2 Comments Wills, probate, letters of administration, powers of attorney
You certainly can renounce an inheritance. There are things to consider if you do.
Firstly you can renounce your share in the will but you cannot say who should receive it, that will be up to the executor of the will who is required to distribute it in accordance with the details in the will. For example if it was a straight forward will that said I leave my estate to be divided equally between my 4 children, and you pulled out, then the remaining 3 children would share the whole estate equally.
Something else to consider if you are in receipt of a Centrelink pension or will soon become entitled to such a pension, it is possible that the value you have renounced will be taken into account when assessing your assets to qualify for that pension.
If this is the case and the principal is still alive it may be better to advise them that you wish to be excluded from the will, and ask that they make a new one that omits you.
On the other hand nothing to stop you leaving things as thy are, receive your share and then giving that share to the person or persons you believe should have received it. Again this has implications as far as the asset test for a Centrelink pension goes.
If in doubt, I suggest you consult a lawyer or financial planner who can consider the specifics of your case.
Thanks for your input, Citizen Joe, much appreciated.
The issue of being penalized in some way for refusing something I don't want had occurred to me, that would be annoying!
It seems the most straightforward thing would be to ask to be excluded, but alas, nothing is straightforward. The testatrix would certainly take offence and I suspect others will assume my personal choice is - by inference - a judgement of their own choices. That's family !!!
Thanks again, I will have to mull it over :)