Different Types Of Residuary Clause Will In Singapore

For senior couples meeting with a legal advisor, residuary clauses are a significant and essential element of a will. Jennifer Russell of Wright Hassall defines the features of an effective residuary clause.

A residuary clause will depict who will inherit the rest of the deceased's assets once any debts, funeral expenses, transfer tax, legacies paid, and any items specifically bequeathed are distributed to the rightful beneficiaries. This clause explains the Residuary Clause Will in Singapore. 

A residuary clause will set out who will inherit the rest of the deceased's assets. Any debts, funeral expenses, transfer taxes, legacy payments, or items bequeathed explicitly to eligible beneficiaries. If the desire has appointed no executors or can act, the residuary beneficiaries can prove their desire. During this case, instead of a 'grant of probate,' they might be entitled to a 'grant of letters of administration stating the desired annex.'
An effective residuary clause avoids assets passing under intestinal rules, potentially to family members who aren't of the deceased's choosing. On the other hand, if there are no family members, they would pass the assets to the Crown, and the whole process goes according to the Residuary Clause in the Will.

There are two types of Residuary Clauses in Will Writing in Singapore which are:

a) Family inheritance clauses
Inheritance clauses are written very thoroughly, and they can name one or more individuals who will receive the property outright, by an equal number of shares or not. Other provisions may include a beneficiary reaching a specific age of 21 or 25 before inheriting.
For example, defaults can also be added, specifying that their children can inherit the property in their place if a beneficiary dies. Usually, a residency clause leaves the remainder to the spouse or partner's survivors at the first death or the property passed on to the children at the second death. Maybe with the alternative provisions in favor of the grandchild, in this case, the children will appreciate the testator.

b) Discretionary trusts

Suppose there is residue under the terms of a discretionary trust. In that case, the trustee has the flexibility to decide which beneficiaries of a particular group selected by the testator should benefit from the assets. A discretionary trust allows the trustee to accept the beneficiary. Changing the situation when making a distribution can differ from the position that existed when made. For example, if the trustee feels appropriate, a more extensive distribution can be made to the beneficiaries with more needs. In certain circumstances, the trust is a beneficiary divorce or bankruptcy event. Hence, choose our law firm for Residuary Clause Will in Singapore.