Anna Radel, Principal at Wright Clarke Solicitors, explains what can happen if you die without a Will and what you can do to prevent this happening to your family.
“If you don’t have a will when you die, your money, property and possessions will be shared out according to the law instead of your wishes. This can mean they pass to someone you hadn’t intended – or that someone you want to pass things onto ends up with nothing”.
Don’t let this happen to your family
We recently had a tragic situation where a man died leaving a wife and young children to sort out his affairs. There was no will but there were debts and a business to run. Bank accounts were frozen and mortgage payments had to be met without the funds being able to be accessed. Court documentation was needed to get the administration underway adding to administration costs. When the estate was finally wound up a large percentage of the estate had to be put in trust for his children leaving the wife with limited financial resources.
This man was too busy running his business to think about a will and assumed it would all go to his wife so she could look after their children. He also thought seeing a solicitor would cost too much money.
We were able to support the mother and help her understand her financial situation with the assistance of her accountant and financial planner but the facts remain that a simple well drafted will would have ensured the father’s wishes were recorded and the cost of administering the estate kept to a minimum. Death is always a tragedy but ensuring your estate runs smoothly is one way of reducing the trauma for your family.
Call Wright Clarke Solicitors on (07) 4992 2722 to arrange an appointment to discuss your Will today.