When making a Will it is imperative that you understand the process of having your cascading Will and its beneficiaries. This does require some thought and careful estate planning so that you can achieve your intended outcome.
PROPER PLANNING PAYS OFF
Firstly you can leave everything to each other – sole Executor/Executrix and sole beneficiary
If you BOTH die at the same time then you should have nominated two alternate Executors/Executrices.
- If you wish to leave any special gifts or cash legacies, then this must be stated in your Wills.
When you both die everything goes to your children in equal shares when they reach either 18 or 21 years (you choose)
- Note that if your children are under the age of 18 years – who would you nominate as your guardian?
If a child dies before you, leaving children surviving (ie. your grandchildren) then the children of your deceased son or daughter take their share at the age 18 or 21 equally.
If no children or grandchildren survive you – then you should nominate alternate beneficiaries.