Without a Will your possessions and assets will be distributed to your relatives according to a legal formula (as per the Administration and Probate Act 1958 (Vic)), regardless of what you might have wanted.
Our team at JPLegal were consulted by a young couple who had been living together for two years and were intending to marry. This meeting allowed our client, the wife, to discuss with us her concerns about her assets in the future.
Some of you may recall the Beatles song titled “When I’m Sixty Four” which was released on 1 June 1967. The song is sung by a young man to his partner, and is about his plans of growing old together. It was one of the first songs written by Paul McCartney when he was aged just 16 years old.
Many people assume upon the breakdown of a marriage or de-facto relationship that a person will lose half of their net worth. This is not automatically the case. Guided by the Family Law Act and various case law, family lawyers assess the facts and circumstances of each respective client’s relationship on their merits and by way of a four step process to enable them to provide professional advice.
The online do-it-yourself Wills kit appears to be a simple approach to getting your affairs in order. They are inexpensive and can be completed in minutes, but in the long haul, it could wind up costing your appointed beneficiaries more.