The Importance of having a Will18 Oct 2021
Research has shown that almost half of West Australians who die each year do not have a valid will. That means that their estate is dealt with in accordance with formulae contained in the Administration Act 1903 (“the Act”). Unfortunately, the way their estate is dealt with in the Act is hopelessly out of touch with modern reality in that:
- the formulae for allocation do not accord with how people usually deal with their assets these days; and
- the amounts set out in the Act do not take into account the way asset values, in particular home values, have increased over the last several decades.
There is currently a proposal to increase these values in the Act. However, the formulae for the allocation of assets will remain based on outdated concepts.
It is therefore important to ensure that you have a valid will in place so that your assets are dealt with as you would want when you die.
If you need any assistance in this regard, please contact Ian Tait on 08 9422 8111 or email email@example.com.