Where there’s a Will…there’s a way
Do you have a Will? If not, this is who will inherit your Estate when you die…
Our legal expert Alyce Cooper tells us why it’s crucial to have a last Will and testament
I stress to many clients that having a Will is so important, yet statistics say there are still half of the country who do not have a Will!
The rules differ from each State in relation to what will happen if you die without a Will and this article focuses on NSW only.
I have put together the table below to show you who will inherit your Estate if you do not have a Will:
If you think of your own personal scenario and follow the table above, is your Estate going to who you want? It may very well be that it is, but if it is not you must prepare a Will to allocate your assets in the way you like.
Even if the table seems appropriate to your circumstances, you have not appointed an Executor. They are the person who has the significant job of administering your Estate, dealing with claims on the Estate and ensuring your wishes are followed.
If you die without a Will, anyone who has an entitlement to your Estate may apply to administer your Estate, which could even be a creditor.
Essentially, you may believe that your family members may benefit to some extent if you die without a Will in accordance with the above table, but generally it will not be the scenario that you want.
This is why it is so important to have a Will, so your Estate can be divided up in accordance with your wishes, and you can choose your Executor.
Alyce Cooper is the Principal Solicitor at AKC Legal. Ms Cooper specialises in traffic law, criminal law, civil law, family law, Estate Planning and Probate matters.
The contents of this article should not be construed as specific legal advice to any individual reader’s situation. If you would like legal advice tailored to your situation, please contact AKC Legal on 0401 451 322.