Q. I live in Victoria and I currently don’t have a will. But as I have been in a 30-plus-year de-facto relationship, I am assuming my partner will inherit the house, cars and all material possessions we own. My partner and I do not have any children together but I have four children from a previous relationship and I wish to be advised of my rights concerning those children.
Most importantly, I am estranged from one of my children and do not wish for her to inherit anything from me. I have binding beneficiaries nominated to receive my superannuation and my estranged child is not one of them. I also have an insurance policy, of which my children are equal beneficiaries (except for my estranged child, whose benefit is set at 1 per cent) but which I cannot make binding. I have heard that I legally have to leave a certain percentage of my estate to my children otherwise they can contest a will or my wishes. But is this applicable to a life insurance? My questions are:
A. Nothing like a simple, straightforward series of tough questions! I could spend a lot of time and energy answering your specific questions but as I am not familiar with Victorian law, here are some basic concepts you need to understand and which hopefully will provide you with some stimulus to do something about a will as opposed to doing nothing about it.
Here’s some free advice – get some legal advice and get a will!
IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your financial or legal situation, objectives or needs. That means it’s not financial product or legal advice and shouldn’t be relied upon as if it is. Before making a financial or legal decision, you should work out if the info is appropriate for your situation and get independent, licensed financial services or legal advice.
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