What do COVID-19 and Estate Planning have in common?
Good question! Whether or not you are in support of getting the COVID-19 vaccine, the idea that you are now ‘protected’ is debatable. Vaccines help to strengthen your immune system and train it to fight against specific viruses. Having a valid Will and your affairs in order helps to protect your hard earned assets and ensure that they don’t fall into the hands of distant relatives you haven’t spoken to in twenty years!
Bottom line, if you die without a Will, someone else decides what happens to everything you have accumulated during your lifetime.
What happens if I die without a Will?
In Victoria, if you die without a Will, or without a valid Will, the Administration and Probate Act 1958 (Vic) governs how your assets will be divided.
Essentially, the government then decides who will inherit your assets. This is called intestacy or dying ‘intestate’. The law around the distribution of an estate changed on 1 November 2017. These laws do not take into account your individual situation and simply applies to everyone.
If the deceased person leaves behind a partner/spouse but there are no children, then that partner/spouse will receive all of the estate.
If there were also children from another relationship then some of the estate may also go to those children, but this depends on how much money was left in the estate. This won’t happen unless there is roughly $500,000 in the estate after all debts and funeral expenses have been paid.
There are different rules if the person leaves behind more than one partner.
If the person had NO partner and NO children then 100% of the estate goes first to: parents, then siblings, then grandparents, then uncles and aunts, then cousins. The estate does not pass to the government unless there are no living relatives.
Preparing a Will with Us
We are not saying ‘get a Will done because of COVID- 19′. We are saying, being prepared is not all about having the vaccine.
We also want you to have the comfort of knowing that all of your Estate Planning affairs are in order. Together, we can stay at home and keep safe, while still ensuring peace of mind for you and your family. Getting started today is easy.
You can Book a FREE Chat with one of our lawyers to discuss your Estate Planning needs; OR
You can complete your Will instructions through our website and we will be in touch with you to book your conference within 24 hours.
