Key Points:
More than half of all Australian Adults don’t have a Will
Dying intestate (without a Will) means that your Estate is distributed though the Succession Act 1981 (which excludes non-relatives, and only includes direct relatives up to first cousins)
The Court will appoint an Administrator for your Estate if no Will is found – this is often the Public Trustee
If you have no Will and there is no one entitled to your Estate through the Succession Act 1981 (as above), then your Estate will pass to the Queensland Treasury on behalf of the Crown
The recent bad press to hit Queensland’s Public Trustee probably came as a shock to much of the public, but the importance of planning for your loved one’s lives, after your death, has always been a hot topic in Financial Planning circles.
There wouldn’t be a Financial Planner out there who has tried to convince a client who would prefer not to talk about it. And we get it. Talking about one’s mortality is confronting, and sometimes talking about your family dynamics can be awkward. Estranged children, disliked in-laws, spend thrifts - we’ve seen it all. And trust us, it is much, much easier to deal with this subject while you’re alive than to leave it to chance that your Estate will be dealt with by a Court-Appointed Administrator if you don’t have a valid Will (also known as an intestate Estate).
Having a trusted Estate professional assisting you in drafting your Will is worth every cent. This is an emotive subject, and they will provide you with practical solutions and advice on what your options are, how much reach you can have beyond the grave, and alleviate your concerns over those family skeletons hiding in the closet. When the time comes, it won’t only be about protecting your lifetime’s work for your loved ones; your final gift will be the ability to alleviate your family’s stress during one of their saddest moments.
If you or a loved one haven’t reviewed your Estate Plan in a while, or you have concerns about who will administer their Estate, then we’d be more than happy to point you in the right direction so that you get the right help.
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