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Inheritance & Bankruptcy...?
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Should your parents both die simultaneously (you used a car crash as an example), then the eldest is presumed to have died first, their estate passes to the youngest (if that is what their will specifies), and the estate is distributed according to their will in turn.
Your (wealthy) parents should be taking proper legal advice on the best and most tax efficient structure.
I don't understand your comment 'if they both die the will comes into force'? They must have separate wills.
Yes they do have separate wills. The problem would be if they BOTH die at the same time as their estate would then go to my sister and me. We now have a solution though so thank you for your reply.0
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