A Will is a legal document providing directions as to the division of your estate (the assets that you hold), upon your passing.
If you pass away without a Will, you are taken to have died “intestate.” This means that your estate will be distributed according to the intestacy rules contained in the Succession Act 1981 (Qld) (“Succession Act”). In other words, you will have no control over the division of your assets.
The intestacy rules for distribution depend upon whether the deceased was survived by a spouse (husband/wife/ de facto partner/ civil partner). Where there is 1 surviving spouse and children:
- the spouse will receive $150,000.00, the household chattels and a portion of the residuary (balance estate);
- if there is only 1 surviving child- the spouse will receive 1/2 of the residuary estate;
- if there is more than 1 surviving child- the spouse will receive 1/3 of the residuary estate.
Where there is no surviving spouse or children, your “next of kin” will receive your estate, being (in order of priority):
- your brothers and sisters;
- your grandparents;
- your aunts and uncles;
- your nieces and nephews;
- your cousins.
The intestacy rules contained in the Succession Act may not reflect your intention as to the division of your estate. Therefore, in order for you to decide as to the distribution of your estate, it is necessary that you have a valid Will.
We welcome you to contact our office to discuss our competitive fixed fees for your estate planning needs on: (07) 3278 1888.