4 Comments Family & de facto law, financial agreements, consent orders
As I understand it, once you are deceased, the only document that counts is your will. You need wills that reflect any decisions you may agreed upon in any pre nup, or BFA as they are now called.
Careful wording of your wills that include any reasoning, particularly regarding exclusions, are essential to help ensure that there are no successful challenges. Always remembering that you have certain obligations to specific others that you must ensure are accommodated in your will otherwise a chalange is likely to occur.
You may be interested to know that if you die at the same time and it cannot be determined which of you died first, then the older person is deemed to have died first.
Thus, if you are older the entire pool would pass to her and then to her beneficiaries. If she is older, then the entire pool would pass to you and then your beneficiares,
Calmar is correct, however even if it can be determined who died first, but if the deaths were within 28 days of each other, all of the jointly owned property passes to the younger and is distributed according to their will.
This is why it is important to have wills that essentially have the same effect regardless of what happens.
l have my assets, Erica has her assets and we will have our assets.
Thanks for your advice. l would imagine that having our wills professionally prepared and tied in with a BFA would be a better way for our estates to be distributed according to our wishes in the unfortunate event we both become deceased at the same time. l would hope that our wills would be respected but there's nothing l can do about it after the event. lm not looking to EXCLUDE any of my family and lm not looking to INCLUDE any of Erica's family nor do l want my family to try and benefit from her estate.