If you pass away without a Will, the law (known as the Rules of Intestacy) sets out how your assets will be distributed, who will receive your assets and who is eligible to manage and finalise your Estate. The person who is eligible to manage and finalise your Estate is known as the Administrator.
For example, if you pass away and leave:
In addition to the Rules of Intestacy setting out who will receive your assets and who is eligible to be appointed as your Administrator, the process of finalising your Estate is far more difficult than finalising the Estate of a person who left a Will.
This is because your Estate (subject to the nature and value of your assets) cannot be finalised until an Administrator has been appointed by the Supreme Court. This process involves:
However, if you pass away with a Will, none of the above tasks are necessary.
If you pass away without a Will, the Supreme Court (after all legal requirements have been satisfied) will issue a document known as a Grant of Letters of Administration. That document will then allow your Administrator to finalise your Estate and distribute your assets.
Our team of Estate Planning lawyers are all experienced in obtaining Grants of Letters of Administration and can guide your proposed Administrator through the process in a stress free and compassionate manner.
For more information on Intestacy contact Krystle Wolthers on (02) 4626 5077 or email Krystle on kwolthers@marsdens.net.au
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