Marlee Viero

speaker

318 appearances 1 recordings 1 series first heard Jul 2021 last heard Jul 2021

Marlee Viero’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · Wills & Estates: Your crash course guide from Nest Legal · 26 Jul 2021 podcast

If you die without a will or without a valid will, you die what we call intestate.

And there are formulas in each state that determine how your estate is actually

distributed and who it goes to.

So if you've got a spouse, if you've got children, if you've got the blended family situation we spoke about earlier, if you don't have any of those people, if you've got parents, siblings and so on, basically the courts will for you provides for a lot of different circumstances.

So I think you'd be looking at nieces and nephews before going to the government.

But you run the risk of it not getting to who you want it to get to.

You run the risk of as well not knowing who's going to be managing everything for you.

So if you pass without a will, instead of having an executor, you have what we call an administrator.

So you won't get a say over who that person is.

So it just becomes messy and complicated.

Once you've got your application together, it doesn't take, it actually is a little bit quicker than having it with a will because with the new system in Victoria anyway, we have, it's all done electronically now and then you just have to post the will in.

If the court is satisfied with the application, they'll make it quite quickly.

But it's the work before actually applying for probate or letters of administration that takes the longest.

And if you don't have a will, that's where it takes and chews up a lot of time.

Whereas if you have a will, it makes that process much more streamlined.

Yeah, yeah, yeah, it can be.

And probate and administration are different state by state as well.

Actually, where your assets are is really the telltale sign.

So if you've got, say, a property in Victoria and then a property in Queensland, you'll need to get what we call a reseal of probate.

So you would get probate in Victoria to deal with your Victorian assets and then you'll have to ship everything over to the Queensland Supreme Court to get it re-stamped in Queensland to allow you to deal with your Queensland assets.

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