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Originally Posted by Energy
I don't know about life insurance but for wills, if the order of death is unknown then it is presumed that they both predeceased each other. If a beneficiary dies before the willmaker, their gift lapses.
There is also a 5-day rule where a beneficiary under a will has to survive the willmaker by 5 days in order to receive a gift under the will. So if the willmaker dies and a beneficiary dies 2 days later, the beneficiary does not get anything.
edit: the will goes into intestacy if there are no more beneficiaries... so then it will pass to kids, etc after taxes and debts are paid out.
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Quote:
Originally Posted by MG1
Any children involved?
What happened to our resident lawyer dude? Brown guy.......... can't remember his name, ATM.
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In my case no kids and no will yet, at the moment everything goes to the missus but if we're both in the same plane crash where does everything go? I'd assume my stuff would go to my parents and her stuff to hers?