Who will you leave it all to?

[Peter_Tersteeg]

Benefit of not having any real prospect of having children is you don't need to protect them from each other or future spouses.

Obviously my wife gets everything if I'm gone first and vice versa.

Beyond that, the property and business assets are already in trusts or will be transferred to trusts which our siblings nephews and nieces are already beneficiaries of (not that they know it). Control of those trusts simply transfers to our siblings. The will indicates the strategy they should follow for these assets but we accept that they can do whatever they want with it all.

Outside of our property and business we have very little that's of any value to any family members. I expect most of it will end up in a skip or with a charity.

Probably my most valuable stuff (outside property and the cars) is my dive gear, but chances are that this will be with me when I go.

 

[Scott No Mates]

Probably my most valuable stuff (outside property and the cars) is my dive gear, but chances are that this will be with me when I go.

Planning on taking a long swim in an easterly direction and not bringing a towel?

 

[Television]

Planning on taking a long swim in an easterly direction and not bringing a towel?

Peter "Harold" Tersteeg

 

[Peter_Tersteeg]

Planning on taking a long swim in an easterly direction and not bringing a towel?

When people die diving in the open ocean, there's often nothing to be found (no body, no equipment). If they are recovered, the coroner takes all the equipment and essentially destroys it in the process of accident investigation.

The diving community then analyses what went wrong in great detail to try put procedures in place to avoid similar mistakes. The sad part is many of the things divers do (how they configure equipment, the processes and procedures) are there because someone died or was injured.

These days most diving isn't really that dangerous. People die from stupid mistakes that would be rectified if they trained properly or maintained their equipment well. The problem is most get over confident reasonably quickly and put themselves into situations outside of their experience.

 

[willair]

In the safe?

The ex-government key - combo safes can only be locked with the keys in the door so alls good,had a talk about this with the "Wife" for a while last night,not something one likes to talk about but I don't intend to leave any mess behind..

 

[travelbug]

Not leaving it to anyone as our family already have plenty, gonna spend the whole lot!

So what will happen to it?


I've left mine to hubby (except my Super which goes to the kids).
If we die together all the kids get it.

 

[D.T.]

Those of you who mention Super, do you have a binding nomination?

 

[Rixter]

Those of you who mention Super, do you have a binding nomination?

Yes......... kept with the bloodline trust will documentation.

 

[Terry_w]

If you will cause your super to go into your estate you should have a separate trust in your will for the super. This way it can be segregated and go to dependants and be taxed less (or not at all).

 

[Terry_w]

What do you all think about Buffett's stance of giving the children a small amount and then the rest to charity? A lot of the rich people are considering doing this now.

 

[Rixter]

What do you all think about Buffett's stance of giving the children a small amount and then the rest to charity? A lot of the rich people are considering doing this now.

I guess it depends on the size of the estate and what the split to the children will do for them.

If it's enough to substantially set them up, then why not help as many others a possible with the remainder.

 

[westminster]

What do you all think about Buffett's stance of giving the children a small amount and then the rest to charity? A lot of the rich people are considering doing this now.

Personally I don't like it. I understand no one wants trust fund babies who are useless BUT to me it also defeats the purpose of building up that empire.

I'm sure the charities will do good with it etc but I would want my legacy passed onto more than one generation and that is going to take time for me to set up.

 

[Paul@PFI]

This thread contains many replies in jest. However for many who accumulate strong property portfolio's there can be some further issues most people never even consider.

1. Are your CGT records up to date ?? The beneficiary inherits your cost in most instances. Will they know what that is ? I'm often addressing historical tax problems created by inheritance.

2. Have you considered the asset protection problems your beneficiaries may inherit ? An example may assist. Dave and Mary are 50 and own 12 properties worth $5m. They die of illness leaving all assets to their two adult children Bill and Betty. Both are married, Both marriages are shaky. Bill and Betty's partners may have marital claim to the inheritance.

One the greatest asset protection problems people overlook is wealth inheritance. Bill and Betty should encourage mum and dad to use a testamentary trust will prior to death.

3. Super. Often a substantial asset that is under valued. For those aged under 50 the death benefit from insurance may be significant. For the aged 60+ the balance may be significant especially if they heavily accumulated in their pre-retirement period. Strategies for tax and benefits may impose a direct inheriance to kids that are taxed and also not subject to asset protection.

I often laugh about the use of binding death nominations. For a public offer fund the expiry dates and other issues are often unappreciated. Many BDBN that clients make seem to leave to spouse and/or kids (adult) in some %. So they create a tax and estate planning issue. For a SMSF they are likley worth nothing. If I find my wife has made a BDBN for my SMSF that leaves it all to her sister wouldnt I just lose it ??

 

[Tony3008]

Single, no children, so around 5% to friends, half of residue to family (nephews and nieces get around 2% of residue each), other half to various charities and good causes (this half divided into 25 equal parts and they get 1/2/3/4 parts).

 

[Terry_w]

About 2 months ago I had to do an 'emergency' will for someone with cancer (prostate I think). I drove out to their house on a sunday and drafted it on the spot.

The man was about 60 but looked in reasonable shape to me, he spoke like there was nothing wrong and I wondered if I hadn't wasted my time driving out there. I just found out he died a few days ago - he didn't have a will until that point, and left it to the last minute, almost. He still had good capacity at that point but he rapidly declined and was in hospital for the last few weeks.

His wife was more concerned about dying before him and him shacking up with a young girl and then the son missing out. So we even talked about severing the joint tenancy on the house so they could each leave their shares separately. He was not concerned and wanted the wife to get everything directly.

Moral of the story - best to sort things out well in advance before you need the will and don't assume you will always have the capacity to make one later.

 

[D.T.]

Drafted it on the spot? So when did ya go back and do final copy?

 

[nhg]

At this point, to my parents and if I outlive them, to my nieces in a trust.

No fam of my own as yet.

 

[Big Will]

1st to wife, then bloodline.

Hope to make a huge tax problem for my children.

 

[Bargain Hunter]

Spouse

If she precedes me then to the children. Rules for children, two properties retained with rest sold and profits split.

Will may change as we age.

Andrew

 

[Level3]

I've got my left to my wife and then the children in case anything tragic happens to both of us.