If I die without a Will, will the Government get my money?
There are many factors that come into effect if you do not have a Will and the chances are, it may not go to who you think it will, but the Government is the last on the list of those who may receive it. We explain why.
If you die without having a Will, it is called being ‘intestate‘.
Chapter 4 of the Succession Act 2006 (NSW) (https://www.legislation.nsw.gov.au/view/whole/html/inforce/current/act-2006-080) lists the classifications of people who are entitled on an ‘intestacy’. Summarised these are:
- A spouse or a de facto spouse who was living with you at the time of your death;
- A domestic partnership in which you have been continuously living together for more than 2 years, or has resulted in the birth of a child; and/or
- Under certain circumstances, your child and/or children living at the date of your death. This may also include adopted or fostered children.
In the event that you do not have a spouse, are not in a domestic partnership and do not have any children, then the following people will be looked at:
- Your parents;
- Your brothers and/or sisters;
- Your Grandparents (from both sides);
- Your Aunts and Uncles (from both sides);
- Your cousins (from both sides); and then if you still don’t have anyone,
- Then the State Government.
To avoid this occurring, you should see a Solicitor to make a Will. We don’t just say this because we want you to spend money. We say it because you can decide who you want it to go to.
If you don’t have any family left, then why not consider leaving it to friends or to charity? You can leave it to more than one if you like.
You will be the one in control so the Government does not get the right to take your money!
If you have a questions about Estate Planning and would like to know where you stand, call your Local Central Coast Wills and Estates Lawyers in Gosford on 4324 7699 or visit https://brazelmoorelawyers.com.au/our-legal-services-gosford/deceased-estates-wills-gosford/ for more information.