Having a valid will is an essential part of planning for your and your family’s future. A will is a legal document that outlines how you want your assets to be distributed after your death. Failing to write a legally defined and valid will, will result in the distribution of your assets being governed by the laws of intestacy in WA.
Intestacy refers to the situation where a person dies without leaving a valid will, which can have serious consequences for your loved ones. So what are the consequences of not having a valid will in Western Australia and how can it impact on your loved ones?
Distribution of assets
One of the main consequences of not having a valid will in WA is that the distribution of your assets will be governed by the laws of intestacy. This means that your assets may not be distributed as you may have desired, and your loved ones may miss out on inheriting what you intend to leave them.
Under the laws of intestacy in Western Australia, your assets will be distributed to your next of kin in a specific order. If you have a spouse and children, your spouse will receive your personal belongings and a share of your estate, while your children will receive the remaining share. If you do not have a spouse or children, your estate will be distributed to your next of kin in a specific order.
Using the services of an experienced Will Lawyer in Perth, such as KLD Legal will allow you to prepare your will, and list the planned distribution of your assets in the event of your death.
Delay in distribution of assets
Another consequence of not having a valid will in WA is that it can cause delays in the distribution of your assets. This is because the process of obtaining the legal right to administer the estate of a person who dies without a will and administering the estate can be more complicated, more time-consuming and more expensive, than carrying out the same tasks for a person who dies with a valid will.
When you die without a valid will, someone will need to apply to the Supreme Court of Western Australia to be appointed as the administrator of your estate, and the written consent of your potential beneficiaries to this appointment is generally required. This person will be responsible for distributing your assets according to the laws of intestacy. This process can take longer than if you had a valid will, which can cause unnecessary delays for your loved ones.
Disputes among family members
Not having a valid will in WA can also lead to disputes among family members. This can occur if your assets are distributed differently than your loved ones expected or if they believe that the distribution was unfair and that they are entitled to more than they expect to receive.
Disputes can also arise if there is uncertainty about who should be appointed as the administrator of your estate. This can lead to disagreements among family members, which can cause unnecessary stress and strain on relationships, and additional and unnecessary legal costs.
Inability to make charitable donations
If you do not have a valid will in Western Australia, you will not be able to make charitable donations. Charitable donations can be an important part of your legacy, and without a will, you will not be able to ensure that your favourite charities receive the support you intended to provide.
Planning for your children
As difficult as it can be to think about, sometimes unfortunate circumstances can occur, leaving young children without parents in their lives. It is important that you include in your will who will be responsible for your children should something unfortunate occur.
Not having a valid will in Western Australia can have serious consequences for your loved ones. By making a valid will, you can ensure that your assets are distributed according to your wishes. By using a Wills and Estates Lawyer, such as KLD Legal you can avoid delays and disputes, and plan charitable donations payable by your estate. If you would like to discuss your Will and Estate, then contact KLD Legal.