What is "Redistribute as Residual Assets" and how does it work?
In the Select Clauses tab under "Customisable Clauses", if you choose "If any Beneficiary(s) die before me, his/her share shall:" -- "Redistribute as Residual Assets";
if he/she dies before the Testator, his share shall redistribute proportionately (to the surviving "residual" beneficiaries) as per the percentage in the Allocate Residual Assets section in the Allocate Assets tab. Take the below distribution as an example:
In the event where the son, Ben Tan, dies before the Testator, his share (which includes 100% of the Super Insurer Insurance Plan, 25% of the residual assets [i.e. the HDB along with any assets not listed above and future assets]) shall be redistributed proportionately between the daughter Yvonne Tan and the friend, Alan Ng (i.e. Alan gets 2/3 while Yvonne 1/3).
You can also specifically give the person's share to another person instead of distributing through Residual Assets using Substitute Beneficiary(s).
In the event where the Testator chose "Redistribute as Residual Assets" and all the intended beneficiary(s) dies before the Testator, unless otherwise specified, the assets will be distributed as per Intestate Succession Act. You can also specify to give to someone else / some other organization under "Other Instructions" in the Select Clauses tab.
It is generally recommended that rather than planning an excessive multiple layers of contingencies which may end up complicating things rather than helping, you should just update your Will as and when needed (e.g. when the beneficiary dies). And this is also precisely the reason why getArrange.com exists, to make quality Wills affordable for the masses.