Where There Isn't a Will

Annually, Australia’s rich list is published with staggering wealth. Many of our rich listers will have a will or have obtained specialist advice to update or put in place a new will. Yet, we don’t have a list in Australia for people with significant wealth dying without a will. We only hear about celebrities who have died without a will with significant wealth like Howard Hughes ($500M), Jimi Hendrix ($175M), Kurt Cobain ($450M), Prince ($200M). Regardless of your wealth (millions or just $1) and/or celebrity status, everyone should have a will.

The risk of dying without a will and the damage done from a lack of estate and succession planning is so significant that it demands our immediate attention. We avoid discussing about our death because we would rather not talk about it and hold onto the fallacy that our imminent passing is low. When death occurs, the damage can result in significant unintended outcomes, financial stress, added burden and disputes including:

• families/claimants fighting over control & benefits of assets • misappropriated assets and financial wishes not being followed • delays and costs in resolving disputes resulting in severe financial stress Don’t let a bad outcome damage your legacy. Seek the right advice.

Albus legal advises on legal issues including estate planning, asset protection, trusts, taxation, self-managed superannuation fund and charities with a key focus on preserving wealth, legacy planning and transferring wealth to future generations.