Completing the "Residue to Named Individuals" Tab (WillPowerWeb)
To complete the Residue to Named Individuals 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 among named beneficiaries, either in equal or non-equal portions:
Married Couple - Residue to Named Individuals; or
Single Person - Residue to Named Individuals
To complete this section, perform the following steps:
For an equal distribution, enter “1” for each beneficiary in the No. Shares or % of Residue to Recipient field.
For an unequal distribution, in the No. Shares or % of Residue to Recipient field, enter the total number of shares for that beneficiary (i.e “2”)
In the To section, to select the beneficiary, click the [...] button and from the drop-down list, click the name of the beneficiary. If there is to be a gift over, in the Over To section select the beneficiary to receive the gift over from the drop-down list.
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 [...] button 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.
Select a Residue Clause from the Clause library by clicking the🗦 icon. To select a clause (i.e Equal Shares to Named Recipient), highlight and click it. The Preview Clause dialog box will open so that you can review the clause to be entered. If correct, click the OK button in the top left corner of the Clause Library.
The clause will be entered in the residue provisions in the Will, with the fields completed with the data entered in the People window, and will be displayed on the Residue to Named Individuals tab.
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