Generally, the next of kin is the person's spouse, de facto partner, children or closest blood relative such as grandparents, aunt and uncles or siblings.
A person's next of kin is their closest living relative. In Australia, a next of kin typically refers to a person's spouse, de facto partner or closest living blood relative. The term is typically used on estate planning documents such as a Last Will & Testament.
A person's next of kin is their closest living blood relative, including spouses and adopted family members. The designation as next of kin is important in the context of intestate succession, as a decedent's next of kin is prioritized in receiving inheritance from the decedent's estate.
Generally speaking, the next of kin will be the deceased person's surviving spouse (i.e., husband or wife), their de facto partner or their parents. Under NSW's Property (Relationships) Act 1984, a de facto relationship is a relationship where two adult persons, who are unmarried, live together as a couple.
If the deceased person was survived by a spouse and no children, the spouse is entitled to the entire estate. If the deceased person was not survived by a spouse or children, the assets will be distributed to their next of kin.
What If the Surviving Spouse Isn't on the Deed? If one spouse dies and the surviving spouse is not named on the title to the house, then the property will pass through the decedent spouse's estate--either through a will or intestate succession.
To protect an inheritance you receive during a relationship, you could get a binding financial agreement created. This agreement could allow you to quarantine the inheritance and keep it separate from the rest of the assets you bring into the relationship.
Once you've been together for 6 months, your new partner can take half!
In NSW, Victoria, South Australia, Western Australia and the Northern Territory separating from your de facto partner will not change your Will and any gift in your Will to your ex-de facto could still be valid, despite the fact that you have separated and divided up your assets.
Unlike with married couples, when one unmarried partner passes, the living partner does not receive any automatic legal right to their deceased partner's property or assets. In this case, with no will, the assets will likely be passed to the deceased partner's family, and their estate is left in the hands of state law.
Once a Grant of Probate has been awarded, the executor or administrator will be able to take this document to any banks where the person who has died held an account. They will then be given permission to withdraw any money from the accounts and distribute it as per instructions in the Will.
Legitimate Succession, 2. Compulsory Succession, and 3. Testamentary Succession.
For example, in the case of a deceased male, his father, granddaughter's children, brother and sisters can claim his property under the first category. In the case of an unmarried deceased person, his property will be distributed among his brother, sister and father.
Next of kin refers to the closest living blood or marriage relative of any given person. In Australia, it usually means a spouse or de facto partner. However if someone is unmarried or single then your next of kin is the person's closest living relative.
There is a hierarchy which determines who is deemed closest to you as “next of kin.” Your spouse or civil partner comes first, then your children, then your parents, siblings, grandparents in that order.
While the beneficiaries of the estate (e.g. friends or family members) are not responsible for the debt, the estate may lose the asset if the loan can't be repaid. If the deceased has a secured or unsecured debt in joint names, then everyone named on the account is responsible for the debt.
Can a de facto take half of the assets? Just like with married couples, there is no starting proposition in the Family Law Act that the property of a de facto couple will be divided equally. A de facto partner can, however, receive an adjustment of 50% of the asset pool, if that is the appropriate outcome.
If you are deemed to have been in a de facto relationship then you will have essentially the same rights as a married couple would in the event of a death. That is, if the relationship existed at the date of death and had been ongoing for at least two years.
Couples who want financial security can enter into a financial agreement at any time during their relationship. Financial agreements are similar to pre-nuptial agreements, in that a couple can use them to set out how their property and other assets would be divided if they were to separate.
If you have not obtained a Divorce Order, you can make a claim for superannuation at any time after separation. If you were a party to a de facto relationship, you must apply to the court for superannuation orders within 2 years of the date of separation from your partner.
A person would not have a de facto partner unless they have lived together as a couple for two years without separation. Therefore, the length of time to be considered de facto is two years.
"Half-your-age-plus-seven" rule
According to this rule, a 28-year-old would date no one younger than 21 (half of 28, plus 7) and a 50-year-old would date no one younger than 32 (half of 50, plus 7). Although the provenance of the rule is unclear, it is sometimes said to have originated in France.
The de facto spouse will inherit everything if the deceased had no children. Where there are children, the de facto spouse will inherit a prescribed amount, and then share the residue of the estate with any children.
There are no inheritance or estate taxes in Australia. However, you may have tax obligations for the assets you inherit: capital gains tax may apply if you dispose of an asset inherited from a deceased estate. income tax applies as usual to any dividends or rental income from shares or property you inherited.
An inheritance received by one party prior to the relationship or around the time the relationship commenced is more likely to be treated as an initial financial contribution to the relationship or marriage. It will not be separated from the asset pool upon divorce.