Contents of Wills—residuary gifts


Published by a UUÂãÁÄÖ±²¥ Private Client expert
Practice notes

Contents of Wills—residuary gifts


Published by a UUÂãÁÄÖ±²¥ Private Client expert

Practice notes
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What a residuary gift comprises

The residuary estate will not necessarily comprise only cash, but will usually include other assets that have not been sold during the course of Administration. Section 33 of the Administration of Estates Act 1925 (AEA 1925) defines the residuary estate as the residue of Money and any investment for the time being representing the same, including any part of the estate of the deceased that may be retained unsold and if not required for payment of funeral, testamentary and administration expenses, debts and other Liabilities and pecuniary legacies. This is whether:

  1. •

    the testator has attempted to dispose of it and failed, or

  2. •

    the disposition fails by lapse or other event

Unless the Will shows an intention to the contrary, a residuary gift includes everything owned by the testator at their death that has not been effectively disposed of by other provision in the Will.

There is a distinction between:

  1. •

    a gift of the residuary estate

  2. •

    a gift of the residue of the residuary estate

If a

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Jurisdiction(s):
United Kingdom
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Key definition:
Administration definition
What does Administration mean?

Administration is a procedure under the Insolvency Act 1986, under which a company in financial difficulties is run by an Administrator as a going concern prior to the implementation of longer-term options such as break-up and sale.

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