According to ASIC, nearly half of Australians die without a Last Will Testament. Indeed hit the nail in the coffin with their Smart Tip: “It’s estimated that nearly half of all Australians die without a will, or ‘intestate’. Don’t let this happen to you. Make a will today.” Considering our death rate sits firmly at 100%, it’s somewhat alarming that nearly half of Australians still pass away without leaving a valid Last Will and Testament. Sure, it’s one way to keep things interesting for your loved ones — but, honestly, legal battles aren’t exactly the parting gift most of us want to leave behind for our spouse or children.
So, what exactly is this mysterious Last Will and Testament, or more simply, a Will, you ask?
Essentially, it’s a legal document by which the testator (that’s the will-maker) expresses their final wishes for how their assets — i.e., their estate — should be distributed upon their death. It also states who they want to manage this process (the Executor). Once the testator passes, their tangible and intangible assets are distributed to the named beneficiaries in line with the directions set out in the Will. It’s up to the Executor to ensure this all happens according to plan.
Think of your Will as a posthumous “to-do list” for your Executor, with clear instructions on how to divvy up your estate — everything from your:
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Beloved vintage car to your exotic plate collection
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bank accounts
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real estate
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personal effects — items of a personal nature such as jewellery, clothing, and sentimental belongings, including photographs and letters.
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shares, and
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your beloved pets
You know — all the things you worked so hard to accumulate, only for them to be potentially squabbled over by your relatives if you don’t spell things out.
The absence of a Will can cause major headaches for your loved ones, including complex, drawn-out, and costly legal complications. It’s about as enjoyable as a root canal. You could be looking at assets landing in the hands of an estranged relative — or worse, a government department that never even sent you a birthday card. No one wants their estate to turn into a real-life episode of Family Feud.
And seriously, the consequences of failing to update your Will after a divorce or separation can be a recipe for disaster. Many forget to put new estate planning documents in place, which can result in your former partner inadvertently walking away with the keys to your Mercedes. Not quite the ending you had in mind, right?
Without a Will, how can your loved ones possibly know your wishes?
What Happens If You Die Without a Will?
Dying without a Will in Australia is called dying ‘intestate’. This means the intestacy rules under the Succession Act 2006 (NSW) will determine how your assets are distributed.
Put simply, your estate could end up with someone you barely spoke to, just because the law says they’re next in line.
Ordinarily, if you’re married, your assets will pass to your spouse. If not, then the line-up of potential inheritors goes in order of relatives as below:
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Children
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Parents
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Siblings
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Grandparents
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Aunts and Uncles
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Cousins
If you die intestate, you lose the opportunity to decide who receives your assets and who is in charge of the process. And if you have a blended family, things only get messier. If none of the above people exist, the Government may end up with your estate. Hardly the legacy most of us dream of — well, we certainly don’t!
No Will? Big Problem.
The Takeaway? Make a Will!
It’s not just about avoiding legal chaos (though that’s a great reason) — it’s about ensuring your final wishes are respected, and your loved ones aren’t left scrambling through red tape, legal bureaucracy and drawn-out court processes. It’s one of the simplest yet most powerful actions you can take to care for the people you love.
Because at the end of the day, where there’s a Will, there’s a Way.
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This article is provided for general informational purposes only and does not constitute legal advice. While every effort is made to ensure the accuracy of the information provided, Madison Marcus Law Firm makes no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the content. Readers are advised to seek professional legal advice tailored to their specific circumstances before taking any action based on this information. Madison Marcus Law Firm accepts no liability for any loss or damage incurred as a result of reliance on the information presented herein.
