Have you been putting off writing a will? Do you know what will happen to your assets if you die without a will?
If someone dies without a will their assets are distributed in accordance with a formula depending on their family circumstances, and it might not be as clear-cut as you think.
Here’s some examples of how it works:
- If you die leaving a de facto/spouse and no children, your partner is entitled to your whole estate
- If you die leaving a de facto/spouse and children of that relationship, your partner is entitled to your whole estate
- If you die leaving no de facto/spouse but leaving children, your children are entitled to your whole estate
- If you die leaving a de facto/spouse and children who are not also the children of your de facto/spouse (e.g. you have children of a previous relationship), your de facto/spouse is entitled to your personal belongings and a sum of money determined by statute but must share the rest of your estate with the children of your previous relationship
- If you die leaving no de facto/spouse and no children, your parents are entitled to your whole estate
There are many more scenarios that affect how your assets are distributed if you die without a will depending on your marital status when you die, whether you have children or if you have a “mixed family”.
More and more people are marrying later in life or having multiple marriages which can result in your assets passing to people you do not want them to.
The only way to make sure that your assets end up where you want them to is to write a valid will that meets the specific technical requirements of the Succession Act 2006.
If you die without a will not only will your assets be distributed in accordance with a sometimes confusing formula, but it will mean more cost and more stress for your family.
Contact the team at Complete Legal and Conveyancing if you would like to find out more.
