# Legacy Planning. Will Writing Guide. (England and Wales) Making your wishes known

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1 Legacy Planning Will Writing Guide (England and Wales) Making your wishes known

10 Here are two main ways to distribute the rest of the residue: a. Dividing up the residue by percentage or fractional share. If the residue is to go to more than one person or entity, the Will can provide that it be divided by percentage or fractional share of the total assets. Each will have the same effect. Each person gets an amount set by you in the Will. For example I give 60% of the residue of my estate to my daughter and 20% to each of my two sons. Percentage of fractional share A 60% 20% 20% B C D b. Dividing by per capita or per stirpes If the residue is to be divided per capita, each person gets an equal share, no matter what the relationship to the decedent, everyone gets the same amount. If the residue is to be divided per stirpes or by right of representation, you divide it equally at each generational level, with any relative of a deceased person to take his or her share. Per stirpes B A 1/3 1/3 1/3 C D 30% 30% 20% B B 1 2 D 1 Living Deceased In this example it would be appropriate to explain the reason in the instruction form for this uneven split ie I have divided the residue of my estate 60% to my daughter and 20% to each of my two sons as my sons are independently wealthy owning their own businesses, I feel my daughter has the greater need financially. 1/6 1/6 B B 1 2 Per capita A 1/2 1/4 1/4 B C D Living Deceased 1/4 1/4 B B Living 1 2 Deceased Although you can make partial distributions of residuary, such partial distribution is by no means required. However, in order to completely close the estate, you should make final distributions of residuary shares when you ve settled all the affairs of the estate, including receiving the estate and inheritance tax closing letters and prepared the final account. 11. Additional information Use this section to add in any additional details if you run out of space. Alternatively, it may be that you need to make a note of the reasons for why you have made some of your decisions. For example, if you are planning to leave someone out of your Will who would expect to benefit, you should include the reasons for doing this in here or in a separate letter. See section 9 above on Gifts for further details. If you decide to create a Discretionary Trust arrangement within your Will this section should be used to note what arrangements you would like to make. Who are the beneficiaries, who you would like to act as Trustees (if different from the Executor) and any wishes you would like to make known for the Trustees to consider. It is also wise to briefly note why you have selected Professional Trustees or Executors. 10

18 Principal Office, The Bailey, Skipton, North Yorkshire BD23 1DN. Skipton Will Writing Service is provided by Skipton Trustees Limited. Principal Office: The Bailey, Skipton, North Yorkshire BD23 1DN. Telephone *. Registered in England no Skipton Will Writing Service is administered by Redstone Wills Limited, Windmill Road, St Leonards-on-Sea, East Sussex TN38 9BY. Company no Skipton Financial Services Limited offers Restricted advice authorised and regulated by the Financial Conduct Authority under register number Skipton Financial Services Limited is a wholly owned subsidiary of Skipton Building Society. Skipton Estate and Trust Administration Service is administered by Pearson Jones plc of Clayton Wood Close, West Park Ring Road, Leeds LS16 6QE. Redstone Wills are members of The Society Of Will Writers And Estate Planning Practitioners and abides by their code of practice, copies can be found on the Society Of Will Writers website or by writing to them at Chancery House, Whisby Way, Lincoln LN6 3LQ. Skipton Building Society is a member of the Building Societies Association. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority under registration number for accepting deposits, advising on and arranging mortgages and insurance. *To help maintain service and quality, some telephone calls may be recorded and monitored. Stock Code: NB_27/11/13

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