What will happen to your wealth when you die?

Discussion in 'Wills & Estate Planning' started by Cbrgirl, 18th Apr, 2016.

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

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

    24 vote(s)
    32.9%

  2. My children ( in different amounts)

    4 vote(s)
    5.5%

  3. My spouse or de-facto

    26 vote(s)
    35.6%

  4. Other relatives

    0 vote(s)
    0.0%

  5. Friends

    0 vote(s)
    0.0%

  6. Charities

    3 vote(s)
    4.1%

  7. I plan on spending it all before I die

    9 vote(s)
    12.3%

  8. My pet

    4 vote(s)
    5.5%

  9. Other

    3 vote(s)
    4.1%
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  1. Hodor

    Hodor Well-Known Member

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    If ace's past performance is an indicator of future performance...
     
    Hodor, 19th Apr, 2016
    #21
    legallyblonde likes this.
  2. Phar Lap

    Phar Lap Well-Known Member

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    Spend most and take some with me.
    Ya never know what you might be able to buy on the other side!
     
    Phar Lap, 19th Apr, 2016
    #22
  3. chindonly

    chindonly Well-Known Member

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    Brisbane
    All to my cryogenic preservation provider.
     
    chindonly, 19th Apr, 2016
    #23
  4. datto

    datto Well-Known Member

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    That will be a little difficult. Most clubs and pubs have barred me lol.
     
    datto, 19th Apr, 2016
    #24
    Phar Lap likes this.
  5. Dan Donoghue

    Dan Donoghue Well-Known Member

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    Gold Coast, QLD
    Instead of King of the Nile it would be Datto of the Druitt ;)
     
    Dan Donoghue, 20th Apr, 2016
    #25
    datto likes this.
  6. Zeehan

    Zeehan Well-Known Member

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    Australia
    This is my greatest concern. I have no problem with my partner remarrying if I fall off the perch. But I don't want any of my hard-earned going to the new spouse, or the children of the new spouse before my own daughter. I will take steps to make sure this doesn't happen.
     
    Zeehan, 20th Apr, 2016
    #26
  7. barnes

    barnes Well-Known Member

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    Location:
    Adelaide
    Where is the option - I just don't care. Because when I die, it all seems completely irrelevant.
     
    barnes, 20th Apr, 2016
    #27
    Joynz likes this.
  8. Ted Varrick

    Ted Varrick Well-Known Member

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    No Mans Land
    I think I will have my assets liquidated and then reinvested in 100 Year Berkshire Hathaway Call Options.

    And then the descendants better all Hail The King!

    And if my timing is right, and I'm reincarnated in 100 years....
     
    Ted Varrick, 20th Apr, 2016
    #28
  9. JDP1

    JDP1 Well-Known Member

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    split between my pets- cat, dog, and black mamba snake.
     
    JDP1, 15th Aug, 2017
    #29
  10. Terry_w

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

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    Australia wide
    Who will go first. You are Warren or Charlie?

    Maybe a conditional will
     
    Terry_w, 15th Aug, 2017
    #30
    Ted Varrick likes this.
  11. Beano

    Beano Well-Known Member

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    Location:
    Brisbane
    Leave the assets in trust run by the children
    Better to keep the golden goose alive and laying golden eggs everyday!
    (Than roasting the goose and all the children feasting on it)
     
    Beano, 15th Aug, 2017
    #31
    Gockie likes this.
  12. Ted Varrick

    Ted Varrick Well-Known Member

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    Location:
    No Mans Land
    Terry, is this an attempt to blow my cover, or are you asking for my guess as to a hypothetical scenario?
     
    Ted Varrick, 15th Aug, 2017
    #32
  13. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,504
    Location:
    Sydney
    All those who think they answered above now check what happens to your super and some other non-estate assets

    1. Do you have a binding death nomination ? Is is expired or invalid ? Are you happy to accept that the trustee of the industry fund or the public fund will choose who THEY want to give your super to without a nomination. Merely telling the fund "my spouse / my estate" on a form is not a binding choice
    2. Are you relying on a reversionary pension instruction - Where is it ?
    3. How is control of any trust (incl SMSF) or company dealt with in your will ?
    4. For any trust - Is there a controller power ?
    5. If the matters were established or reviewed more than 2 years ago have you sought legal advice on if it up to date ?
    6. Is # 5 up to date ? ie any new entities ?
    7. Who has enduring POA ?
    8. Who is your appointed guardian capable of making lifestyle decisions (Tip - The legal position is it probably wont be a spouse or kids without a guardian appointed)
    9. Do your estate documents consider instructions regarding do not resuscitate (DNR) or not for resus (NFR) and does that person have a copy in their hands so if it occurred in 20minutes time they will follow the instructions ?

    Any No or question any of the above and its time to see a solicitor as well as possible tax or financial advice
     
    Paul@PAS, 16th Aug, 2017
    #33
  14. Ross Forrester

    Ross Forrester Well-Known Member

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    2,085
    Location:
    Perth, Western Australia
    Think about a family charter to get it right. Legal documents can mean little if everybody is fighting as they often get ignored - you want the culture of the company to stop fights.
     
    Ross Forrester, 16th Aug, 2017
    #34
    Terry_w likes this.
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