What will happen to your wealth when you die?

Discussion in 'Legal Issues' started by Cbrgirl, 18th Apr, 2016.

Join Australia's most dynamic and respected property investment community
?

Who do you plan on leaving MOST of your wealth to when you die?

  1. My child or children (in equal amounts each)

    23 vote(s)
    31.9%
  2. My children ( in different amounts)

    4 vote(s)
    5.6%
  3. My spouse or de-facto

    26 vote(s)
    36.1%
  4. Other relatives

    0 vote(s)
    0.0%
  5. Friends

    0 vote(s)
    0.0%
  6. Charities

    3 vote(s)
    4.2%
  7. I plan on spending it all before I die

    9 vote(s)
    12.5%
  8. My pet

    4 vote(s)
    5.6%
  9. Other

    3 vote(s)
    4.2%
  1. Cbrgirl

    Cbrgirl Well-Known Member

    Joined:
    18th Mar, 2016
    Posts:
    56
    Location:
    Away
    I'm interested in what other people plan on doing with their money when they leave this earth.

    And if you have children, would you leave them money in equal amounts or different amounts?

    Who will most of your money go to? I have put 'most' as I plan on giving a bit to charity and a bit to family/friends, but who do you plan on giving the greatest proportion of your estate/assets/money to and why?
     
    Last edited: 18th Apr, 2016
  2. Terry_w

    Terry_w Structuring Lawyer and Finance Broker - all states Business Member

    Joined:
    18th Jun, 2015
    Posts:
    14,752
    Location:
    Remote
    What about 'spouse and children' and 'testamentary trust'
     
    mini2 likes this.
  3. Big Will

    Big Will Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,186
    Location:
    Melbourne, Australia
    Wife (all), Children (equal), if no child then children's children (not there for a long time but equal also) and so on if no bloodline down then to our parents (if they are alive), siblings (50/50 then equal) and down their bloodline otherwise closest family.
     
    Gladys, Cactus and kierank like this.
  4. Johann_

    Johann_ Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    374
    Location:
    Melbourne
    Enjoy the wealth :)
     
  5. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    9,595
    Location:
    Sydney or NSW or Australia

    Similar but I have seen plenty of instances where one partner passes, the other gets remarried & kids get nothing (as they're adults & not dependents).

    This needs thorough estate planning.
     
  6. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    12,970
    Location:
    Perth, Melbourne, Atlanta, Boston
    Split 50/50% my 2 dogs.:)
     
    JDP1 likes this.
  7. Casteller

    Casteller Well-Known Member

    Joined:
    30th Jun, 2015
    Posts:
    455
    Location:
    Barcelona, Catalunya
    Children, but you forgot the obvious one.. "The Government", which although tricky to plan for is a possibility in the future and a reality for some people already. E.g. a UK domiciled person living in Australia would pay about 650K inheritance tax on a 2 million pound estate. Rumblings about reintroducing it in Australia for the very rich to start with.
     
  8. jins13

    jins13 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    1,718
    Location:
    Sydney
    Atm I do not have any children, so in heriarchy- it will be my parents (unless I have a partner which by default it will go to her first). If I was single at the time of my demise and my parents are not around, guess it will go to my brother and his wife.

    I hope that I have enough brownie points to satisfy the big man upstairs.
     
  9. datto

    datto Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    2,063
    Location:
    Mt Druuiitt
    A bronze statue to be erected at the entrance of the Bidwill Shopping Centre Carpark.
     
    manga, skater, legallyblonde and 10 others like this.
  10. Xenia

    Xenia Best Adelaide Property Manager Business Member

    Joined:
    21st Jun, 2015
    Posts:
    3,543
    Location:
    507 South Rd ASHFORD SA.
    Kids hopefully to carry on the businesses.
     
  11. Jerry O

    Jerry O Well-Known Member Premium Member

    Joined:
    21st Jun, 2015
    Posts:
    409
    Location:
    NSW / Melbourne
    children i voted...

    im gonna try to make sure my future kids are educated enough to know how to handle their finances properly.
     
  12. Dan Donoghue

    Dan Donoghue Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    1,063
    Location:
    Sydney, NSW
    I have no kids and I don't think I ever will. All mine will go to the wife, if she goes first I will make sure it's mostly spent, any remainder will go to nieces and nephews.
     
  13. bobbyj

    bobbyj Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    271
    Location:
    Sydney
    To my dog. They can have a butler on call. Professional petter. Diamond encrusted dog bowl etc.
     
    Cimbom and JDP1 like this.
  14. Tony3008

    Tony3008 Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    156
    Location:
    Docklands, Victoria
    Single, no kids. Close friends will get $5K each, residue split equally between family (siblings, nephews and nieces) and charity.
     
  15. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,779
    Location:
    NSW
    First my spouse, if I pre-decease her, then my kids in equal amounts and after that my grand kids via Testamentary Trust/s.
     
    kierank likes this.
  16. Ace in the Hole

    Ace in the Hole Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,134
    Location:
    Sydney
    Didn't see - Not going to die, as an option?
     
    legallyblonde and Dan Donoghue like this.
  17. Ed Barton

    Ed Barton Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    1,783
    Location:
    Brisbane
    Don't care much. But since I don't want the govt (PT) getting their hands on the loot...
    Parents, then sister and a bit for brother, then niece.
     
  18. sanj

    sanj Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,711
    Location:
    Perth
    atm would be grandma, an aunt and cousin, a couple of close friends who the money would make a difference to a small amount to folks and brother as they don't really need the money and balance to a couple of targeted recipients. in my family we don't really care too much about inheritance, fully support the idea of any of us spreading it around to whoever we feel is worthy and balance going to the rest of us.

    in the future will be wife, kids and the above.
     
  19. Chilliblue

    Chilliblue Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,601
    Location:
    Australia
    And how long would that last with metal prices.

    Better to arrange to have a memorial plaque on your favourite pokie.
     
    morgzzz and datto like this.
  20. D.T.

    D.T. Specialist Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    7,519
    Location:
    Adelaide, SA
    Going to live forever, or die trying?
     
    Dan Donoghue and Nick Valsamis like this.