The following Wills & Probate practice note provides comprehensive and up to date legal information covering:
The residuary estate will not necessarily comprise only cash, but will usually include other assets that have not been sold during the course of administration. Section 33 of the Administration of Estates Act 1925 (AEA 1925) defines the residuary estate as the residue of money and any investment for the time being representing the same, including any part of the estate of the deceased that may be retained unsold and if not required for payment of funeral, testamentary and administration expenses, debts and other liabilities and pecuniary legacies. This is whether:
the testator has attempted to dispose of it and failed, or
the disposition fails by lapse or other event
Unless the Will shows an intention to the contrary, a residuary gift includes everything owned by the testator at their death that has not been effectively disposed of by other provision in the Will.
There is a distinction between:
a gift of the residuary estate
a gift of the residue of the residuary estate
If a gift of the residue of the residuary estate lapses, the result is an intestacy.
The fact that the testator wrongly believes that certain property does not belong to them and is not theirs to dispose of, and says so in their Will, does not exclude it from the residue.
A residuary gift also includes property over which the testator
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
An ad hoc arbitration is any arbitration in which the parties have not selected an institution to administer the arbitration. This offers parties flexibility as to the conduct of the arbitration, but less external support for the process. It can be quicker than institutional arbitration but not if
Issue estoppel is a sub-species of the res judicata doctrine (see Practice Note: The doctrine of res judicata). In addition to the general key requirements for establishing a res judicata (see Practice Note: Key requirements to establish a res judicata), this Practice Note considers the specific
This Practice Note considers claims for damages for breach of statutory duty. For guidance on claims for damages for a negligent breach of duty of care outside a statutory duty, see Practice Notes:•Negligence—when does a duty of care arise?•Negligence—when is the duty of care breached?Breach of
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.