What is meant to be the happiest time of your life can have unintended consequences for you. Not everyone who dies without a Will does so intentionally. Some people actually make the effort to set up a Will but then marry, not realising that marriage revokes the Will. There are ways to avoid this depending on which jurisdiction you live in.
Dying without a Will is referred to as intestacy. Intestate estates are distributed according to legislation that pays no regard to your intentions and varies with your family circumstances and in which state or territory you live when you pass away.
The application of the formula tends to lead to unjust outcomes and can be entirely avoided by making a Will. Making a Will is empowering – not just for you, but for those you leave behind.
Something I hear regularly is that people think they do not have anything to gift when they pass. Almost every adult of working age has superannuation. With some planning, the superannuation death benefits (often including some life insurance) can form part of your estate. Even the most basic life insurance cover can easily extend into a substantial sum.
We are frequently asked whether a Will is worth anything if it can all be overturned anyway. A considered estate plan and clearly-drafted Will is difficult to overturn and can be strongly defended by the executors. By leaving a Will you give your loved ones significant certainty. You are able to document who you want dealing with your affairs. You will also directs to whom you want your estate to be left to and – sometimes more importantly – you ensure that those who should not benefit receive nothing.
If a family member has died without a Will or if you have questions about how intestacy might apply to you in your current circumstances, you should call our experienced Wills and Estates lawyers for an obligation-free chat.
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Article By: Anastasios Nicolaidis
Estate Lawyer
Taso has been taking care of the legal needs of individuals for over a decade. His experience includes drafting wills, handling deceased estates, navigating commercial disputes, assisting with property transactions, and civil litigation (estate and general). When it comes to disputes, he strives to deliver. He delivers advice in a way that ensures clients appreciate the benefits and risks. His calm and thorough approach to litigation makes him a formidable and respected opponent.