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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/.

What to Do if a Person Dies without a Will

October 21, 2013

Intestacy occurs when a person dies without leaving any will or leaves a will that does not mention anything about real estate. Legal heirs are urged to ask for legal advice regarding these situations. At the same time, it is worthwhile to find out fundamental legal pointers associated with this matter.

The first concern is that any person (18 years old and above) who has rights to a share of the property can apply with the Supreme Court’s Probate office to administer and dole out these assets. There are particular stipulations about intestacy statutes. The spouse inherits all of the estate if there are no surviving children.

In cases where children are alive, the legal spouse is granted a basic privilege of $150,000 along with all transferrable possessions such as cars and furnishings. The spouse is also given a third or ½ of the remaining estate based on the number of brood (still alive).

If there is only one child, there should be an equal share between the spouse and child for the balance of the property.

If there is more than one child, the spouse is awarded one-third of the remaining estate and the other dependents share the other 2/3 of the property.

The absence of spouse and children will allow the surviving parents and other relatives depending on relationship to get the inheritance. These family members include all siblings, grandparents, uncles and aunts, nephews, nieces, and cousins up to the first degree of consanguinity only.

When there are no living next of kin, the government stands next in line to the succession for inheritance. Make sure that the term; “next of kin” is defined clearly because the estate or portions of it can go to the government. These are important issues that you should always consider in view of the absence of any will. 

If you are looking for services on deceased estate administration services, click on the link. Or you can visit the main website at http://www.estateadmin.com.au/wills-and-probate-perth-wa/.

Things to Expect if a Person Dies without a Will

October 21, 2013

Intestacy is the legal term for someone who dies without coming up with a valid will. In other words, the deceased is unable to dispose part of or all assets legally. Government does not claim these assets unless you have no legitimate relatives or heirs. Nevertheless, the dispersal of your estate will be based on a legitimate formula in the absence of any will.

Children do not necessarily need to be born from a legal matrimony to share in the allocation of your estate. All children are given equal shares from your assets if you die without executing a last will. In case there are no surviving children, the de facto spouse inherits the entire property. This de facto spouse can be the one and only partner of the departed and not a partner in any other genuine relationship. In short, the de facto and married spouse have the same rights.

The decree for asset distribution where there is no will is stated clearly in the Wills, Probate and Administration Act. There are special laws regarding the household which the spouse may inherit. It is advisable to seek legal advice in case of conflicts with children.

Dying without a will leads to specific issues especially if both spouses die together. For instance, both perish in an accident without any children. If the wife dies right away and the husband expires in a hospital, all of the wife's assets are awarded to the husband. However, the death of the husband means that the wife’s estate is also passed on to the husband’s relatives. The wife's relatives are left out because she passed away first and her assets are transferred to her spouse.

Make sure to obtain the services of a lawyer if you are a legal heir and the deceased does not leave a valid will.  Rules of inheritance are complicated. Thus, it is essential that you receive your inheritance.

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/.

Legal Procedures to Follow for Intestate Circumstances

October 21, 2013

There are two main issues if a person fails to execute a will and dies unexpectedly. Intestacy is defined under the Queensland Succession Act as someone who dies and is unable to leave a will. The second possibility is that the will does not dispose of the entire property or parts of it appropriately. Surviving spouse and/or minor dependents need to file an application with the court for an order to distribute the estate based on intestacy laws.

The principal rules on Intestacy are the following:

•    The spouse receives the entire property.
•    The spouse gets a basic amount as entitlement together with movable property (vehicles or furniture items).
•    The spouse is also entitled to a third of the balance of residual property after said amount is distributed. This depends on the number of living children.
•    In case there is only one minor dependent, the child and spouse are entitled to ½ each of the remaining estate. If there are several children, the spouse gets one-third while the children share the remainder equally.
•    If there is no spouse, the children are also given equal shares.
•    If there is no spouse and living children, parents followed by relatives are qualified heirs.
•    The government is entitled to residual estate after the next of kin.

A public trustee may be designated as administrator in the absence of relatives. Administrators maintain control over the estate, list down assets and corresponding value, pay funeral costs, settle debts and taxes, and distribute the estate based on legal provisions. The administrator also prepares an accounting list which shows all payments together with dispersal of the estate. Administrators should be not less than 18 years old. These individuals can be held legally liable for failing to administer assets of the deceased according to law.

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

Dying without a Will – How it Works in Australia?

October 21, 2013

What happens if a person with many assets dies without a will in Australia?

The appropriate court will determine the allocation of property after the person’s current debts have been settled. It is quite difficult to straighten out matters regarding administration of said estate if a will was not executed before the time of death. The general rule is anybody above 18 years old and entitled to a portion of the property can oversee the estate. However, this person has to apply first with the Supreme Court’s Probate Office.

The court may appoint another individual if the heir is not available to administer. At any rate, wills are usually kept in secure storage areas for important documents; bank account and insurance policy of the deceased; legal counsel; accountant; and, any public trustee. If a person entitled to a share of the estate is not available the court can appoint another person or body.

The person who dies without a will is called intestate. The Administration Act of 1903 in Western Australia prescribes the terms on the sharing out of real estate. It depends on estate value as well as category and number of next of kin.

Actual partners of any gender possess inheritance rights under this Act but you hat to prove that this is a de facto or genuine relationship. You are given a share of the estate under specific circumstances if you lived as de facto partner of the departed for no less than two years before your partner’s demise. Ask for legal advice about your rights if your partner died without a will.

Claims to the estate will not be affected if you are a child of the deceased and your parents were not legally married. Nonetheless, you may be required to prove this relationship to the Probate Office.

If you are looking for services on deceased administration of trusts, click on the link. Or you can visit the main website at http://www.estateadmin.com.au/wills-and-probate-perth-wa/.

About Estate Administration Services

Estate Administration Services (WA) Pty Ltd known as ‘EAS (WA)’ is an independently owned Western Australian Company, established in February 1997.

EAS (WA) was formed by the current shareholders in February 1997 having been based on a concept for a company established in 1994 by a former shareholder.