your Will among your existing beneficiaries.
4. Does residuary estate cover your future assets also?
If you write a Will today and do not update it timely for whatsoever reason, the assets that you will acquire in future i.e. after writing your Will, will become a part of your residuary estate only.
Residuary estate clause is your saviour especially if you forget to update or amend your Will deed timely. At least your beneficiaries will know how that property will be distributed among them and reducing the chance of disputes among them.
With AasaanWill, you can write your Will carefree because we take care of all such things which could be a reason for dispute in your family after your death. Write your AasaanWill. Zaroori Hai!