Having a will is crucial when it comes to estate planning in Australia. Below, we outline the intricacies regarding the distribution of your assets and the care of your minor children upon your passing specifically addressing your questions for what happens if you die without a will.  

Intestate Succession

If you die without a will in Australia, you are said to have died intestate. This means that your assets will be distributed according to state legislation. Each state has its own set of rules and procedures for determining how your assets will be distributed.

Who inherits your assets?

If you do not have a will, your assets will be distributed according to the rules of intestate succession. In most states, the distribution of your assets will depend on the relationships you have with your family members.

Generally, the following order of priority applies:

5. Spouse or registered domestic partner: If your spouse is living at the time of your death, they will receive the first portion of your estate. This includes any property, cash, or other assets held in your name.
6. Children: If you have children, they will be entitled to a portion of your estate. The distribution will depend on the number and the age of your children.
7. Parents (or their descendants): If your parents are living at the time of your death, they may be entitled to a portion of your estate. This will depend on the laws of your state and your relationship with them.
8. Siblings: Siblings who are not married and have no other surviving descendants may also be entitled to a portion of your estate. 
9. Other relatives: If none of the above categories apply, your estate may be distributed to more distant relatives, such as aunts, uncles, or cousins.

Guardianship of minor children

Without a will, the decision of who becomes the legal guardian of your dependent children becomes the responsibility of the court. The court will consider various factors, such as the best interests of the children, the wishes and preferences of the parents, and any other relevant circumstances.

Potential complications

Dying without a will can lead to complications and disputes among your family members. The court may have to make decisions that may not align with your wishes, and the distribution of your assets may not be equitable or fair.

Furthermore, not having a will can also create administrative and financial burdens for your loved ones. They may need to navigate the probate process, which involves applying for probate and dealing with legal requirements for the distribution of your assets.

In summary, not having a will in can have significant consequences. It is important to consider making a will to ensure that your assets are distributed according to your wishes, and that your children are cared for by someone you trust. 

Whether you are seeking a property lawyer in Chatswood to guide you through a will related property matter, or you require advice from a will and estate lawyer during a sensitive time, please consider TY Lawyers for all your legal advisory services. To learn more about TY Lawyers in Chatswood, please visit our website here.