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Loading ...What happens If I die without a will?
March 12, 2008 by Josie Kay
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Q. Hi Josie. I turned on the news after work today and it was one tragedy after another….which got me thinking, if I die today, what will happen if I don’t have a will in place?
To your question, It is recommended that everyone has a will, even if you think you have no money.
You might have some in your super fund that you have forgotten about. If a person dies without leaving a will they are said to die intestate and how it is divided up depends on where you live.
There is different legislation for each State and Territory. Total intestacy occurs when there is no will.
Partial intestacy occurs when the will does not deal with all the assets of the testator e.g. your will mentions that you want your assets to go to Aunt Mary, but Aunt Mary is has already died.
If the beneficiaries are less than 18 years of age, they will have to wait until then to receive their share.
As you can, it is much easier if you do have a will, otherwise it is just another bit of stress you have given your grieving family. So I highly recommend that you organise one, preferably with a Solicitor.
If you don’t have much, and a bit clever, you might want to investigate Will Kits which are available at most post offices (not my preferred option).
Don’t forget that the above information is general in nature and not specific to your goals and objectives. It is recommended that you seek personal financial advice specific to your needs.
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