Your residue (or residuary estate) is the balance left over once all debts, funeral expenses, tax and gifts to beneficiaries have been deducted. Unless specified otherwise, your residue estate will be subject to the laws of intestacy. You need to decide who you would like to receive the balance of your estate. This is often your main beneficiary, although you can leave the residue to one person or a number or people in equal or unequal shares.

In order to ensure gifts to loved ones or charities keep up with inflation and do not lose their value over time, it is advisable to create a residuary legacy.