No Will? What could go wrong?

Why do I need a Will?

If you die without a Will in place, you are considered to have died intestate. This means that the law determines how your estate is passed, and who will manage it. It may be gifted to someone you do not intend to receive your estate or may end up being passed to the government. It generally also takes a longer time to administer an estate where there is no Will and can lead to a more costly court application.

Regardless of how big or small your estate is, it will need to be administered and dealt with in the event of your death. For this reason, it is important to have a Will in place.

What can go wrong if I don’t have a Will in place?

Inheritance not passing to a beneficiary of your choosing.

As the law determines who should receive your estate in the event of your death, your children may not receive a share if you do not have a Will. It is also possible that an ex-spouse may be entitled to a share of your estate in certain circumstances. Depending on the structure of your family, an estranged relative may receive a share of your estate which is likely not your intention.

Increased risk of estate dispute.

If an eligible person feels they should have received a share of your estate but did not because of the laws of intestacy, your estate may be contested. This will increase the cost of administration of your estate, and also the time it takes to handle your estate after your death.

Increased cost and time of administering your estate.

Applications to a court on the basis of intestacy can be more complex than applications on the basis of a deceased having a Will in place. For this reason, not having a Will in place at your death may increase the cost your estate needs to pay to be administered after your death. The application process is also generally longer due to the added complexity.

If you do not have a Will in place, please contact the Private Wealth Law team at Chamberlains Law Firm today on 1300 676 823.