Many people put off making a will, thinking they will “get around to it one day.” But if you pass away without a valid will in New South Wales, the law decides who inherits your assets, not you. This is called dying intestate.
Under the intestacy rules, your estate is distributed in a set order. A spouse (including a de facto partner) is first in line. If you have children from another relationship, the estate is divided between your spouse and those children. If you don’t have a partner or children, your parents inherit, then siblings, then more distant relatives. If no relatives can be found, the estate is paid to the State.
This can cause real difficulties. For example, stepchildren are not recognised under intestacy law. Even small assets, like a bank account or car, can be delayed while the estate is sorted through the courts.
A will is the only way to make sure your wishes are clear. It allows you to choose who receives your property, appoint an executor you trust to manage your estate, and make specific gifts, such as sentimental items.
Making a simple will doesn’t have to be expensive. Many community legal centres, such as Redfern Legal Centre and Marrickville Legal Centre, offer affordable will-making services, as well as NSW Trustee and Guardian.
The peace of mind of knowing your affairs are in order is well worth the small effort. A will is not just for the wealthy; it’s for anyone who wants to make things easier for the people they leave behind.
