Are your assets safe?

Many people think that they have no need for a Will, commonly it is because they believe that their affairs aren’t complicated enough to need one, that they don’t have the assets to warrant one or that simply, that their assets will go to the people they want to take them anyway. Often, this simply isn’t true. Without a Will you die “intestate” and that means that your assets are subject to the intestacy rules, and contrary to what you may have heard, the intestacy rules may not provide your family with the result you expect. The rules, for example provide, if you die without a Will but with a spouse and children, the first $50,000 of your assets plus one third of the remainder of your assets will go to your spouse, with the remaining two thirds divided between your children in equal shares.

But what does that really mean? Your property, might for instance, be subject to a mortgage but without a Will, your spouse won’t receive the entirety of the equity in that house. Your spouse will not, for instance, be able to access the equity to pay the mortgage.

If you own your house jointly you might think that your affairs are taken care of. Owning your house with your spouse may not mean that he or she gets the title to your share if you die. If you own a property together but as own it as “tenants-in-common” and not “joint tenants” you will still need a Will to ensure they take your share. It is important that you check that your affairs are the arranged in the way that they should be so that your family do not have to deal with complicated legal matters at what would be the most difficult and stressful of times.

Contact us at Wallace Wilkinson and Webster today.