Does Your Will Have a Residuary Clause?
A residuary clause names who will receive any assets, or the sale proceeds, not specifically gifted elsewhere within the Will. In other words, a residuary clause is a catch all provision that ensures that all of an individual's assets are distributed as he or she wishes.
For example, a very simple residuary clause might read, “I leave all my other assets, not specifically gifted elsewhere [in my Will] equally to my two children.” A residuary clause, however, can be more elaborate and provide for a variety of unforeseen contingencies.
If your Will does not have a residuary clause or if you are unsure about this option, contact our office for assistance.