Where there's a Will...........

15 March 2012

A Will is a legal document which allows you to specify what will happen to your assets after your death. 

So, what happens if you die without having made a will?

When someone dies without a will, they are said to have died “intestate”.  The biggest disadvantage of intestacy is that the deceased has no control over the distribution of their estate.  Rather, their assets are distributed according to a legal formula.  In Victoria, that formula is set out in the Administration and Probate Act 1958 and depends upon the value of the estate and the type and number of family members the deceased had.  Accordingly, if you die intestate, your assets may not be distributed in the manner you would have chosen.

Intestacy also means that the deceased has no control over who is responsible for administering their estate.  The maker of a will can appoint an executor to carry out the wishes set out in the will.  If you die intestate, someone will need to make an application to the Supreme Court of Victoria to administer the estate.  Generally speaking, the applicant should be a person over the age of 18 who is entitled to a share of the estate.  However, it is not always clear who the most appropriate person for the task will be.

Another point to note is that, generally speaking, the legal costs of administering an intestate estate are much higher than those of executing a will, meaning that there will be less money left in the estate to distribute.

If you think it’s time that you made a will, or if your existing will needs updating, please contact Marvin Weinberg on 95100 366 or mw@meerkinapel.com.au