Intestacy rules determine the distribution of assets based on what family you have left behind, even if they would not have been your chosen beneficiaries. The distribution is based on which family members survive and is also partly dependent on the amount of your estate.

For example, first in line to receive your assets upon your death will be any surviving spouse and/or child – so if you separate from your spouse permanently, and no longer want them to be a beneficiary, make sure you update your Will. Don’t let the phrase ‘over my dead body’ become a reality. Remember that the intestacy rules only relate to an individual’s assets, not assets that are jointly owned. If an asset is jointly owned, it will automatically go to the surviving spouse.

Defacto?
No Will? Without a valid Will, your de facto may not receive any of your assets.

Dependants?
No Will? Your assets will be frozen until an administrator is appointed. Not having a Will can delay this process. Remember that anyone financially dependent on you will not have access to your money and therefore have no income to live on until an Administrator is appointed, regardless of their financial need.

Children under 18?
No Will? What happens if you both die? Who will look after your children? Having a Will allows you to nominate guardians to look after your children until they reach an age when they can look after themselves (which you can decide).

Other things to consider
Superannuation is an important issue. Some assets may not be distributed in a Will, such as superannuation or life insurance. If you have a superannuation entitlement, make sure you understand where the proceeds will be paid on your death.