Why is now a good time to consider estate planning?

II often come across people who say to me, "Nah, I don't need a will. It will go to my wife/husband anyway...". Hmmmm, not necessarily!

In Queensland, dying without a valid will (also known as dying intestate) can result in intestacy laws dictating how your estate will be divided amongst your loved ones. The law currently provides that:

• If there's only one surviving spouse: The spouse first receives $150,000, plus all household items such as furniture and appliances.

• If there's one child: After the spouse receives the first $150,000 and household items, the rest of the estate is divided in half. The spouse gets one half, and the child gets the other half.

• If there's more than one child: After the spouse receives the first $150,000 and household items, the rest of the estate is divided into three. The spouse gets one third, and the children share the remaining two thirds equally.

While these rules provide a certain order, they may not necessarily align with your specific wishes for your family and loved ones. Therefore, having a valid will is crucial. It ensures that your assets will be distributed exactly as you intend, providing peace of mind for you and your family.

If you're part of a couple with children and you don't have a will, or if you haven't updated it recently, I strongly encourage you to consider doing so. It is one of the most significant steps you can take to protect your loved ones' future.

Don't hesitate to reach out if you need any assistance or have questions about estate planning. I'm here to help.

Lidia Vicca, Vicca Law

lidia@viccalaw.com.au | 0414 193 373