How to List Cash in a Last Will & Testament

By Regan Rondinelli-Haberek

A last will and testament contains your final wishes for how and to whom you want your property distributed upon your death. A will can list personal property such as a gold watch, real property such as your home, or a sum of cash. There are different ways to list cash in a will, and how it is listed can affect how much a beneficiary actually receives, or if he receives anything at all.

Specific Gifts

If you know how much cash you would like to leave a certain individual, or beneficiary, you can simply make a specific bequest in the will. For instance, you can leave a niece or nephew the sum of $1,000. This means that once all your estate assets are gathered and debts paid, and the executor is ready to make distributions, this beneficiary is entitled to $1,000.

Residuary Estate

You can also leave cash as part of your residuary estate, which includes all your property that was not specifically mentioned in your will. In other words, it is the remainder of your estate after all bills are paid and all specific gifts are made. Cash gifted through the residuary estate is not generally listed as a dollar amount, but as a percentage of the remainder of the estate. There is no guarantee that a beneficiary will receive a residuary gift. If there is nothing remaining in the estate at the conclusion of estate administration, the residuary beneficiary will receive nothing.

Protect your loved ones. Start My Estate Plan
Protect your loved ones. Start My Estate Plan
How to List a Charity as Your Beneficiary


Related articles

Beneficiary Dying During the Probate of the Will in Pennsylvania

The death of a beneficiary during the probate process can alter the distribution of the estate. Some wills include a provision stating that a beneficiary must survive the testator by a certain amount of time -- 30 days, for example -- but this type of contingency is not usually planned for. Whether such a provision is included in a will can make all the difference in how the assets of the estate are distributed.

How to Write a Will in Nebraska

A will is simply a vehicle for transferring your assets after death. Wills are not appropriate for everyone. For example, trusts are becoming increasingly popular as people’s estates become more complex. If you determine that a will is right for you, Nebraska requirements are fairly simple, but must be followed exactly or your wishes may not be observed after your passing.

Inventory List for a Last Will & Testament

A complete inventory list for your last will and testament helps you avoid omissions and mistakes during your estate planning. A last will is a document containing all of your instructions for the division of your assets when you die. In order to address your entire potential estate, you must make a list of what you own first.

LegalZoom. Legal help is here. Start Here. Wills. Trusts. Attorney help. Wills & Trusts

Related articles

How to Write Bequests in a Will

A bequest is a provision of your will that directs a particular sum of money or item of property to be given to a ...

How to Write a Letter Requesting the Payment of a Deceased's Debt

If someone died owing you money, you may request payment by writing a letter to the personal representative of the ...

What Happens When You Inherit Money?

If someone dies after having established a living trust, the trust assets won't go through probate. Assets, including ...

How to Word a Last Will & Testament

There is no set formula for writing a will, according to the American Bar Association. However, there are certain words ...

Browse by category
Ready to Begin? GET STARTED