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My question is re. the inheritance.I own the following: joint property (unit) with my husband the following in my name only: super, insurance with my super fund, saving bank account and a half of the car.I intend to leave this as follows upon my death: - super&insurance and my part of the unit to my children; - savings from the bank account to my husband and children;- a half of the car to my husband.1. What exactly I have to do for all of the above to happen? 2. What has to be done through will and what not? 3. What happens with each listed above if there is no will?4. The most important - I’ve found somewhere that joint property cannot be inherited by children - I’d be ready to get into another arrangement from joint ownership with my husband –some sort of fund, tenants in common or something else – I need you to please advise of the way and cost involved and a possibility to do that change. Or this cannot be changed now.5. Can I deposit my request for the bank account directly with the bank to nominate the beneficiaries now (similar as for the super), or is the only way through will?6. I’ve nominated beneficiaries (my children) for my super/insurance as non-lapsing binding – is this enough to achieve the intended?7. Unrelated to the above – Is there a tax to be paid on the inheritance by my husband and my children (and what would that be for each part e.g. unit, super, insurance, cash from the account and the car)NOTE: I’d be happy with the answer that leave no doubt as what is to be done and how to achieve the above and would gladly pay for the advice in that case.
Good Afternoon,
joint tenants
Thank you
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I still need to know if my nomination for teh beneficiaries for the super/insurance is binding and if it can be disputed by my husband if there is no will.
My understanding is if I sever the tenancy it is still to be allocated th epercentage and it does not automaticly remain 50: 50 as it is now. Is only the severence to be disputed or the percenage as well?
I just have one more question, is severing the tenancy the only way to do this what I want with the unit?
I also want to check a binding nomination which you say expiries every 3 years - my fund states it is non-lapsing binding nomintaion for life there is no need to be renewed - can you confirm you know of this new legislation of that is something they are not informinfg me correctly of?
Good Evening
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)