George came into my office the other day and said that a guy at the pub told him he didn’t have to worry about making a Will. I asked him why. George said the guy told him that if you die without a Will, it would all be taken care of because the law gives him a Will for nothing. George looked me in the eye and asked…
So why would I pay you to do my Will if I can get one for free?
I asked George if he remembered that ad many years ago where Jack Thompson held a glass filled with something liquid in his hand, looked at the camera and said:
“This is the drink I have when I’m not having a drink.”
George said he did but wondered what that had to do with the price of fish.
I told him that when it comes to people dying without a Will, they die intestate.
What does “die intestate” mean?
The Administration and Probate Act 1958 says:
“Here is the Will you have when you don’t have a Will.”
I told George that the legislation sets out the distribution of a person’s estate when there is no Will. It uses what we could term a formula to determine who the beneficiaries will be. Because George had no Will, he also has no choice about how his estate would be distributed.
Implications of having no Will when you divorce
I asked George if he had finalised his divorce and property settlement with his former partner Sybil. He said that he hadn’t got around to it yet. I reminded him that if he died without a Will and he had not finalised the property settlement, then Sybil would get a fair share of his estate because of the law of intestacy. Then any surviving children would share the rest.
This form of estate distribution is not what George wanted. The only way to avoid this is to make a valid Will.
What should George’s entire Estate Planning look like?
- Prepare his Enduring Powers of Attorney so his attorney can make financial and property decisions for him if he loses capacity.
- Organise his Wil to, amongst other things:
- appoint the executors he trusts to administer his estate; and
- distribute his estate in the way he wishes to take care of the people he loves; and
- make sure it is kept up to date.
- Prepare an Advance Care Directive to establish his wishes for care and welfare should he lose capacity.
- Gather all his documents including his birth and marriage certificates, title to his house and insurance documents and keep them in a safe place.
- Get all of his passwords and PIN’s together, then leave them with a trusted family member or store them somewhere safe.
- List all of his memberships so these can be easily cancelled.
- Discuss his Will with his children and any other beneficiaries.
- Take out life insurance if appropriate.
- Discuss funeral arrangements with his loved ones.
Looking to do your Will?
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Got a query or want to speak with an estate planning lawyer about your specific needs?
Contact David Davis Lawyers
Phone: 03 9014 1299
Email: admin@ddavis.com.au