Legal Tip 175: Leaving Assets to Someone Who Dies Soon after you (Survivorship Provisions)

Legal Tip 175: Leaving Assets to Someone Who Dies Soon after you (Survivorship Provisions)


This is something important to consider when making your will - Should someone need to survive you for a specific period of time to be able to benefit via your will?

If not then your assets will pass according to their will, to people you may not even know (or like!).


As an example:

Doug dies leaving his shares to Dave. Doug’s will states there is no survivorship requirement. The shares are unexpectedly now worth $1mil.

Doug died on Tuesday this week, and Dave died on the Friday. Dave’s estate was left entirely to the Batman museum in California. Doug, who is a marvel comic fan, hated the batman movies but the $1mil gift will go to Dave, for a few days, and then to the Batman museum because of Dave’s will.


One way to avoid these situations is to have a clause in your will saying any gift is made subject to the beneficiary surviving you by X days. The X is often 30 days but could be shorter or longer.

In NSW there is a statutory survivorship provision of 30 days if the will is silent on this.

 

Presumably you mean 30 days?

 

@Terry_w what happens if there are simultaneous deaths? Eg husband and wife killed in same accident?

Who is deemed to die first and which will applies inwhat order?

 

Generally the older is presumed to die first if there is no evidence to prove otherwise.

This is why the survivorship provisions can be important.
Legal Tip 175: Leaving Assets to Someone Who Dies Soon after you (Survivorship Provisions) https://www.propertychat.com.au/community/threads/legal-tip-175-leaving-assets-to-someone-who-dies-soon-after-you-survivorship-provisions.31569/