Residue Clause (Equal Shares Held in Trust, To Children at Fixed Ages) (ON)

Summary

This clause directs the trustees to divide the residue of the testator’s estate into equal shares held in trust to the testator’s children at fixed ages. This clause includes practical guidance and drafting notes. Any provision of a will that deals with the assets remaining after payment of debts, taxes, administration expenses, payment of cash legacies and delivery of specific bequests or legacies, represents a gift of some or all of the residue of an estate. Typically, a residue clause will provide for a gift of the residue of the estate to a class of beneficiaries, such as “my children”, or to “my issue in equal shares per stirpes.” The intention of such a clause is to ensure that the estate is distributed according to family blood lines, since “per stirpes” essentially means succession along family lines, such that in the case of three children, two of whom have predeceased the testator, with one leaving two children and one leaving three, the overall estate would still be divided ...