It is a common assumption in estate planning that a spouse will automatically inherit everything.
However, that is not always how the law operates.
If a person dies without a valid will, the distribution of their estate is determined by state legislation. In many situations a spouse will receive a significant portion of the estate, but it’s not automatically 100% and not all of your assets are automatically covered. The exact outcome depends on factors such as the existence of children, previous relationships and the value and type of assets involved.
The process can also involve additional administrative steps and time before assets are distributed.
A properly prepared Will allows a person to set out clear instructions for how their estate should be managed and distributed.
If you haven’t got a Will, or have not reviewed your Will recently, now is the time to seek advice.
Book a free chat with us today to ensure that your wishes are clearly and properly documented.
We are experienced Wills and Estate Planning lawyers based in Prospect and work with families across Adelaide to help you put in place an Estate Plan that reflects your values and gives you confidence about the future.