In a previous post (see link below) we talked about what happens if a beneficiary dies before you. This is just a short note letting you know that it is normal when will drafting to cater for this circumstance. When you make your will, you are naturally thinking about what will happen to your assets when you die. You don’t normally think about what will happen in the event that some of your beneficiaries die before you. That is regularly the case with those who makes wills. However, you should cater for the situation of your beneficiaries dying before you.
In this blog we are focusing on if you are a parent and you have children
So what are your options?
If your beneficiary is your child, then you have a range of options to cater for a child passing away before you.
Option 1. The gift you were giving to that child passes to your child’s spouse
Option 2. The gift you were giving to your child passes into his or her estate. That means, it will be dealt with as part of the residue of the child’s estate. If the child made a will, it will be dealt with under the terms of the residue clause of the will. If the child made no will, it will pass in accordance to set rules known as the rules on intestacy.
Option 3. The gift you were giving to your child lapses and so falls into the residue (see article below which talks about this)
Option 4. The gift passes to your other children
Option 5. The gift passes to your grandchildren.
It very much depends on what you want to do. The great thing is, is that you get to choose. So taking time to consider this matter puts you in control.
If you have any will drafting or issues regarding capacity, then please reach out to me Colm Kelly solicitor at info@kerrywills.ie
Here is a link to the previous post