QPT
ALMOST one in five Queenslanders aged over 60 has never made a will, leaving thousands of families potentially facing unnecessary legal costs, delays and disputes when a loved one dies.
Research commissioned by the Queensland Public Trustee (QPT) found 18 per cent of Queenslanders aged over 60 had never prepared a will, while 39 per cent believed making one was expensive.
But Queensland Public Trustee Samay Zhouand has warned that putting off this important decision could leave loved ones paying a much higher price.
“There’s a common misconception that if you have few assets or an uncomplicated family, making a will is an unnecessary expense,” Mr Zhouand said.
“That is understandable when household budgets are tight, but dying without a will can leave your loved ones facing much bigger costs later on.”
When someone dies without a valid will, known legally as dying intestate, Queensland law determines how their estate is distributed.
While family members may believe they know who should inherit a loved one’s belongings, accessing those assets can become a costly and time-consuming process.
Without an executor appointed through a will, the next of kin may need to apply to the Supreme Court of Queensland for Letters of Administration before they can manage bank accounts, property and other assets.
The application process can involve court filing fees and advertising costs, potentially leaving grieving families with expenses exceeding $1000 before they can access an inheritance.
“If your family needs legal help with the filing, that can more than double the cost,” Mr Zhouand said.
“In addition, it can take weeks or months for the court to grant Letters of Administration, which leaves your family carrying the costs of maintaining your assets until they can access funds you left.”
The financial consequences can become even more serious when disagreements arise over who should receive an inheritance.
“When there’s no will, the law applies a formula to distribute your assets,” Mr Zhouand said.
“That can produce outcomes you didn’t intend and, in some families, it’s the starting point for a legal battle.”
Under Queensland law, eligible family members and financial dependants can also make a family provision application seeking a share, or a greater share, of an estate.
Queenslanders also have access to free simple will-making services through the Queensland Public Trustee.
Mr Zhouand said seeking professional advice could help people make informed decisions about their assets and protect the interests of those they care about.
“The important point is that your solicitor can consider your specific personal and financial circumstances and suggest strategies.”
