When you die without a valid Will, you are said to have died Intestate and it is up to the law to determine who receives your assets. All Australian states and territories have their own intestacy provisions regarding Estate distribution. The spouse of the deceased is generally of highest priority, followed closely by their children. The default position is to distribute an initial sum to the spouse, followed by a specified portion of the residual estate. Each child will then get an equal share in the remains of the individual’s estate.
What may surprise you is how that looks in terms of dollars. This varies between the different States and Territories in Australia and so it is always best to seek the advice of an expert. In Queensland for example, if you die intestate with a partner and children - your partner will receive the first $150,000 of your estate plus an equal share in the remainder of your estate and your children receive an equal share in the remainder of your estate. Perhaps you want your partner to receive more than $150,000 plus a share in the remainder of your estate OR perhaps you want your partner to receive less than that - either way you need a valid Will to make this happen!
The specific portions of Estate distribution within each state and territory are outlined in the table below.
Evidently, dying without a will is likely to cause a number of complications for your family members. The process of distributing your Estate is expected to acquire increased expenses and become more time-consuming. The best way to prevent this is to make a valid Will and keep it up to date.
We offer no cost, no obligation initial appointments so that you can find out where you stand and exactly how much it will cost you to get your Will and/or Estate Plan sorted. We offer fixed fees and payment plans - your wishes, your way.
Don’t wait until it’s too late, contact us today!
Phone: 1800 22 33 90
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