When it comes to making a Will, you can specify each and every asset that you own and give your instructions as to who you would like to leave such assets to. Alternatively, if you wanted to leave your entire Estate to one person or to be divided among a number of people, you can simply state in your Will that you wish to leave your entire Estate of every nature and kind whatsoever and wheresoever situate to such person(s); without listing individually each asset that makes up your Estate.
If you wish to specify each and every asset that you have/own in your Will, it is essential to contain a residue clause in your Will. A residue clause will deal with the remainder of your Estate; effectively anything that has not been specifically dealt with or referred to in your Will and also it will deal with any assets that you may have forgotten that you own. There may be accounts or policies etc that you may have forgotten exist and if it were the case that your Will specified all assets and your instructions as to how such assets are to be devised and it then came to light that there was another asset not referred to in your Will; without the presence of a residue clause in your Will this asset would have to be administered instead in accordance with the rules of intestacy, meaning that such asset would be devised to whoever would be your legal next of kin at the date of your death. By including a residue clause in your Will, this will act as a safety net and essentially catch and deal with any assets which have not been referred to specifically in your Will or any assets you have forgotten to include or maybe even forgotten that you have. A residue clause in a Will would simply read something similar to: “I leave, devise and bequeath the residue of my Estate both real and personal and wheresoever situate…” and then you would state who you wish to leave the remainder of your Estate to; should there be any remaining assets of your Estate.
Here at McCay Solicitors we specialise in the drafting of Wills and we would be more than happy to assist you in relation to making your Will or any queries you may have in relation to making your Will.