Families, money and death can be a complicated business and especially at a time that is very sad for all concerned. One aspect of family law in New Zealand has remained largely unknown for many years, and that is in relation to inheritances received by a family member.
Did you know that if a family member dies, and you inherit money then that money is yours, and yours alone? Despite what your other half or your friends may tell you, legally all funds received by someone by way of inheritance remains that person’s separate property. The basic rule then means that money belongs to the recipient of money and no one else. The recipient can choose to share it and pay for holidays etc, but ultimately that is their choice. You need to be aware that if you do decide to use your inheritance to pay for a holiday then you can’t ask for that money back afterwards.
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