Completing the "Residue Equally to Children" Tab (WillPowerWeb)
To complete the Residue Equally to Children Tab, navigate to the Residue Screen.
Complete the fields on this tab when using the following LDD templates, in particular where the residue is to be divided into equal portions among the children of the testator:
Married Couple – Residue to Equally to Adult Children
Married Couple – Residue Equally to Minor Children
Single Person – Residue Equally to Adult Children, or
Single Person – Residue Equally to Minor Children
Once the tab is opened, enter the number of shares of the residue that each beneficiary is to receive, or, if the residue will be divided on a percentage basis, enter the percentage of the residue that will be given to each child in the No. Shares or % of Residue to Each Child field. Next, perform the following steps:
- Click the drop-down next to Distribution Type and select the appropriate option (i.e Outright, Shares, Fraction, Percentage, or Amount).
Note: It is recommended that you select Fraction for Distribution Type. LDD clauses and templates are designed based on the selection of Fraction. If you use one of the other Distribution Types, ensure that you either enter your own clause precedent or modify the LDD clauses. It is not recommended that the percentage interest option be used.
- Enter the applicable fraction from the drop-down list (click the [...] to open it), or enter the fraction into the field.
- Enter the age at which the children, if minors, are to receive the first fraction of the residue. Enter the age at which the children are to receive subsequent fractions of the residue.
- In the Balance at Age field, input the age at which the children are to receive the final distribution of the residue.
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