Intestacy consequences
What happens if I die without a will and there is money left in my estate after my funeral and debts have been paid off?
If you die without a valid Will, you are deemed to
have died intestate. In those circumstances, a list of beneficiaries of the
estate will be determined by the statutory scheme of intestacy in each State. In your case it would be the South Australian statutory scheme.
For example if you leave behind a spouse/defacto and no children, then your spouse/defacto will receive the remainder of your estate. If you also have a child or children and a spouse/defacto then your residuary estate will be divided as follows:
If the total estate is less than $100,000 the spouse or defacto receive the entire estate.
If the total estate is more than $100,000 the spouse or
defacto receive:
-The personal chattels of the deceased
-$100,000 from the estate and 50% of the remaining estate
-The right to purchase the estate property
Child/ren receives:
-An equal share of the remainder of the estate
The statutory scheme will further detail the beneficiaries of your estate in the event you die intestate.
However, it is always recommended that you have a valid Will in place to avoid potential problems after your death.
Suggested way forward
You should obtain legal advice on having a valid Will put in place prior to your death. Feel free to contact me for an obligation free chat.
Hire lawyers to solve your legal problem now. Learn more
Other Questions
If you're experiencing any technical problems, please email techsupport@lawadvisor.com.