You may not feel it is important to prepare a will before you die, but it is not the right attitude because there are consequences of dying without a legal will. The State will settle your estate and the court will appoint an administrator to your estate. This is why you need to check out legalwill.com.au because we offer the most simple and cost effective way to prepare a will. Here are some other things that could occur when you die without a will.
Distribution of Assets
When you die without a will, your assets are administered under the laws of intestacy and distributed following a pre-determined formula. Your surviving spouse and children will get a majority of the assets and if your spouse is deceased, then the surviving children receive equal parts of your assets. If your children are deceased but they have children, then the children will inherit your estate. If you have no spouse or children, then your parents and other relatives will receive what you leave behind.
Assets Could Go To Relatives You Do Not Like
The consequence of dying without a will is that relatives you do not like could get a share of your assets. For example, if you had a falling out with a sibling 10 years ago and a reconciliation was not likely then you would not want them to inherit any of your assets.
Costly Lawsuits Could Occur
If you do not prepare a will before you die, your family may have to deal with costly lawsuits. For example, if you have previously been married and have children from that marriage they can often miss out when it comes to the distribution of assets of your deceased estate if you don’t have a valid Will in place. Your children from your previous marriage may seek to get their share of your assets upon your death.
Family Squabbles Over Who Should Be Executor
If you fail to prepare a legal will, your family will be left to figure out who will be the executor of your estate and depending on the family dynamic and the emotions that often run high following a death, it will be very stressful for all involved. You can avoid this by preparing a legal will and nominating your executor/s.
Not having a legal will prior to your death puts an unnecessary burden on your surviving family members which could cause family divisions. Many relatives are likely to want their share of what you left behind. One of the main reasons families fall apart after a death is due to disagreements over inheritance and by writing a legal will your wishes are very clear to all and hopefully this reduces any unnecessary tension in the family.