We recommend that the Summary of Assets & Debts be periodically provided to the residuary beneficiaries, i.e. those dividing up the remainder of the estate after debts and taxes have been paid, to keep them informed of your progress. Example: Daughter Jane is to receive 25% of residue of the estate.
Non-residuary beneficiaries are those receiving one-time gifts of cash or specific objects. Inform them of what they are to receive, with a copy of the clause in the Will referencing their gift. They are not entitled to see the entire Will or the entire estate inventory unless they are also residuary beneficiaries. Example: per Clause 3.1 in the Will, daughter Jane is to receive Mom’s diamond ring plus 25% of the residue of the estate.
Transparent and regular reporting is essential for minimizing family friction.