Intestacy Rules - No Will - Solicitors - Australia Testamentary Law
LAWYER HELPLINE: ☎ 1800 633 090Intestacy involves the situation when no will was left by the deceased who had assets. When this circumstance occurs, the law dictates who should inherit those assets. Intestacy Rules state priorities for the distribution to possible beneficiaries, which depends on their relationship to the deceased person. Handling the assets of a deceased person who neglected to leave a valid will generally necessitates one of their probable beneficiaries stepping forward and making application for a Grant of Letters of Administration to the High Court, which gives authority to that person to collect the estate’s assets, pay its liabilities and make distribution of the remaining assets according to the intestacy rules. Intestacy rules can be complicated. Who obtains which assets might be dependent on their relationship to the deceased, the size or value of the estate, were there children, civil partners, or cohabitees, as well as other considerations. Given that the Intestacy rules are complicated, possible claimants should pause and consider receiving the advice of an experienced testamentary solicitor.
Distribution of Your Assets – Avoid Intestacy
In the age we are living right now, society is generally much better off than at previous times. The majority possess far more valuable assets than their predecessors did at the moment of their death. Written wills provide legally enforceable instructions to an appointed or selected executor of the estate regarding the distribution of the estate’s assets. The responsibility of the executor is to the testator, it is their duty to ensure the deceased person’s final wishes are granted. In the event the deceased did not have a will prepared, legal regulations known as the 'Intestacy Rules' provide guidance on how property, possessions, and money will be distributed. The Intestacy Rules provide the details regarding relationship degrees and who is entitled to claim which assets. An interested party will first make an application for the Grant of Administration.
If no relative meets the qualifications described by the Statatory Intestacy Rules to make a claim for assets, the Government might be in a position to claim everything left after taxes and debts are resolved. In order to keep your possessions in the hands of whom you wish to have them after your death, it is vital to leave a written document (a valid will) to ensure your living wishes are carried out after your death.
- most are unaware of the exact requirements to sign and execute a will.
- they fail to distribute all assets, which could permit the Government to make claims.
- they fail to provide instructions for redistribution in the event of the death of a beneficiary.
- they might incorrectly alter a document subsequent to initial execution.
- they might fail to consider a dependents statutory right to claim adequate care.
- they might not account for a change in relationship or status such as marriage, divorce or a birth.
How to Make a Legal Will
Thousands write their will by utilising a reference book or a do-it-yourself packet and although it is not necessary to utilise a solicitor to make a will, it is advisable to get advice to avoid an extremely complicated process with numerous hazards for uninformed people attempting the process. It is normally thought within the legal field that solicitors can make significantly more money whilst sorting out unenforceable or messy wills than they can managing an accurate and correctly drafted document.
The following is a list of the more common mistakes layman make:
Revocation of a Will
A will can be physically destroyed by a testator or someone acting on the instructions of the testator without consequence. Nevertheless, accidentally damaged wills cannot cause a revocation. However, intentional alteration requires an addendum or codicil and must be executed properly.
Appointing an Executor
In order to avoid intestacy, an executor should be appointed in the will. The executor is selected by the testator, usually when the will is made and that person might be a solicitor, bank officer, or an accountant, but might also be a close personal friend or relative. The executor has a duty and responsibility to ensure re-allocation of assets within the estate as the deceased has prescribed. An executor must see to every detail contained in the will, an executor will collect and account for every asset according to instructions, pay the debts and outstanding taxes and they must then make distribution of residual assets to all beneficiaries as identified by the will or when there was no will, as required by regulations or the court ordered distribution. With the exception of very simple cases with few assets does the executor handle these duties alone; they are normally lay men with a limited understanding of the work involved, so they usually instruct a solicitor, who is accustomed to dealing with the documents and other matters of probate.