Get New Zealand Report On New Developments In Succession Law

The Review, “Review of Succession Law: Rights to a person's property on death”, concentrates on what happens to a person's property when they die, including situations where the person had a Will or where they died intestate (without a Will).

The Family Protection Act 1955 confirms that a moral duty is owed by a will-maker to certain classes of family members, including children and adult children (and in some circumstances spouses, de facto partners, grandchildren, and stepchildren).

A grandchild or great grandchild cannot inherit from the estate of an intestate person unless either: their parent or grandparent has died before the intestate person, or. their parent is alive when the intestate person dies but dies before reaching the age of 18 without having married or formed a civil partnership.

By naming grandchildren as beneficiaries in your will or trust, you can leave assets to grandchildren. You can specify for each grandchild a specific amount or percentage of your total accounts and property as you see fit as the grantor or trustor.

Grandparents have the option of leaving a specific bequest to their grandchildren in their will. You can either provide the grandchild with a fixed amount or a percentage share of the estate.

The inheritance trap: What you'll be entitled to under new law. Kiwis who have fallen out with a parent and are cut out of their inheritance may not be able to contest the will under wide-ranging recommendations that will form a new Inheritance (Claims Against Estate) Act.

Let's look at some of the key proposed changes: A proposal to remove the ability for adult children (aged 25 or over) to challenge their parent's Will. At present any child – regardless of age – can make a claim against the estate if they believe they have been inadequately provided for.

How much can a grandchild inherit tax-free in Ireland? Inheritance tax in Ireland for your grandchild falls into Group B - €32,500. Please note that you must name your grandchild on the will for them to avail of this. If the grandchild is under 18, then the parent is responsible for the distribution of the funds.