What happens if I die and didn’t make Will before that?
You will be surprised by statistics but almost 50 % Australian don’t have a Will. The theory behind this can be like if someone dies without a Will then maybe his or her wishes will be able to be sorted out and the wishes of the deceased person will be carried out in a similar manner. But it is not that simple, in fact, it is quite a demanding task.
There is a firm formula of distribution of Will is set up by Administration Act 1903.According to this, if a person dies intestate(without Will) then the distribution of property will take place in accordance with Administration Act 1903, which states that property and assets will be distributed among the specific relatives of yours.
What are intestacy rules and how they are applied:
Intestacy rules as mentioned above are strict rules and don’t count the decisions of whom you want to leave your assets to. Under intestacy rules you will:
– One of the most devastating factors of the intestacy rules is a random distribution of wealth and property. In this, your stepchildren won’t be entitled to be part of your estate; even though you love them and consider them as your own children
– Your spouse will be entitled but not on the complete estate, even if you wanted that outcome
– If you have estranged children then they are lucky as they will be part of your estate even if your relationship with them is strained or going through a rough patch
It clearly states that what you have intended for your distribution of the estate, it is not relevant for intestacy rule – as it is same for all.
For example, there is a person called Frank and suddenly he dies then the distribution of estate will be according to above-mentioned pointers as they come under intestacy rules. Frank’s wife will not be allowed to live in that house even if it was owned by Frank. It was less than her entitlement and maybe she will obligated to pay rent.
Family behavior if there is no Will
We lived with the same family for years and all of us are optimist about the fact they will behave empathetically during the distribution of an estate. They will have this in mind that the estate will be distributed in accordance with their intentions and family will behave sensibly.
Sometimes families understand and together they agree that intestacy rules are not giving intended outcome then it is possible for a family to agree and distribute the estate in the different manner. But this option has the couple of obstacles that is for distribution of the estate in a different manner all members entitled to an estate under intestacy rule should agree and come to a single agreement. The agreement which is reached to every single point maybe a dutiable transaction under The Duties Act 2008.This means that stamp duty is payable on it.
These are a few things to keep in mind and also one should always opt to make a Will to avoid these circumstances. Wills and Estate lawyers in Brisbane provide best services for Will and they have probate lawyers and estate lawyers which has complete information on how to make Will that reflects your wishes. They work under New Way lawyers which are a non-profit organization and help to serve a low-income group.