Area of Law: Wills, Estates and Powers of Attorney
Answer # 148
Acquiring new property after a Will is writtenRegion: Ontario Answer # 148
If your Will contains a residue clause, you do not need to write a new Will every time you acquire a new piece of property.
A “residue clause” is a statement near the end of your Will that names a person who will receive anything left over from your estate once all the specific gifts have been made. It acts as a general safety net to make sure that nothing is left out of your Will. It also includes anything that you acquire after you write your Will. So, for example, even though you may not have a specific clause in your Will that deals with your new car, it will be given to the person who is the beneficiary of the residue of your estate.
For more information about Wills, visit the Ontario Ministry of the Attorney General website. Wills are extremely important documents and relatively inexpensive to have prepared professionally. If you want to make sure your Will is legal and clearly expresses your wishes, you should consult a lawyer.
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