What Happens If You Don’t Have a Will?

Creating a will might not be at the top of everyone’s to-do list, but it is an essential aspect of planning for the future. Without a will, your assets and estate may not be distributed according to your wishes, leading to complications and conflicts among your loved ones. Our Sydney and NSW wills & probate lawyers at Szabo & Associates Solicitors will explore what happens if you do not have a will and why it is crucial to have one.

The Hierarchy of Intestate Succession

The NSW intestacy laws dictate how your estate will be distributed when you pass away without a will. These laws prioritize relatives in a predetermined order, potentially leaving your wishes unfulfilled and causing unnecessary stress for your loved ones during a difficult time. The intestacy laws distribute your estate based on a hierarchy of beneficiaries:

● Spouse: If you have a spouse or de facto partner and no children, they inherit the entire estate. If you have a spouse and children, the estate is divided among them.

● Children: If you do not have a spouse but have children, the entire estate is divided among your children.

● Parents: If you have no spouse or children, your estate will be inherited by your parents.

● Siblings: If you have no spouse, children, or parents, your estate will be divided among your siblings.

● Extended relatives: If you have no immediate family, your estate will be distributed to more distant relatives, such as grandparents, aunts, uncles, and cousins, following a specific order of priority.

● The Crown: If you have no living relatives, your estate will pass to the state government. The Crown may use its discretion to distribute your assets to individuals or organizations you had a connection with, but this is not guaranteed.

The Consequences of Dying Intestate

While intestacy laws ensure some distribution of your estate, they come with significant drawbacks:

● Loss of control: The biggest disadvantage is the lack of control over your assets. A will allows you to determine who inherits your assets and how much.

● Family conflict: The predetermined distribution under intestacy can lead to disputes among surviving family members, especially if relationships are strained. A will fosters clarity and reduces the risk of conflict by explicitly outlining your wishes.

● Unintended consequences: The intestacy laws might not consider your unique family situation, such as a blended family or children from a previous relationship. A will allows you to address family complexities and ensure fair distribution according to your desires.

● Delays and costs: Distributing an estate through intestacy can be a lengthy and expensive process if the court needs to determine the validity of claims from potential beneficiaries. A will streamlines the process, minimizing delays and costs for your loved ones.

● Vulnerable beneficiaries: If you have young children or dependents who rely on your financial support, intestacy might not adequately address their needs. A will allows you to establish trusts or guardianships to ensure their well-being after your passing.

Having a will empowers you to make informed decisions about your estate and fosters peace of mind, knowing your loved ones will be taken care of according to your wishes. At Szabo & Associates Solicitors, we understand the importance of estate planning. Our experienced will writing lawyers can guide you through creating a will that reflects your needs and ensures your legacy is honoured.

Protect Your Estate with Our Help

Dying without a will can lead to unintended consequences, delays, and disputes among your loved ones. Creating a will can ensure your wishes are respected, provide for your dependents, and prevent potential conflicts. Estate planning does not have to be complicated or expensive.

If you need assistance drafting a will or have questions about estate planning, contact Szabo & Associates Solicitors today. Our experienced wills & probate lawyers are here to help you navigate this important process and secure your family’s future.