Do you know what happens if you die without a Will?

Do you know what happens if you die without a Will?

Your assets are distributed pursuant to the Laws of Intestacy, as detailed in the following table: 

Where there is a spouse and no children: The spouse is entitled to the whole estate. 

Where there is a spouse and children: Where all of the children belong to the deceased and the surviving spouse, the spouse takes the whole estate. Where all of the children do not belong to the deceased and the surviving spouse, the spouse is entitled to the deceased’s personal belongings, a statutory legacy (currently $471,957.04) and half of the remainder of the estate. The surviving children are entitled to the balance of the estate. 

Where there is children and no spouse: The children take the whole estate in equal shares. Where a child predeceases the deceased leaving children, the grandchildren inherit their deceased parent’s share equally. 

Where there is a no spouse and no children: The deceased’s parents take the whole estate in equal shares. 

Where there is a no spouse, no children, no grandchildren and no parents: The deceased’s siblings take the whole estate in equal shares. If a sibling predeceases the deceased leaving children, a presumptive share passes to the deceased’s nieces and nephews in equal shares. 

Where there is a no spouse, no children, no grandchildren, no parents, no siblings and no nieces and nephews: The deceased’s grandparents take the whole estate in equal shares. 

Where there is no spouse, no children, no grandchildren, no parents, no siblings, no nieces and nephews and no grandparents: The deceased’s aunts and uncles take the whole estate in equal shares. If an aunt or uncle predeceases the deceased leaving children, a presumptive share passes to the deceased’s first cousins in equal shares. 

Where there is no spouse, no children, no grandchildren, no parents, no siblings, no nieces and nephews, no grandparents, no aunts or uncles and no first cousins: The Government is entitled to the whole estate. 

Not having a Will can increase the legal, financial, and emotional burden involved in administering your estate.  

So, if you own any assets in your sole name and you wish to choose who receives them, or how they may be dealt with after your death, you should instruct a solicitor to prepare a Will on your behalf.

Do you know what happens if you die without a Will?--