Have you planned for every important element of your estate? Most people know about some specifics they want to pass along, but haven’t really considered the entirety of your property. This is why you might want to meet with an experienced lawyer in Pasadena to walk through all of your options.
You can use your will to provide for general estate planning purposes or to spell out very specific bequests, such as giving certain pieces of jewelry or valued collections to your grandchild or dividing things among other family members.
But there are many other things that may be left even after you’ve handled these specific bequests. You can use what’s known as a residuary clause to cover these elements. This passes the remainder of an estate to designated beneficiaries. This is valuable in your will planning because it allows you to catch all of the possessions you own that are not covered by specific gifts. For example, imagine that you will pass the majority of specific bequests to adult children. You may use the residuary clause to support your grandchildren.
The bulk of most estates is distributed through residuary clauses in the deceased’s will. If you do not include a residuary clause in your will, complications can come about if beneficiaries have not been properly designated on your retirement accounts or insurance policies. For more information about how to structure this as part of your estate planning process, schedule a consultation with a knowledgeable estate planning lawyer in Pasadena.
We can help you talk through all the major aspects of completing your estate plan and documenting your needs.