Preparing for the Unexpected: Making Sense of Estate Residuals
MAKING SENSE OF ESTATE RESIDUALS
Ever pondered what happens to the odds and ends left over after someone's estate is divvied up? When penning your last will and testament with an affordable funeral home in Sydney, it's crucial to comprehend the concept of estate residuals.
Ever pondered what happens to the odds and ends left over after someone's estate is divvied up? When penning your last will and testament with an affordable funeral home in Sydney, it's crucial to comprehend the concept of estate residuals.
ESTATE RESIDUALS
Estate residuals are what's left after any gifts are allocated per the will. If a will exists, the will-maker may have gifted specific assets like jewelry or cars. Financial gifts to charities are also deducted first. The leftovers form the estate residuals, which are passed to chosen beneficiaries.
Estate residuals are what's left after any gifts are allocated per the will. If a will exists, the will-maker may have gifted specific assets like jewelry or cars. Financial gifts to charities are also deducted first. The leftovers form the estate residuals, which are passed to chosen beneficiaries.
WHAT REMAINS AFTER THE BIG GIFTS?
Your estate residuals cover everything not already gifted to beneficiaries in your will. This includes any possessions acquired post-will.
Your estate residuals cover everything not already gifted to beneficiaries in your will. This includes any possessions acquired post-will.
PICKING WHO GETS THE REMAINDER
Typically, people select a spouse or close family member as the primary estate residuals beneficiary. It's wise to name a backup too, in case your first choice kicks the bucket first. You can also split the estate residuals between multiple beneficiaries to cover funeral expenses.
Typically, people select a spouse or close family member as the primary estate residuals beneficiary. It's wise to name a backup too, in case your first choice kicks the bucket first. You can also split the estate residuals between multiple beneficiaries to cover funeral expenses.
WHAT IF YOU DON'T CHOOSE?
Neglecting to name estate residuals beneficiaries means you'll snuff it partially intestate. Any leftovers will then be distributed per intestacy rules rather than your wishes, leaving your loved ones to arrange cheap cremations or burials.
Neglecting to name estate residuals beneficiaries means you'll snuff it partially intestate. Any leftovers will then be distributed per intestacy rules rather than your wishes, leaving your loved ones to arrange cheap cremations or burials.
AT FUNERA.SYDNEY, OUR CARING TEAM HELPS CREATE COMPREHENSIVE WILLS REFLECTING YOUR EXACT DESIRES. CONTACT US ON (02) 9954 6655 TO DISCUSS YOUR ESTATE RESIDUALS AND PREPAID FUNERAL PLANS TO ENSURE YOUR LEGACY IS HANDLED WITH CARE.