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  1. Terryw

    Dilemma: Buy property now from parent or wait for will?

    Syba, please let us know what the lawyer recommends - if it is not too personal.
  2. Terryw

    Dilemma: Buy property now from parent or wait for will?

    The will may take this into account, but many would not. If a beneficiary dies before the testator, then their gift would lapse. eg. X leaves his estate to Y. Y dies before X. The gift to Y will lapse. The estate of X won't pass to Y's estate. Depending on the wording, this may mean X dies...
  3. Terryw

    Dilemma: Buy property now from parent or wait for will?

    Or more likely, if your mum died before the grandmother the aunt would get everything.
  4. Terryw

    Dilemma: Buy property now from parent or wait for will?

    Yes s63(5) Succession Act 2006 NSW http://www.austlii.edu.au/au/legis/nsw/consol_act/sa2006138/s63.html and s75 http://www.austlii.edu.au/au/legis/nsw/consol_act/sa2006138/s75.html
  5. Terryw

    Dilemma: Buy property now from parent or wait for will?

    One thing the courts consider is where a person is supporting someone else and then dies without leaving them adequate provisions. This is not limited to spouses or children but could be a non related person who was being supported.
  6. Terryw

    Dilemma: Buy property now from parent or wait for will?

    Pushka I am afraid that wills can be challenged on many grounds. eg. SUCCESSION ACT 2006 - SECT 57 http://www.austlii.edu.au/au/legis/nsw/consol_act/sa2006138/s57.html
  7. Terryw

    Dilemma: Buy property now from parent or wait for will?

    Another point, it may be wise to have the property transferred now to you. But, stamp duty would be payable on full market value - maybe this could be reduced by knocking the house down before transfer. Whereas if it goes to you in the will the should be no stamp duty. If you do it now it...
  8. Terryw

    Dilemma: Buy property now from parent or wait for will?

    There are some other issues to consider too. If Mary's mum changes her will now, there could be questions of capacity. So you would need to speak to a lawyer about this and probably get 2 or 3 doctor reports stating she does have capacity and understands fully what she is doing - maybe two...
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