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