Under the law of NSW, a formula is prescribed to determine how a deceased’s assets are administered if they die intestate, i.e. without a Will.
Consider the following scenario….
Pauline dies without a Will and is survived by her husband Mario and their daughter Lily.
Mario will be granted the whole of the estate (minus funeral and administration expenses and any debts have been paid) as Mario and Pauline were married at the time of Pauline’s death and Lily was the child of both Pauline and Mario.
Having a Will in place may provide you with a number of advantages, e,g, you may:
– Choose an executor whom you trust to administer your wishes;
– Specify how you would like your assets distributed;
– Specify the time when your beneficiaries receive their benefit;
– Appoint a guardian who will care for your children.
A properly draft Will may also provide the following benefits:
– Reduced tax liability for your beneficiaries;
– Greater protections on inheritance (e.g. if a beneficiary becomes bankrupt or involved in a relationship breakdown);
– Your family will not be burdened with the more expense alternative of administration if you don’t have a Will.
The estate planning lawyers at Matthews Folbigg can provide legal advice, and can assist in drafting a Will or updating a current Will to meet your current circumstances. Contact us today.
Phillip Brophy – phillipb@matthewsfolbigg.com.au or 9635 7966
