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A validly executed Will is a vital component of estate planning. It is important your Will is prepared carefully by a solicitor in accordance with your wishes. <\/span><\/p>\n \u2018Will Kits\u2019 have become popular over the years as they purport to allow individuals to write their own Wills, and are relatively inexpensive. <\/span>However, using a \u2018Will Kit\u2019 may leave you with an invalid, incomplete or informal Will that does not reflect your wishes, as it was not prepared by a qualified lawyer who is familiar with the laws of estate planning and estate administration. A disputed, unclear or invalid Will could lead to significant financial pressure on your estate and family, and can also strain family relationships.\u00a0<\/span><\/p>\n What is intestacy? Consequences of intestacy Without a valid Will which clearly identifies beneficiaries, a family member will have to apply for a grant of Letters of Administration. Your estate can then be distributed to:
<\/b>\u2018Intestacy\u2019 occurs when someone dies without leaving a valid Will. \u2018Partial intestacy\u2019 occurs when a Will only deals with part of one’s estate. If you die without a valid Will, it is at the Court’s discretion to appoint an Administrator. An Administrator essentially fulfills the role of an executor.\u00a0 However, the role of an Administrator commences at the date of the Grant of Letters of Administration, rather than at the date of death. This means that there can be a period of some months after someone dies before much can be progressed.\u00a0 It<\/span> can also be more costly and complicated for your family.<\/span><\/p>\n
<\/b>If you do not leave a Will when you pass away, there is a chance that your estate will not be left to your intended beneficiaries. Having clearly named executors and beneficiaries to your estate reduces ambiguity and the likelihood of family conflict. When administering an estate with a validly executed Will, the executor will gather your assets and distribute them to beneficiaries, after any outstanding debts have been paid.<\/span><\/p>\n
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