Wills & estate Planning – A Brief Introduction
The COVID-19 pandemic has forced us all to think about what is most important to us. For most of us, this has included thinking about how our loved ones would be taken care of in the event of our death.
Estate Planning is a process that includes drafting a Will, making decisions on who will receive your superannuation upon death, and examining your business interests and other personal interests to ensure that your assets are distributed exactly in the way you want them to be.
What happens if you die without proper estate planning?
If you die without having a legal Will in place, your assets (including your house) will be distributed in accordance with existing laws (depending on your state) of ‘intestate’ estates. In South Australia, unless a Court orders otherwise, ‘intestate’ estates are dealt with by the Public Trustee who will (unless a Court orders otherwise) distribute the estate of a deceased person in accordance with the rules set out by the Administration and Probate Act 1919 (SA). This means that if you die without a Will you will essentially have no voice in the distribution of your estate.
Dying intestate could mean that your property could go to an estranged spouse or child and people who actually are a significant part of your life may receive nothing.
Not properly reviewing your superannuation nomination forms could mean that a long forgotten ex-partner may receive your superannuation benefit and not your current spouse and children.
Estate planning is an essential part of protecting your loved ones’ future.
Do you already have a will or engaged in estate planning years ago?
If this is the case you should still review your prior estate planning regularly, in particular if you have since that time:
- separated from your previous partner;
- re-married or are in a relationship with a new partner; or
- had a child or grand-child.
Please contact our friendly lawyers at Adelaide Legal for any assistance you may need in estate planning. Contact us here or give us a call on (08) 8410 9294 to speak to one of our friendly lawyers today.