Review for Accountants & Financial Planners
June, 2015

No Will...not good!

Two minute scenarios...

Not having a Will written can result in some unexpected, and unwanted consequences.

Scenario One... John's ex daughter-in-law

Scenario: John died without a Will about 10 years ago. Apart from joint assets with his wife, he also owned an investment property in his own name. John, who lived in Victoria, also had two adult sons. Under intestacy laws, his wife and children shared in the estate. The family decided to keep the property as an investment.

What's the issue? John's eldest son is going through a divorce. He has just received a letter from his wife's solicitor. She is claiming a share of that investment property as part of the marriage assets.

Solutions: If John had had a Will drafted it is highly likely everything would have been left to his wife. The current problem would have been avoided.

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Scenario Two... Helen and her Dad

Scenario: Helen was divorced and had no children. She did have eight nieces and nephews though. She also had a father in aged care who was on the full pension.

What's the issue? Helen died unexpectedly leaving an estate worth $1 million. She did not have a Will in place. Under intestacy laws her father will inherit the entire estate. Not only will his pension be affected, he will also have to pay more now to his aged care provider.

Solutions: Helen's siblings knew she wanted to leave her estate to her nieces and nephews. If she had a Will that would have happened. The estate will now effectively be funding her father's aged care requirements.

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Scenario Three... Justin

Scenario: Justin was 35yo and single when he suffered a severe concussion on the football field. He never regained consciousness. He had saved around $150K and was hoping to buy a unit soon. He also had $90K in super with an equivalent amount of life insurance.

What's the issue? Justin did not have a Will. Under intestacy laws his $330K estate will go to his next-of-kin. In this case that's his mother and father. The trouble is he has had no contact with his father for over 25 years.

Solutions: If Justin had a Will drawn up his estate could have been left to individuals of his choosing.

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More information for clients

Please feel free to forward this insight on Wills and Testamentary Trusts to your clients. Or if they would like to discuss how we can help them please call 03 8621 9000 or email with their details and we will contact them, obligation free.

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