VIC Declining Inheritance from Father - Will It Go to Our Mother?

[TomasMalaias]

We are 3 siblings and our father has split properties under his name between the 3 of us. Our parents had divided property years ago so they have equal share of property and income even though they are still married and together.

Our father split his properties various ways between us three children. It's not a great split and it has come as a surprise to all of us. If all 3 siblings / children refuse the inheritance, will it automatically be handed to our mother? We think this is the best outcome for now and we can then discuss the future dividing of the estate with our mother and update our mother's will. If we all refuse our father's inheritance, will all our father's estate go to our mother?

 

[Rod]

The gifts in the will fail and revert to the residual estate. You need to see what the will says about the residual estate. Eg remainder could go to charity.

Suspect you should get proper legal advice for assets of considerable value. I can help if you don't already have a lawyer doing probate.

 

[AnnGee]

It will depend on how the gift has been drafted in the will. Generally, when a beneficiary disclaims an interest under a will it is as if the beneficiary died before the testator and the gift is dealt with accordingly. It would be prudent to get legal advice before making any decisions - and perhaps taxation advice as well as duty may be payable on the disclaimed interest.