What Happens to Your Inheritance Estate Under the Intestacy Law?

December 16, 2024    Estate Planning Lawyers Perth
What Happens to Your Inheritance Estate Under the Intestacy Law?

Intestacy laws differ by jurisdiction but usually operate on a set formula in ways that should distribute the estate to eligible family members. You can consult Deceased Estate Lawyers Perth WA, to know how the laws of intestacy affect the aspect of inheritance. Although the laws in force have been put in place to ensure equitable distribution of assets, probably, the actual wishes of the deceased may not be carried out.

This blog will delve into the basics of intestacy law and its influence on inheritance, making a case for how proactive steps could protect your family’s financial well-being.

What Is Intestacy Law?

Intestacy law is concerned with the legal provisions that determine the division of a person’s estate upon death when there is no will. Jurisprudence differs in distributing assets, but most jurisdictions consider passing such assets directly to the closest relatives of the deceased, starting from their spouse and children.

How Does Intestacy Affect Inheritance?

Dying intestate can cause problems for families and loved ones. Here’s how it affects inheritance:

1. Family Conflicts

Intestacy usually leads to family feuds. Differences between family members on the division of assets may lead to legal battles that disperse the estate and strain relationships. Consult Estate Planning Lawyers Perth, and you can avoid all this by having a clear and legally binding will.

2. Exclusion of Non-Biological Family

Normally, Intestacy law Perth does not recognise ties other than biological or legally defined ones. This may, in fact, exclude stepchildren, foster children, or any close friends without whom the deceased person may be least remembered.

3. Accidental Beneficiaries

Without a will, assets may pass to unintended beneficiaries, including distant relatives or the government. For example, if no close relatives are alive upon a person’s death, the estate may be passed to cousins or further relatives, perhaps bypassing those who were closest to them while living.

4. Delayed Estate Administration

This makes the distribution of estates rather challenging. Courts must appoint an administrator to oversee the allocation of assets, which can become very time-consuming. Consultation with the estate planning lawyers Perth can help streamline this process.

5. Inequitable Distribution of Assets

Intestacy laws often distribute assets according to strict percentages. For example, in Intestacy Law Perth, if the deceased leaves a spouse and children behind, the spouse will typically receive a prescribed share. The remainder is divided between the children. Such a mechanical formula might not reflect the deceased’s specific personal choice or wishes.

Who Gets Assets Under Intestacy Laws in Perth?

The intestacy law in Perth bases inheritance on a strict priority scale offered to family members. This hierarchy will begin as follows:

1. Siblings

If the parents are dead, then his estate is passed over to the siblings and their descendants.

2. Parents

In case the deceased person does not have children or a spouse, their assets are automatically given to the parents.

3. Children

They are permitted to inherit the estates, which must be equally divided among them.

4. Distant Relatives

If an individual does not have close relatives, his estate is transferred to more distant relatives, like cousins.

5. Government

If an individual does not have identifiable relatives, his estate will be transferred to the government.
Married partner or de facto partner

Normally, the surviving spouse will inherit a significant portion of the estate. Based on the scenario provided, the share distribution will depend on whether the deceased has children.

Estate Planning and Its Necessity

Proper planning is vital to make sure that the assets you possess are given uniformly as per your desire. Here’s how Estate Planning Lawyers Perth, WA can help you with:

1. Providing Guardians for Minor Children

Having very young children, you can name guardians to take care of them in the event of your death. This ensures that your children are taken care of by people you trust.

2. Tailoring Asset Distribution

With a will, you can specifically detail who will inherit what among your assets and in what proportion. This is especially important for those with complex family relationships who may have stepchildren or multiple partners.

3. Creating a Valid Will

A will forms the core of any estate plan. Clearly stating your preference for the distribution of assets can help you avoid complexities usually associated with intestacy. You can have efficient Estate Planning Lawyers Perth WA, assisting you in formulating a will that meets all specifications required by law.

Conclusion

Individuals interested in inheritance and estate planning need to know about law involving Intestacy. Without a will, settling the estate can take longer than desired, family members may often fight over the estate, and beneficiaries get the assets opposite to the deceased’s wishes.

Working side-by-side with experienced Estate Planning Lawyers Perth can help you ensure that your properties are transferred according to your wishes, giving peace of mind to your loved ones.

REQUEST A QUOTE NOW! Complete the form below for a fast response


Copyright © Estate Planning Lawyers Perth.
All Rights Reserved
Enquire Now
Call Us Now