Don’t Die Without a Valid Will


According to a study by the Australian Securities and Investments Commission (ASIC), around 50% of Australian adults do not have a will.

In Australia, if a person dies without a valid will, their estate is considered intestate. Intestacy laws then come into effect to determine how the deceased person's assets will be distributed. The specific rules for intestacy can vary slightly between different Australian states and territories, but they generally follow a similar pattern. Here's a general overview:

  1. Spouse and children: The laws typically prioritise the deceased's surviving spouse or de facto partner and children. The exact division of assets can depend on factors such as the value of the estate and the number of children involved. 
  2. Parents and siblings: If the deceased person has no surviving spouse or children, their parents may become entitled to a share of the estate. If the parents are not alive, the deceased person's siblings may be eligible to inherit.
  3. Extended family: In the absence of a surviving spouse, children, parents, or siblings, relatives such as grandparents, aunts, uncles, or cousins may be considered for inheritance.
  4. Government: If no eligible relatives can be identified, the assets may ultimately pass to the relevant state or territory government.

Intestacy laws may not align with an individual's preferences for asset distribution. To make sure that your assets are distributed according to your wishes, creating a valid will and regularly reviewing it to account for any changes in circumstances is strongly recommended.

Posted in ,

Similar posts you may like

"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"

- Bono: U2