Question: What effect does marriage have on your Will?
Answer:
Getting married will automatically revoke your Will no matter where you live in Australia. If you pass away without a valid Will, you are classified as dying intestate, and your intended beneficiaries will not receive any gifts or distributions from your Estate.
It also means that your next of kin will need to apply to the Supreme Court in your State or Territory for a Grant of Letters of Administration, which can be a costly and time-consuming process during an already difficult time.
If you die intestate, your Estate will be distributed according to the relevant State or Territory's succession laws where you live, and these laws can vary slightly from State to State. We strongly recommend having a valid Will at all times so that you have control over how your Estate is distributed if you pass away.
For example, under section 113 of the Succession Act 2006 (NSW), if a person dies intestate, has a spouse, and children from a previous relationship, the spouse is entitled to:
• all of the personal effects;
• a statutory legacy (approx $570,000.00 at time of writing); and
• one-half of the remainder of the intestate estate.
The remaining half of the intestate estate is divided between all surviving children of the deceased. The formula under the Succession Act does not ensure that the children receive a greater share of the estate.
Tax Tip:
It is important to note that marriage will automatically revoke your Will unless your Will is drafted with a specific clause to say it was made in contemplation of getting married.
If you execute a new Will prior to your marriage taking place and include a contemplation of marriage clause which states that the Will is not to be revoked in the event of a marriage, then your Will will remain valid.
We recommend that you contact us prior to getting married to ensure that your estate planning documents remain valid.
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