Over 50% of Australians aged 18+ don’t have a will; with over 25% believing they are too young to worry about obtaining one or not enough assets to distribute. This can be a costly nightmare for your loved ones when left with the burden of picking up the pieces.
No matter your age, your asset pool or what your circumstances are many either forget or don’t know that your super is classified as an asset. Your super can be worth quite a substantial amount, as well as your super fund having insurances payable.
That aside, without a valid will there are many scenario’s that could play out depending on your circumstances such as:
- There might be more than one person who thinks they have the authority to distribute the assets;
- An estranged parent could be entitled to 50% of your estate, even if you have not spoken in years;
- If you are separated or divorced, then your separated partner could still get a significant part of your estate;
- Having a blended family can cause multiple complications. Say the husband owns the family home, and he dies without a will; you may believe that your widow will inherit the house she currently resides in. Unfortunately the step children can then force the sale of the property to obtain their portion of the assets;
- No will can open up for estranged family members and past partners to fight for a take in your estate.
Many believe the making of a will can be very complex and expensive, however in many cases a simple basic will can suffice. A one-page document could resolve a potential year long and costly legal battle.
Here at Duffy and Simon we are experienced in working with families, individuals and business owners . We are here to assist you to make considered decisions and assist with Wills and the complex administration and management of Estates.