What happens if I die without a Will?
This is one of the most common questions we are asked when preparing Wills. This is usually followed by the question, “is it true that the Government gets my money if I die without a Will?” The short answer to this is NO, however, the Crown (Government) will receive assets of the Estate IF a person dies without leaving a surviving spouse, partner, child, grandchild, sibling, parent or cousin. This means that if you would like a friend or charity to benefit from your assets, they will miss out.
When a person dies without leaving a Will (or a valid Will which deals with the entirety of their Estate) then they are said to have died Intestate. The Administration and Probate and Other Acts Amendment (Succession and Related Matters) Act 2017 governs how a deceased’s assets are distributed should they die Intestate. This results in the deceased and their loved ones having no control as to who benefits from the Estate and in what proportions, who administers the Estate and tax and stamp duty benefits that can flow on from a distribution under a valid Will are lost.
Should you require further information, we are always here to help. Please get in touch with our team.