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What If I Die Without A Will?
Dying without a Will is referred to as dying intestate. By dying intestate, you leave the distribution of your estate to chance.
You do not get to choose who will manage your estate, and your assets could go to somebody that you did not wish to benefit rather than those you wanted to provide for. Dying without a Will is likely to cause additional stress and anxiety to your loved ones at a time when they are already grieving.
The complexity of determining your estate without a Will adds additional legal costs, depleting the value of your estate and fuels the potential for family disputes.
Arrange to make a valid Will that encompasses your testamentary wishes and appoints a trusted person or persons to look after your estate.
Ensure your executors know where your Will can be located.
Most lawyers provide a free safe custody service for the safe storage of your Will and other important legal documents.
Talk to your family members and loved ones about your values and wishes should you lose the capacity to make your own legal, financial and healthcare decisions.
Check your superannuation policies to ensure you have nominated appropriate eligible dependents to receive your death benefits
Review your Will and estate plan regularly to ensure it reflects your wishes in accordance with your current personal, financial and personal circumstances.
This is particularly important if you have recently commenced a relationship, married, separated or divorced.
This information was first published www.effectivelegalsolutions.com.au/wills-and-estate-lawyers/