Technically, your in-laws are no longer in-laws after your spouse dies. Your spouse's family becomes your former in-laws. Although the relationship between the parties remains the same, the legal terms to describe those connections often do change on top of the legal consequences or legal meaning of the relationship.. Many wills state that beneficiaries cannot inherit unless they live for a specific amount of time after the will maker dies. This time is called a "survivorship period," and commonly ranges from about five to 60 days. For example, a will might say that "a beneficiary must survive me for 45 days to receive property under this will."
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They generally sit dormant in your Will until needed by your executors or beneficiaries: 1. 3-Generation Testamentary Trusts - to reduce Capital Gain Tax, Transfer duty (stamp duty) and income tax. 2. Superannuation Testamentary Trusts - remove the 15% or 30% (plus Medicare) tax on your Superannuation when your Superannuation goes to adult.. For example, say you have two children who are both married. You might choose to leave $50,000 to each child and will $10,000 separately to each of their spouses. By including this provision in.
