By Rebecca Collins - 16 Jul 2012
What happens if you die without leaving a Will? Dying intestate
(without leaving a Will) means your estate will be distributed in
accordance with the Administration Act 1969, with certain family
members taking priority.
If you die leaving a spouse, civil union partner or de facto
partner (Spouse) and children, your Spouse would
take all personal chattels and the first $155,000 of your
estate. The balance of your estate would then be divided into
three parts; one part for your Spouse, and the remaining two parts
for your children. Imagine your children or step-children
suddenly owning two thirds of your family home. This
situation can also cause considerable problems if you leave minor
children.
Many people do not realise that if they die leaving a Spouse but
no children or grandchildren, their parent or parents would be
entitled to receive a one third share of their residuary estate. If
you die intestate, leaving no family member listed under the
Administration Act 1969, your estate would go to the crown as
bona vacantia.
As the old saying goes, "one of the only certainties we have in
life is death". It is therefore essential that you have a
Will which provides for those you want to benefit, not those the
statute dictates should benefit. We all have different
relationships, family dynamics and obligations and it is for you to
nominate the family members, friends or charitable organisations
who will benefit from your estate.
If you would like to create a Will or update an existing one,
please contact Catherine Atchison or Rebecca
Collins.