If you and your spouse have separated but are still legally married and no divorce order has been made by the Family Court, your former spouse could potentially make a claim that they are entitled to the majority, if not all, of your assets if you were to pass away.
If you do not have a will and you pass away then you will be considered to have passed away “intestate”. For any of your assets to be distributed an interested party would need to make an application to the Supreme Court for Letters of Administration which could include your former spouse who may be able to argue they should receive some or all of your estate.
Have you recently gone through a separation? If so you should consider:
- Preparing a new Will;
- Revoking any existing Enduring Power of Attorney and preparing a new Enduring Power of Attorney; and
- Reviewing and amending your Binding Death Nomination of your superannuation fund to protect your assets.
Please contact us. for further information.
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Important information and disclaimer
This publication has been prepared by AustAsia Group – Liability limited by a scheme approved under Professional Standards Legislation.
Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Accordingly, reliance should not be placed on the information contained in this document as the basis for making any financial investment, insurance or other decision. Please seek personal advice prior to acting on this information.
Information in this publication is accurate as at the date of writing, 16 October 2017. Some of the information has been provided to us by third parties. Whilst it is believed the information is accurate and reliable, the accuracy of that information is not guaranteed in any way.
Opinions constitute our judgement at the time of issue and are subject to change. Neither the Licensee nor any member of AustAsia Group, nor their employees or directors give any warranty of accuracy, nor accept any responsibility, for any errors or omissions in this document.
Any general tax information provided in this publication is intended as a guide only and is based on our general understanding of taxation laws. It is not intended to be a substitute for specialised taxation advice or an assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent.
