NO WILL? YOUR ASSETS MAY HEAD INTO GOVERNMENT COFFERS

A leading Gold Coast lawyer is warning people to have a valid Will if they want to ensure their assets go to their loved ones rather than into the government’s coffers.

Marie Fedorov of Fedorov Lawyers stresses the importance of having a valid Will for anyone over the age of 18.

“The cost of a simple Will pales in significance to the potential cost of your estate being involved in an Intestate issue and having to make investigations as to who is entitled to your estate,” Ms Fedorov said.

“If you yourself have no living relatives but you don’t wish for the government to benefit from your estate or you do not wish for particular relatives to receive an inheritance from your estate, you must have a valid Will drawn up.”

She was eager to remind the community that the assets or estate of any person who dies Intestate must be distributed in accordance with the Succession Act 1981, which simply states how one’s assets are to be divided up without any consideration of who gets what and in what proportions.

In 2015, The University of Queensland Australia published a study revealing that only 59% of Australians have a valid Will, meaning that nearly half of the population are left with difficult and expensive legal battles after a loved one’s death.

A common misconception amongst Queenslanders is the belief they do not have enough valuable assets to make having a Will worthwhile. This has left the Queensland Government able to claim the value of those assets when they die Intestate with no family successors. 

The Public Trustee prepares more than 25,000 Wills for Queenslanders each year, and their research has indicated that the primary drivers of Will-making are age and estate.

“For people aged under 50 years, the research indicates that estate size appears to be the major driver of Will-making – for people aged 50 years and over, it is age that primarily drives Will-making, with this trend becoming more pronounced as age becomes greater,” the Public Trustee said.

“If you die without a valid Will, your estate may not be distributed in a manner that reflects your wishes. This can increase the complexity and cost of the administration of your estate, and the risk of disputes.”

Fedorov Lawyers (fedorovfamilylawyers.com.au) has an experienced Wills & Estates team who can give you the advice you need about estate distributions and draft you a valid Will.