Many people put off making a valid Will because they are too busy dealing with the mundane aspects of life or they think they are bulletproof. However, as we know, death can sneak up unexpectedly with sometimes devastating financial consequences, particularly in the case of blended families.
A person who dies without a Will dies “intestate” and their estate is distributed in accordance with rules set by the Succession Act 2006.
Set out below are some examples of what can happen in a blended family where there is no Will.
A person has children from a first marriage, divorces and remarries and has no children from the later marriage
- Upon the person’s death without a Will their current spouse is entitled to the following:
o The deceased’s personal effects;
o A statutory legacy, which increases annually and which, at the end of 2019, was more than $485,000;
o 50% of the residue of the estate; and
o The children of the first marriage would be entitled to the remaining 50% of the residue of the estate.
The party is married, the relationship breaks down and they separate and one party (who later dies intestate) enters into a de facto relationship
- The married spouse and the de facto spouse are entitled to equal shares in the estate of the deceased person.
You owe it to your family to avoid difficulties or unintended consequences by having an appropriate Will in place having regard to your circumstances.
If we can help, please call us on 9543 1444 and make an appointment..