If you die without a Will
, the law says that your assets will be distributed to your family, as determined by a set Government formula, which is different in every Australian state. To provide some general examples of the possible outcomes (bearing in mind the actual outcomes will be different in each state), if you die leaving:
(a) your spouse, but no children: your spouse receives the entire estate
(b) your spouse and children: your spouse receives the first $150,000 and one half of the balance of the estate (if there is one child), or one third of the balance (if there is more than one child);
(c) children but no spouse: your children receive a share each, but only if 18 years of age or married
(d) no spouse or children: your parents will share the estate;
(e) no spouse or children and no parents: your siblings share the estate equally
The amount received by each person will depend on the value of the estate and whether any other beneficiaries are entitled to your assets. If you do not have any family members who qualify, then the assets may pass to the Government.
It is necessary that someone apply to the Court to be appointed as the administrator, to ensure that your estate is properly distributed. Failure to do so may result in additional time and costs to the administration of the estate. If you have young children and a guardian is needed, an application to the Court may also have to be made to confirm who will act in this role.
Integral Financial Planning is located on the Gold Coast and can assist you and help facilitate your Wills and overall Estate Plan with specialist lawyers in these areas.
With the latest technology we can assist you regardless of your location and welcome you to make contact with us on 0755592250 for an initial consultation at our expense.
You should seek personal advice prior to implementing any strategies as there are many rules and limitations that need to be considered, please refer to our general advice warning, terms and conditions.
This material has been provided by third party specialist lawyers.