An outline of a how a gift over works in a will. A gift over in a will is when the person designated to receive it has died, the gift then passes over to a substitute person, if so named to take.The substitute beneficiary only inherits if the main beneficiary has already died, not survived the deceased or died before attaining a vested interest.
Why sever a joint tenancy? Severing a joint tenancy is relevant to joint co-owners passing on their property interests to their chosen descendants. Owning property with others in co-ownership can be either as joint tenants or tenants in common. The consequences of who inherits a co-owner’s share on death are different. It is important to …
The word “issue” is a legal term meaning all of a person’s descendants; not just their children. It is easy to overlook this and the potential unwanted consequences for what is intended, if not used correctly when working out wording in a will.
Sometimes a clerical error or some other aspect about a deceased’s will means that practically speaking what the deceased intended doesn’t work out. Fortunately all is not lost. Succession legislation provisions give the Court a power to rectify the will to give effect to the deceased’s intentions if the Court is satisfied beyond reasonable doubt that the will does not. An application to the Court for a rectification order must be made within twelve months in NSW. An extension of time may be possible in special circumstances and if the estate has not been distributed. For an application to succeed there must be clear and convincing proof.
Wills are important private and confidential documents. An original will should be stored in a safe and secure place after being signed and witnessed. Once all the formalities have been completed and it has been copied, the original will then needs to be kept in a safe and secure place.
Joint tenancy and tenancy in common are ways of co-owning property with others. Inheritance is independent of a will with one, but not under the other.