Speaker 1: You're listening to a share these podcast, So can you
Speaker 1: talk about if you don't have a will, what happens
Speaker 1: with your assets.
Speaker 2: So, if you've got over fifteen thousand dollars and you
Speaker 2: die without a will, it's what they call dying intestate,
Speaker 2: which essentially means that someone needs to apply to administer
Speaker 2: your will. And the person who administers your will is
Speaker 2: basically the person that collects all of those assets, maybe
Speaker 2: cashes in some things, might sell property on your behalf,
Speaker 2: and then ultimately distributes it according to that formula that
Speaker 2: I talked about, and you have to apply to the
Speaker 2: family court through what we call a kind of probate
Speaker 2: application process in order to have the rights to do that.
Speaker 2: So if you don't have a will, it can cost
Speaker 2: you a few thousand more dollars in terms of that
Speaker 2: process and navigating those legal fees. It also can be
Speaker 2: quite stressful because what you think that person might have wanted,
Speaker 2: what that person actually wanted, and what that formula set
Speaker 2: out in the Administration Act say, should happen could all
Speaker 2: be very different things. And often at public trust we
Speaker 2: step in where families might not necessarily agree or there's
Speaker 2: a little bit of conflict and we help to work
Speaker 2: through that and find the best outcome and try and
Speaker 2: make sure that everybody can grieve and celebrate their loved
Speaker 2: one as well as work through the administration and the
Speaker 2: life amen that comes with that.
Speaker 3: Yeah, So the importance of having a will is making
Speaker 3: sure that you get to leave the legacy you want
Speaker 3: to leave behind to those that you ultimately want to
Speaker 3: be able to inherit that. And without that, there's no
Speaker 3: kind of control over that, and you'll ultimately create potentially
Speaker 3: more of a hard situation for those left to have
Speaker 3: to deal with the moarole and the courts and all
Speaker 3: that sort of jazz.
Speaker 4: Absolutely, it's a really beautiful gift that you can give
Speaker 4: to people, to be really clear, and I think it's one.
Speaker 2: Of the best gifts that you can leave when you're
Speaker 2: no longer here.
Speaker 1: Investing involves risk.
Speaker 3: You might lose the money you start with.
Speaker 2: We recommend talking to a licensed financial advisor. We also
Speaker 2: recommend reading product or sclosure documents before deciding to invest.