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Inheritance

Discussion in 'Go ahead!...ask us anything!' started by Mr Angry, Jul 31, 2019.

  1. SpaceMonkey

    SpaceMonkey Referee

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    So Crocodie, you haven’t answered my earlier question, what happens if the vast majority of the world’s wealth ends up tied up by a tiny elite leaving the vast majority poor? Do we just shrug our shoulders and say “oh well they earned it”? Because the current system just seems to funnel wealth upward, which can’t be sustained indefinitely.
     
  2. Eion

    Eion First Grade

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    That’s capitalism for you my friend. People make fortunes. Some lose them, some keep most of it through the generations.

    Rockefeller over 100 years ago had more wealth in real terms than anyone today, by a big, big margin.
     
    President Trump likes this.
  3. SpaceMonkey

    SpaceMonkey Referee

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    Indeed. But society seemed to realise that the level of inequality that was reached in the gilded age of the 19th century industrialists wasn’t a great thing and wealth waa evened out a lot more up until about the 70s, now it seems to have swung back the other way. If it goes to far you end up with serfdom.
     
  4. Eion

    Eion First Grade

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    I don’t think society did anything about it back then and the corrections were more to do with the market adjusting, different expertise coming in and fortunes being made in other areas by different people.

    I guess my point is, there is nothing new in what we’re seeing and there will be natural pendulum swings. But fundamentally, in capitalism, there will always be a few holding a lot. That’s the way it is. It ain’t perfect by any means, but better than any alternative tried to date.
     
  5. SpaceMonkey

    SpaceMonkey Referee

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    When I say society did something I don’t mean as a conscious planned thing, but I think there was a general realisation that workers deserved a bigger slice of the pie and that was reflected in the rise of trade unions and left wing politics in general over that century or so. It seems to have tailed off in the last 50 years or so though.
     
  6. Vic Mackey

    Vic Mackey Referee

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    Sort it all out before you die

    You think divorces get messy? Nothing is worse then siblings who hate each other squabbling over property etc left by parents
     
  7. Generalzod

    Generalzod Referee

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    What happens when there is no family members to claim inheritance does it go to the government..If that the case there is no f**king way they’ll be getting anything from me when I die. f**k them lychees, I haven’t done a will yet either I should put that on my action do list as well..
     
  8. Captain Apollo

    Captain Apollo First Grade

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    Ok, just having been through the death of my Mother and being the Executor of her estate I can give you a bit of insight. Firstly, inheritance in NSW is covered by the Succession Act 2006. So that is the legal underpinning for inheritance.

    For a will to be legally valid it must lay out who gets what proceeds of the person's estate and be signed by two witnesses. It should specifically name who gets what from the estate. It does not necessarily need to be drawn up by a solicitor, you can do it with a DIY will kit. Why I mention specifically naming beneficiaries is my late Mother's will left bequests to her 3 grand kids 9which she named in the will" and then just said "and the rest is to be evenly divided". Now as I and my two sisters survived her, we knew she meant it to be evenly be divided between the three of us (as she had told us what was in her will, and my father had passed away some 12 years previously). However she did not specifically state she meant her children as being the beneficiaries of the residuals of the estate, so we had to go through the legal process of proving this to the NSW Supreme Court.

    Due to the expenses involved, as we had to get a Inheritance Law Specialist to sort it out, which cost around $12,000 in legal fees. This took time to do also, and it is laborious as you need birth certificates, death certificates, statutory declarations from all beneficiaries, marriage certificates as you have to prove your claim. Now my family is all very amicable so it went smoothly, but it took a few months to sort out.

    So if you want to avoid family squabbles for after you die, sort out your estate and have a will drawn up. Make sure it specifically names who gets what (or if it is to be evenly split say between your children say that and state who your kids are in the will) and ensure you get it witnessed.

    Final point, in NSW you can get the NSW Trustee and Guardian to draw up a and administer a will for you. I've heard nothing but disaster stories about them being administrators of your will, so avoid them (though they have good info on their website about wills in plain english which may help). Many other States have Public Trustees which provide similar services (and yes, they are owned by the respective State Governments).
     
  9. Lambretta

    Lambretta First Grade

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    Great post CA
    Sorry to hear about your Mum
     
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  10. President Trump

    President Trump Juniors

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    If there's no will, the laws of intestacy apply. This means that the estate will go to:

    1. Spouse
    2. Children
    3. Parents
    4. Siblings
    5. Aunts/Uncles by blood
    6. Grandparents
    7. First Cousins

    Only if you get to the end of the list and there's still nobody to give it to does the estate revert to the Crown.
     
    Generalzod likes this.
  11. Mr Angry

    Mr Angry Not a Referee

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    I am thinking emus.

    Give it too Emus.
     
  12. Mr Angry

    Mr Angry Not a Referee

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    I ask to say this for permission from someone who has great great great grandfathers who lived here before I did.

    Why do humans suck so bad?
     
  13. Mr Angry

    Mr Angry Not a Referee

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    Why does one think they own anything at all?

    I am going to look at a tree.

    I consider it my tree, but really I own nothing.

    Nor should I.

    I will die.

    I conclude, we all just rent.

    I hope that tree out lives my great, great, great kids.

    mofo renters.
     
  14. Mr Angry

    Mr Angry Not a Referee

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    [​IMG]

    Looks like that. Birds love it.
     
  15. nick87

    nick87 Coach

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    I've told my dad that if he's doing it right, he'll take his last breath spending his last dollar doing something he loves.

    I dont want or need a cent from him. I want him to spend what is left of his money enjoying what is left of his life. My kids will get a 50% split of what me and my wife have left, but they'll know from day 1, we have grand travel plans and ill be sparing no expense in my retirement to enjoy that travel
     
    Mr Angry likes this.
  16. Mr Angry

    Mr Angry Not a Referee

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    I did give my kids a leg up, but they are just honest citizens.

    Cogs in the machine.

    Lucky like me to land in a land with much resources.

    Thanks dad.
     
  17. Mr Angry

    Mr Angry Not a Referee

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    This is a valuable resource, and the reason I admire bureaucracy, when many do not.

    You can have a twitter president the bureaucracy carrys on.

    You should however avoid the Public Trust for any family member, really take that advice, but for those who have no family left, a person will be cared for, this is why it exists and why you pay taxes.

    Be happy to pay them.
     
  18. NRLMad

    NRLMad Juniors

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    I like the idea of not taking from your parents but seriously you are living in today’s world and not looking after your children is a very foolish thing to do. My children will receive adequate knowledge far superior to average, plus Everything I have in lump sums when they need it most. Only a fool would think otherwise.
     
  19. AJB1102

    AJB1102 First Grade

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    When my grandparents passed within like 9 months of each other it was like a f**king war was declared between mum and her siblings. I had the privilege of being a clueless 20-something intermediary just to get the 2nd funeral over the line which half didn't attend because they're selfish shit merkins.

    Sad thing is my grandparents never made it to where their kids did. They had a modest family home and a camry when they died. Like no fortunes to be gained. Their inheritance all said and done at most a years wage and willing to lose family over it.

    Was this the "Your Family Are Greedy Scum" thread?
     
    Vic Mackey likes this.
  20. Mr Angry

    Mr Angry Not a Referee

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    There is nothing worse than a parent outliving thier children.

    I hope I do not.
     
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