The consequences of not having a Will.

When a person dies without a valid Will (dying intestate), a law called the Succession Law Reform Act sets out which family members or next-of-kin stand to inherit an estate. These rules are based solely on blood relationships and legal marriage – spouse, children, parents, siblings, and more remote next-of-kin. These rules are applied without regard to the relationship you may have had with any of these persons, or any of your other wishes about your personal effects, charitable gifts, or tax planning goals. 

As there is no Will, a family member must apply to the court to be appointed as executor. Other family members can contest this application, leading to costly disputes and delays. If no family member is available to step into this role, the Public Guardian and Trustee may have to be appointed. The legal fees and administrative expenses of dealing with an intestate estate are often much higher than a regular estate, far outstripping the costs “saved” by failing to make a proper Will. 

For the sake of your own peace of mind, and for the sake of your family, prepare a valid Will and update it regularly.