02 May No Will? This could affect your loved ones…
Jack and Eva were married for 15 years and had two children together, Sarah and Rose, before they divorced.
Some years after her divorce, Eva began a relationship with Steve.
After living together for a couple of years, Eva and her partner Steve owned three properties as joint proprietors worth $2 million in total. The only assets in Eva’s sole name were shares and a bank account collectively worth $450,000.
Eva sadly and unexpectedly passed away. She did not have a Will.
If you do not have a Will, legislation determines who receives your assets after your death. Your estate will be distributed in accordance with intestacy law, which can have unintended consequences.
Under the intestacy provisions of the Administration and Probate Act 1958 (Vic):
- Eva’s children Sarah and Rose received nothing from their mother’s deceased estate; and
- Steve was the sole beneficiary.
The situation above is not uncommon. Furthermore, there are numerous circumstances where the laws of intestacy may be inappropriate for you and your loved ones.
Your Will is one of the most important documents you will ever prepare. Don’t let government legislation determine how your assets are distributed.
We have lawyers who can advise you in estate planning, protecting your assets and preparing a Will. Please do not hesitate to contact us on (03) 9670 5000.
This article was written by Wills and Estates Lawyer, Hayley Najim.
DISCLAIMER: We accept no responsibility for any action taken after reading this article. It is intended as a guide only and is not a substitute for the expert legal advice you can get from marshalls+dent+wilmoth and other relevant experts.