Your spouse receives your household chattels, $75,000 (plus interest) and 1/2 of the remainder of your estate.

 

Your parents receive in equal shares $6,000 plus 1/2 of the remainder, and the other 1/2 of the remainder is divided equally between your brothers and sisters (with the share of any of your brothers and sisters who have died leaving living children being divided equally between their living children).

Important Reasons Why You Should Make a Will

  1. If you die without a Will your de facto partner may not automatically be entitled to your estate.  '

  2. You get to decide who will wind up the affairs of your estate by choosing an executor or executors. 

  3. You can decide who will take care of your minor children (under the age of 18) by nominating guardians in your Will and make guardianship arrangements. 

  4. You can make gifts of specific property (money and or assets) to those who you choose to inherit your estate. 

  5. You can make gifts to charities.

  6. You can minimise the risk for potential disputes.

  7. You can avoid unnecessary inconvenience, delay, costs and stress being suffered by those who eventually inherit your estate during an already emotional time.

  8. You can pass over control of family trusts and self-managed superannuation funds (SMSF’s).

  9. You can set up discretionary testamentary trusts to provide the following for those who you choose to inherit your estate:

    • asset protection;

    • tax minimisation; and

    • preservation of Centrelink entitlements.

  10. You can set up a right of occupancy for someone to live in your property for a certain period of time.

  11. You can set up a beneficiary support trust or special disability trust.

 

Disclaimer 

The information contained in this personal assessment is a guide only and is provided to give you no more than a general idea of what would happen if you died today without a valid will and to alert you to the possibility that undesired consequences might flow from you dying without leaving a valid will. The information is not legal information or advice, and you must obtain advice from a solicitor regarding your own specific personal situation.  B Legal Lawyers accepts no liability for any losses you incur as a result of you acting on or relying upon the information contained in this personal assessment.