Asset Planning and Succession
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Frequently asked questions
What happens if someone dies without making a Will?
This is called dying intestate. If you die without a Will everything you own will be distributed under the law per the Administration Act and not according to your wishes.
The law under the Administration Act applies in different ways depending on whether you are survived by a spouse or partner, have children or your parents are still alive.
The people you care about most may not be provided for under the Administration Act. It can also cost significantly more in legal fees to resolve matters causing stress for your loved ones during their time of grief.
When should I update my Will?
We recommend you retain a copy of your Will and review it yourself on an annual basis to ensure it still meets your requirements. If your circumstances have changed e.g. you’ve purchased a new property, married/in a de facto relationship, divorced/separated, a beneficiary is deceased or had a child then you may need to update your Will depending on how it is written.
As a guide it is recommended by us that you consult your lawyer regarding your Will every 5 years to ensure all is in order.
What makes a Will valid?
What happens if I die without enough money to cover all my debts?
Family members are not responsible for the debts of the deceased that were in their sole name. This includes credit cards and loans. Although family members are not personally responsible, the debts must be paid first which may involve selling estate assets (such as vehicles, property or household items) in order to pay the debts.