What happens if you die without a Will?
Many people mistakenly believe that their assets would automatically pass to their partner or next of kin in this instance, but without a Will your assets may not make their way into the hands of the people you love.
If you pass away without a Will, your loved ones would be subjected to a costly and stressful process, as they would need to apply to the court to have your estate administered before they could access your assets. Once an administrator had been appointed, your assets would then be distributed according to the Administration Act, which may not match your wishes.
For example, if you pass away without a Will leaving a spouse and no children surviving you, the first $155,000, your personal chattels and two-thirds of the balance of your estate would be passed to your spouse. The remaining one-third of your estate would be passed to your parents. This arrangement would be perfectly acceptable for many people, but sometimes the default distribution method isn’t suited to your relationships.
Note: This post is brief and general in nature. You should not treat it as legal advice and should seek professional advice before taking any action in relation to the matters dealt with in this post. Armstrong Murray accepts no liability for losses suffered by any person or organisation who may rely directly or indirectly on this post.