We have been looking at legal obligations in respect to buying or selling property but how would your estate deal with the property or your sale proceeds if you haven’t got a valid Will to make provision for your assets when you pass away?
Interestingly there are still many who don’t want to consider estate planning but it really is a messy situation if you die without a will. The first problem is who will step into your shoes to administer your estate. A will nominates who your appointed Executors are who will be the Trustees in your estate administration, making sure your wishes as contained in your will are carried out.
Without a valid will an application will need to be made to the Supreme Court to have a person appointed as an Administrator. In that Appointment consideration will be given to your family situation, whether you are married or not, do you have children, living parents and siblings and who has priority in the appointment. With legal fees, filing fees and advertising fees just to have the court appoint an Administrator may cost in excess of $2,000 before processing the estate administration with even more costs. With the Administrator appointed and you having no will what is known under the Succession Act as ‘the rules of intestacy’ applies as to who will be your beneficiaries and share in your estate. Again this will depend on your family situation, being married or single, having children, or living parents or siblings and also depending on the value of your estate, can dictate how your estate is dealt with on intestacy (dying without a will). So to properly provide for your family and make sure your wishes are carried out by people you trust, please see your solicitor and get professional advice on your estate planning, for peace of mind for you and those loved ones you leave behind.
Brett Moller – Consultant – Lawyer
Vandeleur & Todd Solicitors
Tel: 4063 5900