A lawyer from Camden Solicitors and Conveyancers will assist you in planning your future Estate Management.
Including preparation of documents including:
1: "
Will";
2: "
Enduring Power of Attorney"; and
3: "
Enduring Guardian".
We have experience and can assist where "Probate" or "Letters of Administration" are required when dealing with the Supreme Court of New South Wales when carrying out the wishes of the Testator or Testatrix.
What Happens If You Die Without A Will? AND Why Having A Will Is A Good Idea?
If you die without a valid Will this is known as dying "Intestate".
From 1 March 2010 if someone dies without a Will and leave any assets making up their estate then the estate will be distributed in accordance with Chapter 4 of the Succession Act 2006.
The term "spouse" includes a person who was either married to the deceased person or in a domestic relationship with the deceased person.
The term "domestic relationship" includes persons in a relationship of at least 2 years duration with the deceased person. In the event that there has been a child born between the deceased person and any other person then that also constitutes a domestic relationship and there is no minimum time period of 2 years.
A spousal relationship may include those where there is no sexual relations.
It is possible that a person may have multiple spouses at the one time. Therefore, there may be multiple people who put their hand up as having interest in the estate of a deceased person. A well structured Will helps to articulate the wishes of a deceased person to stop unnecessary challenges on an estate in the Supreme Court of NSW saving the beneficiaries and the estate large sums of money and waisted time before the assets of the estate can be distributed.
How as assets split up under Chapter 4 of the Succession Act 2006 if you die Intestate?
If a person passes away leaving a spouse or spouses and children of the relationship(s) then the spouse(s) share equally. (if there is one or more than one spouse then an application will most probably be required to be made to the Supreme Court of NSW for "Letters of Administration". This is a time consuming and costly exercise and usually delays distribution of any assets by many months.)
If a person passes away leaving a spouse or spouses and children not of those relationship(s) then the spouse(s) will receive up to $350,000.00 of statutory legacy and up to half of the remaining residue. Children of the deceased will receive in equal share the remaining assets of the estate. If any of these children pre decease the deceased parent leaving children of their own then those children will receive the portion that their respective parent may have received. (an application will most probably be required to be made to the Supreme Court of NSW for "Letters of Administration". This is a time consuming and costly exercise and usually delays distribution of any assets by many months.)
If a person passes away leaving no spouse(s) and no children then any remaining assets of the estate will be distributed in the following order:
1: Parents - but if no parents remain alive then;
2: Brothers and Sisters including half brothers and sisters - but if no siblings remain alive then;
3: Grand Parents.
If you pass away without leaving a well considered Will you are almost certainly guaranteeing that any assets from your estate will not get distributed without the need for the Supreme Court of NSW getting involved and for large legal fees being incurred trying to work out who gets what. But perhaps more importantly, it will be the Court that decides who gets what and not you. And it take a long time delaying the beneficiaries getting the assets while the Court deals with it which can be many months if not years.
