Dying intestate or interstate, what is the difference?

The answer to that question is that in one sense there is no difference as the outcome is the same in both circumstances , as the person involved has passed away.

In another sense, they could be worlds apart, as to die interstate means to die in a geographical location outside of the State boundary lines of where the person resided, whereas to die intestate, means that a person has died without leaving a will.

This then begs the unasked question, "What is the difference between dying with/without leaving a will?"

The answer to that is, EVERYTHING, as your will is the way to ensure that your final wishes will be carried out exactly as you want as part of your estate planning process. Whereas to die without leaving a will means that the estate could end up being broken up and disbursed as the State Government where the deceased formerly resided so decides.

In Australia, the formula that the respective State Governments use to decide the allocation of the assets, differs.

Now the question becomes, " What is estate planning?"

Put simply, it is a way of ensuring that a persons estate is disbursed to the beneficiaries in the most financially efficient and tax effective way possible.

Ok, so now let us consider the structure of a will, " What are the three components of a will?"

Broadly speaking it deals with how some types of wealth will be distributed, it appoints the person or organisation entrusted with managing the estate and finally it helps to ensure that the estate is handled in keeping with the persons wishes.

So lets now move to another question, "What happens if you leave a will but no one can locate it?"

Well, again in Australia the answer is that the State Governments have ruled that it is as though you have never made out a will in the first place. So back to square one with that.

So the next question then becomes, "How can I ensure that the people who need to know that I have left a will indeed know where you have left it?"

The simple answer to this is to use a facility that is easy to access, user friendly and able to be updated at a moments notice 24/7. Where There Is A Will is a valuable online service that allows you to confidently register details of where your special documents — such as your Will, Enduring Power of Attorney, etc., — are kept.

So, " What is the last thing that I should take away from reading this article?"

Easy, peace of mind is not just knowing that you have left a will, it is knowing that others know where you have left it.



http://www.netlawman.com.au/info/estate-planning-australia.php

http://www.theage.com.au/articles/2004/07/16/1089694558754.html?from=storylhs

http://www.wherethereisawill.com.au/index.php