If you don’t leave a Will when you die, your estate (which comprises of all your property, money shares, investments and personal possessions) will be distributed in accordance with the intestacy laws and not in accordance with your wishes.
A grant of representation is required to administer and deal with the assets of the estate. The deceased’s next of kin, spouse, domestic partner, or child may apply for a grant of representation.
Before any assets are distributed all debts must be paid first, including funeral expenses, taxes, mortgages and loans to financial institutions and any administrative or legal expenses.
Under the intestacy laws, if you do not have a partner or children then your estate passes first to your parents, then siblings, then grandparents, then uncles & aunts and then cousins. The estate does not pass to the government unless there are no living relatives.
The safest way to make sure your loved ones receive what you want them to inherit from your estate is to make a valid Will.
NextGen Legal is experienced in all areas of Estate Planning & Structuring and Deceased Estates. Please contact our office on 03 9039 2142 to book an appointment.