Paul, a single dad with three children aged 21, 11 and 9 died recently. His late wife, Winifred died giving birth to their third child. Paul did not have a will. His estate comprises the following assets: Family home: $330,000 Superannuation: $115,000 Cash: $15,000 Family car: $20,000 Art work: $8,000 Describe some of the issues associated with Paul’s intestacy. Outline some of the estate planning strategies that Paul could have considered if he had prepared a will. What are the advantages of having a valid will in place?
Paul, a single dad with three children aged 21, 11 and 9 died recently. His late wife, Winifred died giving birth to their third child.
Paul did not have a will. His estate comprises the following assets:
- Family home: $330,000
- Superannuation: $115,000
- Cash: $15,000
- Family car: $20,000
- Art work: $8,000
- Describe some of the issues associated with Paul’s intestacy.
- Outline some of the estate planning strategies that Paul could have considered if he had prepared a will.
- What are the advantages of having a valid will in place?
Intestate Succession refers to the inheritance of a person who dies without leaving a legally enforceable Will. Therefore in regard to this, the principles of property appraisal are driven by personal legislation pertaining to the dead. Intestacy law varies amongst Hindus, Muslims, and Christianity. The will is a legally binding document which expresses the desires for the upbringing of the offspring and the disposal of your possessions after the death. Inability to develop a will usually means that choices concerning the estate are made by courts or state lawmakers, which can lead to family turmoil.
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