Who will you leave it all to?

[Nem]

My husband and then kids....

 

[Hypnotic Cat]

Have no kids, but quite a few nieces and nephews. Of those there's really only 3 of them that I feel connected enough to, to want to leave anything to. At the same time I don't want to hand it all to them on a plate, as I don't think that will teach them much of value in life. As a lasting legacy I plan to leave around 50% to charities that work with restoring eyesight (such as Fred Hollows, CBM, as well as World Vision).

 

[wategos]

There's speculation an inheritance tax could be brought back in so the government would get a chunk of everyones assets. The idea has its merits but I and most people wouldn't be in favour of it. Though if times get tough some unpopular decisions might have to be made.

 

[kathryn d]

There's speculation an inheritance tax could be brought back in so the government would get a chunk of everyones assets. The idea has its merits but I and most people wouldn't be in favour of it. Though if times get tough some unpopular decisions might have to be made.

Won't the children of Baby boomers hate that.

They already blame us for for everything...now they could lose their 'retirement' fund.

 

[Terry_w]

Looks like one of Australia's richest persons died without a will:

Robert Holmes a Court. Robert Holmes a Court was Australia?s first billionaire and achieved national notoriety with his take over offer for BHP Billiton. He died in his early 50?s without a will whilst his children were young. His assets were distributed in accordance with the law of intestacy. His wife received one third of his estate and his four children received the remaining two thirds. Family Confidential ABC Episode 4: The Holmes ? Courts

http://www.followmyfootprints.com.au/estate-planning-for-life/

 

[bellz]

To my children as my husband passed 6 months ago. If they die without children, it goes half to my siblings, half to my husband's siblings.

 

[Terry_w]

I am surprised that not many are considering a testamentary trust. Very good assets protection and all the traditional tax benefits plus extra (children taxed at adult rates).

 

[alicudi]

Hi

A Testamentary trust setup for my 2 nephews and a niece. I hope they enjoy it!

Regards,

alicudi

Hi

I did!

Regards,

alicudi

 

[MTR]

My children, but the plan is to give most of the assets well before dropping off the perch. They dont need it when they are old

 

[Ed Barton]

My children, but the plan is to give most of the assets well before dropping off the perch. They dont need it when they are old

That's an interesting point.

I wonder whether with the trend of people living longer and having kids later might mean more people bypass their kids and give most of their inheritance to their grand kids?

 

[Terry_w]

I havent seen any bypassing children but many people include giving significant gifts to grandchildren as well as their children.

 

[Oshawott]

just curious how many of the people who responded used a lawyer to draft the will and how many used those DIY kits.


As for me, 50% to wife, 50% to kid.

 

[Rixter]

just curious how many of the people who responded used a lawyer to draft the will and how many used those DIY kits.

Specialist Lawyer.

 

[Waldo]

I'll be leaving everything to my broker - its part of our trail refund agreement we have.

 

[Xenia IM]

Kids
But I don't have a need to control it from now.
They will work it out.

I just lost my maternal grandfather a few months ago at 106 years old. Still independent and hunting rabbits until 104 when he lost his gun license.

I'm expecting to get to that age too

 

[Xenia IM]

My children, but the plan is to give most of the assets well before dropping off the perch. They dont need it when they are old

I agree

I will be helping mine as early as possible too.
They are already very expensive.

 

[Rixter]

I just lost my maternal grandfather a few months ago at 106 years old. Still independent and hunting rabbits until 104 when he lost his gun license.

His name wasn't Elmer was it?

 

[Xenia IM]

No

!!!!!!!!!'

 

[tess85]

It's interesting to see the number of SSers who don't have a will.

I know of someone who sadly passed away without a will. She earned more than her husband; her husband now controls all her properties etc, as he is the next of kin. Meanwhile her parents are struggling to pay their bills. The husband has started a new family within a few months of her passing away and the woman's parents are wondering how to approach their widowed son-in-law for a small fraction of her estate (even a tiny fraction like 1% would enable them to live more comfortably).

I personally think they are not entitled to anything unfortunately, because of the lack of will, but would be interested to know what other SSers think? Unless the husband gave his in-laws a small something due to compassion - but legally I don't think he has to give them anything??

 

[Terry_w]

It's interesting to see the number of SSers who don't have a will.

I know of someone who sadly passed away without a will. She earned more than her husband; her husband now controls all her properties etc, as he is the next of kin. Meanwhile her parents are struggling to pay their bills. The husband has started a new family within a few months of her passing away and the woman's parents are wondering how to approach their widowed son-in-law for a small fraction of her estate (even a tiny fraction like 1% would enable them to live more comfortably).

I personally think they are not entitled to anything unfortunately, because of the lack of will, but would be interested to know what other SSers think? Unless the husband gave his in-laws a small something due to compassion - but legally I don't think he has to give them anything??

Not because of being next of kin but because of the intestacy laws. Usually spouse gets everything if there is no will. This is an example of exactly what can happen when there is no will and no planning (it could have ended up this way even if there was a will).

What if the husband were to die suddenly - his new spouse would inherit and the kids from the original person could miss out completely.

Tess - your friends parents should see a lawyer asap as they may be able to make a claim under family provision legislation.