Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Administration definition

What does Administration mean? Administration is a corporate insolvency procedure used to protect and stabilise a financially distressed company while an independent insolvency practitioner (the administrator) takes control to pursue rescue or a better return to creditors than liquidation. It is a statutory process in England and Wales and Scotland under the Insolvency Act 1986, Schedule B1, and in Northern Ireland under the Insolvency (Northern Ireland) Order 1989, Schedule B1. Key features include an immediate moratorium on most creditor enforcement, displacement of the directors’ management powers, and appointment either by court order or out of court by the company, its directors or...

Residuary Gifts in Wills: Definition, Construction, Lapse and Equitable Apportionment (England and Wales)

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Practice notes

What a residuary gift comprises

A residuary estate need not consist solely of cash; it typically encompasses other assets left unsold during the course of Administration. Section 33 of the Administration of Estates Act 1925 (AEA 1925) describes the residuary estate as the residue of Money and any investments then representing it, and includes any part of the deceased’s estate retained unsold that is not required to satisfy funeral, testamentary and administration expenses, debts, other Liabilities, and pecuniary legacies.

This applies whether:

the testator tried to dispose of it but did not succeed, or
the disposition fails by lapse or another event

Unless the Will indicates otherwise, a residuary gift covers everything the testator owns at death that has not been effectively disposed of by other provisions in the Will.

A distinction is drawn between:

a gift of the residuary estate
a gift of the residue of the residuary estate

If the gift of the residue of the residuary estate lapses, the outcome is Intestacy. The testator’s mistaken belief that certain property does...

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Web page updated on 21/05/2026

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