Effects of Having NO Will

You have made the choice to spend the rest of your life with your spouse.  You have made it official and are now husband and wife, ready to start your ‘happy ever after’.

What is mine is yours right?  From the stories that go around it seems to work that way when finalising a property settlement on a divorce.  But what if one of you dies?

If you have a Will, then provided it is not contested, your assets will be dealt with as directed by you contained in a valid Will.  But what if you do not have a Will?

In Queensland, the Succession Act 1981, would then dictate to you on what happens with your hard earned assets.  And if the deceased has children, then the outcome is NOT that all assets will be gifted to the surviving spouse.  Depending on the size of the estate, some of the assets will be inherited by the surviving children. 

For example – Paige and Andrew have 4 children aged 6, 4, 3 and 2.  Paige unexpectedly dies in a plane crash.  The key assets are shares worth $200,000.00 and their family home.  They both do not have a Will.  Andrew expected he would be entitled to all their assets, particularly because his children are so young and Andrew needs to continue to provide for them and raise his children until they are all 18.   Andrew was completely shocked to learn that he would be entitled only to first $150,000.00 plus a third of the balance of the estate.  The remainder of the estate belongs to his children, to be managed by the administrator of the estate until they each reach 18 years of age.  Andrew does not have the automatic right to sell or mortgage the family home as he is not the sole owner of the home and part is owned in trust for his children.  This outcome could have been EASILY avoided by PREPARING A WILL.

You spend so long to build your family’s assets.  Make the time it takes to receive advice and prepare a Will that will be AS PER YOUR WISHES, rather than what is dictated in legislation or circumstance.

 Pick up the phone and ring Parker Law QLD TODAY to assist you in preparing a Will and help secure your intentions and your family’s future.