Legal Tip 283: Do you have to accept a gift from a will?

Discussion in 'Wills & Estate Planning' started by Terry_w, 2nd May, 2020.

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  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Someone might leave you a gift under their will when they die. You might not know about this until the executor contacts you in relation to its transfer. There is no compulsion to accept the gift though. The gift can be disclaimed, and this should be done in written form by putting ‘nah don’t want it’ in a more conventional legalise and signed in front of a witness.

    But before disclaiming get legal advice as there would be many consequences other than no getting the gift and these could include

    - Social security

    - Stamp duty

    - Asset protection

    - Family law
    etc

    In some cases, it might be better to accept the gift and then on-give it.


    See also

    Legal Tip 271: Rejecting and inheritance and Centrelink Pensions Legal Tip 271: Rejecting and inheritance and Centrelink Pensions

    Legal Tip 262: Wills and inheritances Effecting Pensions Legal Tip 262: Wills and inheritances Effecting Pensions
     
    Terry_w, 2nd May, 2020
    #1