Dying Without a Will
Many will be surprised (possibly unpleasantly) by the formula prescribed in various states legislation, if a person dies without a valid will.
Each state has a formula prescribing the proportions that spouses and children will receive. They often prescribe that a spouse will receive the first $100,000, and half to one-third of the balance. The children may receive half to the other two thirds. In Tasmania and New South Wales, the spouse often receives everything.
This may give an answer that is acceptable in simple circumstances, but if you have separated and not divorced or blended families with children from different relationships, the answer may be very much contrary to what would generally be deserved or expected.
The only way to avoid the uncertainty is to make a will.
Having made a will, it is then important to ensure that it is up to date and deals with changed circumstances. It can also be impossible to change a will if the person loses capacity – this is generally a result of dementia.
AcctWeb
Hot Issues
- Small businesses may ‘collapse under strain of payday super’, IPA warns
- ATO’s hands tied with scrapping on-hold debts, expert says
- What Drives Your Business Growth and Profits?
- Australian Taxation Office (ATO) shifting to firmer debt collection activity
- Why employee v contractor comes down to fine print
- Sharing economy reporting regime for platform operators
- Countries producing the most solar power by gigawatt hours
- Illegal access nets $637 million
- Accessing superannuation benefits.
- Does your business have a company Power of Attorney?
- Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
- GrantConnect
- 2 in 3 SMEs benefit from instant asset write-off, survey reveals
- Updated guidance on R&D claims
- Do you know how to recover debts?
- Wheat Production by Country
- Types of small business benchmarks
- What is a Commercial Lease?
- ATO warns advisers against suspect R&D tax claims
- The year of workplace law upheaval
- How to Resolve Invoice Payment Disputes
- Raft of revenue tweaks in MYEFO to raise millions
- The Countries that Export the Most Wine in the World
Article archive
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015
- January - March 2015
- October - December 2014
January - March 2016 archive
- Preservation Age Rules affects those born after 1 July 1960
- SBEs 'to save millions
- Ransomware - BEWARE!
- No Change to Super Fund Borrowing Rules (yet)
- Property to remain at top of ATO’s hit list
- Turnbull stands firm amid SG freeze speculation
- Tax breaks, education and access to advice key to successful transition to retirement
- Dying Without a Will
What our clients say about us