When there’s a Will, there’s a way
A recent study conducted by finder.com.au has revealed that almost 10 million Australians do not currently possess a valid Will. Over one third had indicated that they had “not gotten around to it yet” with 14% insisting that they do not own enough assets to justify the effort involved in the making of a Will.
So, what happens to one’s Estate if they are to unfortunately pass without having formalised the paperwork?
If an individual passes without a valid Will, which is also referred to as “dying intestate”, there is a predetermined formula which is implemented for the purpose of distributing the deceased’s Estate. Firstly, an administrator is to be appointed for the purpose of taking on a number of tasks which would include making the funeral arrangements, paying off debts and any outstanding taxes, the collation of assets and establishing a family tree to assist in the distribution of the Estate.
The distribution of assets is then determined based upon who are the surviving relatives. According to the law of NSW if an individual passes without a Will and has an identifiable spouse, they will take the entirety of the Estate. The distribution of the Estate will of course be different if there no spouse but children, a former partner, siblings, parents, etcetera. If the deceased does not have any surviving relatives who are sufficiently close enough to take under their Estate, then the Estate will pass to the Government.
In the grand scheme of things the drafting of a Will is not a difficult task. It is a document that will help to ensure that your Estate will be distributed as you wish. It enables you to divide up your Estate between family members or friends or to give monies to charity if that is what you wish to do. A valid Will also makes it difficult for those you may not wish to benefit from doing so.
For the drafting of your Will or any other Estate documentation contact the expert team at Brydens Lawyers today on 1800 848 848 for the purpose of making a face-to-face consultation or, if you prefer, a Skype/Zoom/phone appointment via our website.