A Will is a legal document which specifically sets out how your estate is to be distributed and aims to ensure that your estate goes to the people who you want to benefit.
Often people do not draft a Will because their family members are aware of their wishes and they feel satisfied that they will distribute their estate fairly. Although family members may be able to distribute the estate in accordance with your wishes, there are many legal implications of passing away without a Will.
If you pass away without a Will it is known as ‘dying intestate’ and your estate will be distributed to you relatives according to a legal formula known as the ‘intestacy rules’. This could be quite different to the distribution that you had planned with family members.
Dying intestate can also cause difficulty when attempting to distribute the estate, as you will be unable to obtain Probate due to there being no Will. This may result in unnecessary delays, complication and legal costs that far exceed the cost of a simple Will.
At Madsen Law, we can take the stress away and assist you with your estate planning needs. Contact us and we can discuss your options. Simple.