A cascading will specifies alternative beneficiaries in case the primary beneficiary predeceases you and is unable to inherit your estate.
When making a Will, it is imperative that you understand the process of having your cascading Will and its beneficiaries. A cascading will considers other beneficiaries if your primary beneficiary is unable to inherit your estate.
In your will you should specify the order in which the alternative beneficiaries will inherit. This requires estate planning so that you can achieve your intended outcome. You need to control the outcome as to who inherits.
Writing a cascading will can be complicated and requires some thought as to how you want your estate to be distributed. Proper planning is essential, and it is important to consult with an estate planning lawyer to make sure that your will is legally binding.
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.
When you both die everything goes to your children in equal shares when they reach either 18 or 21 years (you choose)
If a child dies before you, leaving children surviving (ie. your grandchildren) then the children of your deceased child take their share at the age 18 or 21 equally.
If no children or grandchildren survive you – then you should nominate alternate beneficiaries, including the consideration of a charity.
Expert Advice from our Legal Specialists
By making a Will you document who will receive your assets and belongings after you die. A legally valid Will allows an Executor to apply for a Grant of Probate.
We will advise on the content and structure & thereafter create wills, trusts, and other documents that provide how your assets are to be distributed.
An enduring power of attorney will allow you to appoint another person to make financial and legal decisions if you become incapacitated and are unable to do so.
When you appoint an Enduring Guardian, you are designating another/s, to look after your life wished & interest when you are unable to make decisions yourself.