You probably know how crucial it is to have a last will and testament. Unfortunately, plenty of individuals still pass away without one, maybe because they simply did not take the time to make one, died unexpectedly, or some other reason.
Experts refer to dying without a last will as intestacy. If you die without a will, intestacy laws will dictate how they distribute your estate, explains a top wills and estates attorney in Townsville.
Assets and Property Distribution in the Absence of a Will
When you pass away intestate, without leaving a valid will, the court will give your entire estate to your spouse under the Queensland Succession Act. If you have children, your estate would be equally distributed among them such that each would get one-fourth of your assets if you have four children.
Under the same act, if you do not have a spouse and children, the distribution of your estate would be in this order: your parents, siblings, grandparents, aunts, and then uncles.
In the event that you were in a de facto relationship when you passed away, your partner’s share of your estate would depend on several factors. One of these is if you had children with them and how long you were in a relationship.
Why Make a Will While You Still Have Time
The most evident drawback of dying intestate is to not know exactly what would happen to your estate after passing. It might go to people who might or might not be who you would wish your estate to go to.
In addition, there might be confusion as to how the court would define eligible parties and the possibility that an individual who passed away intestate left multiple eligible spouses and children.
Put simply, if you want to make sure your estate goes to the people you want it to, you need to leave a valid will. Otherwise, you might end up leaving out an important individual as one of your estate’s recipients.