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Things to Do and Remember Concerning Intestacy

October 21, 2013

Intestacy is a complex matter. It requires complete understanding and patience. It is not true that the government can sequester assets of people who pass away and fail to leave a legitimate will.

This may only happen if you do not have any surviving family members. There is a legal prescription followed in Australia. Unfortunately, your property may not end up with your preferred heirs.

Children do not have to be offspring of a lawful marriage to share in the allocation of your assets. However, the share of children below the legal majority age (18 years old) is given to public trustees for trust management. The living spouse owns the right to buy the home but the problem will be availability of funding. The surviving spouse (if there is no will) can sell the family estate to pay entitlements of the children as provided for by the Laws of Intestacy.

For assets with joint names or tenants, the provisions are as follows:

Once the real estate is owned by mutual tenants, it automatically results into the transfer of property to the survivor after the demise of shared owners. Common property is not part of the person’s property. This cannot be disposed by a will or according to the rules of intestacy.

The last will and testament is a vital component of the estate plan. The primary downside here is that all of the real estate has to go through under provisions of the departed person’s will. The estate has to pass probate before your next of kin can have access to these assets. Unfortunately, probate can last from a minimum of six to nine months or even extend to several years. In other words, family members have very limited or no access to the property in question until after the probate process is finished.

If you are looking for services on trust administration services Perth, click on the link. Or you can visit the main website at http://www.estateadmin.com.au/contact-us/.

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