In her latest article, Laura Richardson explains the importance of being as accurate as possible with regard to any items of your personal property that you wish to you leave to other people under the terms of your Will so as to thus avoid any unnamed items in your Will in Colchester. . .

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When writing a Will in Colchester and throughout Essex it is important to be as accurate as possible regarding items you wish to bequeath. This is to aid your Executors and ensure that there is no misunderstanding when it comes to distributing the items which make up your Estate. However, what happens to belongings which are not named within your Will when you die?

It is practically impossible for most people to compile a definitive list of belongings which would remain unchanged between the time of making a Will and the time of your death. The only notable exception would be if you made a Will on your deathbed. The majority of Wills, however, are made well in advance of death and therefore, it is usual for a Will to include a clause covering what will happen to any items which are not specifically named within your Will. The part of your Estate which includes the remainder of your possessions is referred to as the “residue” of your Estate. In some cases the residue of the estate may be made up of relatively low value personal effects such as clothing, household items or other such belongings. In other cases the residue of your Estate could amount to a large cash value, for example if you had purchased a high value item such as a car which you had not specifically bequeathed to an individual within the main body of your Will.

If you have already made a Will in Colchester and throughout Essex, then it is a good idea to periodically review this in order to ensure that it accurately reflects your current situation. There are also key events following which you may wish to review your Will, including but not limited to, the purchase of high value items, the birth of a child or addition of a dependent, divorce, or a significant increase or decrease in your financial situation.

If you have not yet made a Will in Colchester and throughout Essex, then it is important to decide what you would like to happen to the residue of your Estate. Many people in Colchester and throughout Essex choose to leave the residue of their Estate to a charity which has particularly benefited them or been influential to them during their life. Others may wish to name a family member, friend or loved one to inherit the residue of their Estate. It is important to remember that the residue of your Estate can vary in value, which may influence your decision.

If you would like any further information regarding the residue of your Estate please contact Andrew Douglas Wills and Legal Services. We offer a free initial consultation during which we can offer advice and discuss your options for making or amending your Will in Colchester and throughout the surrounding areas of Essex.

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