Dying without a Will is called an “intestacy”. Your assets will be distributed according to a rigid formula set down by the government in the laws of intestacy.
As these laws are general and not tailored to your particular situation, applying them may result in:
- The forced sale of the family home or other assets, so that beneficiaries can claim their share of the assets;
- A failure to provide sufficient financial security for your spouse, children or grandchildren;
- Incapacitated family members not receiving adequate support;
- If you have no relatives, your assets may go to the state.
It also means you have no say in who administers your estate and who is appointed guardian of your children if they are under 18 years of age.
Every adult, regardless of the size or complexity of their estate, should have a current Will.
Please contact the Tax, Structures + Planning team at Clifford Gouldson Lawyers to prepare your Will today.