WEBVTT - Quick Bite: What happens when you die without a will? #Wills week 2024

0:00:01.040 --> 0:00:04.680
<v Speaker 1>You're listening to a share these podcast, So can you

0:00:04.920 --> 0:00:08.639
<v Speaker 1>talk about if you don't have a will, what happens

0:00:08.640 --> 0:00:09.320
<v Speaker 1>with your assets.

0:00:10.360 --> 0:00:12.800
<v Speaker 2>So, if you've got over fifteen thousand dollars and you

0:00:12.880 --> 0:00:15.280
<v Speaker 2>die without a will, it's what they call dying intestate,

0:00:15.400 --> 0:00:19.840
<v Speaker 2>which essentially means that someone needs to apply to administer

0:00:19.960 --> 0:00:22.000
<v Speaker 2>your will. And the person who administers your will is

0:00:22.040 --> 0:00:25.200
<v Speaker 2>basically the person that collects all of those assets, maybe

0:00:25.239 --> 0:00:28.120
<v Speaker 2>cashes in some things, might sell property on your behalf,

0:00:28.400 --> 0:00:32.440
<v Speaker 2>and then ultimately distributes it according to that formula that

0:00:32.479 --> 0:00:34.680
<v Speaker 2>I talked about, and you have to apply to the

0:00:34.720 --> 0:00:37.800
<v Speaker 2>family court through what we call a kind of probate

0:00:37.840 --> 0:00:41.320
<v Speaker 2>application process in order to have the rights to do that.

0:00:41.760 --> 0:00:44.200
<v Speaker 2>So if you don't have a will, it can cost

0:00:44.240 --> 0:00:46.320
<v Speaker 2>you a few thousand more dollars in terms of that

0:00:46.360 --> 0:00:49.760
<v Speaker 2>process and navigating those legal fees. It also can be

0:00:49.880 --> 0:00:53.479
<v Speaker 2>quite stressful because what you think that person might have wanted,

0:00:53.520 --> 0:00:56.840
<v Speaker 2>what that person actually wanted, and what that formula set

0:00:56.840 --> 0:00:59.760
<v Speaker 2>out in the Administration Act say, should happen could all

0:00:59.760 --> 0:01:03.320
<v Speaker 2>be very different things. And often at public trust we

0:01:03.400 --> 0:01:06.479
<v Speaker 2>step in where families might not necessarily agree or there's

0:01:06.520 --> 0:01:09.080
<v Speaker 2>a little bit of conflict and we help to work

0:01:09.200 --> 0:01:12.360
<v Speaker 2>through that and find the best outcome and try and

0:01:12.400 --> 0:01:16.120
<v Speaker 2>make sure that everybody can grieve and celebrate their loved

0:01:16.120 --> 0:01:18.600
<v Speaker 2>one as well as work through the administration and the

0:01:18.600 --> 0:01:19.720
<v Speaker 2>life amen that comes with that.

0:01:21.080 --> 0:01:23.600
<v Speaker 3>Yeah, So the importance of having a will is making

0:01:23.640 --> 0:01:27.160
<v Speaker 3>sure that you get to leave the legacy you want

0:01:27.160 --> 0:01:30.520
<v Speaker 3>to leave behind to those that you ultimately want to

0:01:30.520 --> 0:01:33.319
<v Speaker 3>be able to inherit that. And without that, there's no

0:01:33.400 --> 0:01:37.160
<v Speaker 3>kind of control over that, and you'll ultimately create potentially

0:01:37.240 --> 0:01:41.520
<v Speaker 3>more of a hard situation for those left to have

0:01:41.560 --> 0:01:44.600
<v Speaker 3>to deal with the moarole and the courts and all

0:01:44.600 --> 0:01:45.280
<v Speaker 3>that sort of jazz.

0:01:46.400 --> 0:01:49.360
<v Speaker 4>Absolutely, it's a really beautiful gift that you can give

0:01:49.360 --> 0:01:52.840
<v Speaker 4>to people, to be really clear, and I think it's one.

0:01:52.760 --> 0:01:54.520
<v Speaker 2>Of the best gifts that you can leave when you're

0:01:54.520 --> 0:01:55.080
<v Speaker 2>no longer here.

0:01:55.200 --> 0:01:56.760
<v Speaker 1>Investing involves risk.

0:01:57.240 --> 0:01:58.920
<v Speaker 3>You might lose the money you start with.

0:01:59.360 --> 0:02:03.120
<v Speaker 2>We recommend talking to a licensed financial advisor. We also

0:02:03.200 --> 0:02:07.080
<v Speaker 2>recommend reading product or sclosure documents before deciding to invest.