Life is unpredictable, which is why you should not put off making preparations for any eventuality. Although it may be difficult to think about, those preparations include making out a will so you can be sure your assets are distributed the way you want them to be.
Let’s take a look at what happens if you die without a will, which is called being “intestate”.
Once an administrator is appointed by the Supreme Court of NSW, they must deal with a number of possibly expensive tasks including establishing a family tree, collecting assets, paying taxes and debts, and settling other issues. Keep in mind that the administrator may not be someone you would have wanted handling your estate.
The administrator will divide your assets among specific relatives according to a pre-determined formula, which allots certain percentages to particular family members (i.e., spouse, children, etc.). The definition of “next of kin” and percentages distributed to each varies among Australian states and territories.
This means that a spouse or spouses may inherit everything; children of ex-spouses or ex-de facto partners may be included in the distribution; or the inheritance may continue through to grandparents, aunts, uncles, and first cousins.
If it is your intention to leave money to particular charities, special belongings to friends, or provide for a pet, you would need to include those wishes in a will.
We can help make sure your estate is distributed the way you want it to be and by someone you can trust. Contact us today – we will answer all of your questions, listen to your concerns and requirements, and prepare a will or estate planning package tailored to your needs.