Outdated laws relating to property distribution among family members following the death of a loved one who do not have a will have been overhauled.
Simon Creek, from HHG Legal Group, joined Mike to chat about the new changes. The payment to the surviving spouse has increased from $50 000 to $472 000 if the deceased dies leaving direct descendants. If the deceased had no direct descendants, the amount is increased from $75 000 to $705 000.
The parental statutory legacy has also been increased from $6000 to $56 500. A formula for calculating the amount of the statutory legacies into the future has been included in the legislation. Which requires the amount to be reviewed every two years.
“Put aside the old fashion notion of confidentiality within the family. I’d encourage you to tell your family what you and your partner plan on doing with your assets…Don’t leave it to the family to sort out…what effectively is your mess, after you pass away”
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