If 3 people are gifted in a will and then a statement of the bulk is left to another recipient is that ok to be used when dividing the estate
Hi, and thanks for your question. So as a general rule of thumb, you would expect the executors of an estate specific cash legacies to be paid first. Cash legacies tend to be ‘token amounts’ of the estate, and not form a large proportion of the over all value. Having paid those cash legacies (and all other liabilities eg inheritance tax, funeral costs, and so on) the executors would then look to pay the remaining balance – the ‘residuary estate’. It should be paid to those ‘residuary beneficiaries named in the will. And, if there is more than one ‘residuary legatee’, then it should be divided in the proportions set out in the terms of the will. Hope that helps! You may also find the articles below of help. Thank you for reaching out to Team QLAW!
What is a Cash Legacy?
Cash Legacy or Gift of Residue?
(NB – our articles and any comments thereon do not represent legal advice and should not be taken as such. If you require legal advice about your particular case, please make contact with us).
