Estate planning is a vital process that ensures your final wishes are met and your loved ones are cared for after you’re gone. Yet, despite its significance, many people neglect to take this important step. In fact, a significant percentage of individuals pass away intestate — without a valid will in place. When this happens, the government steps in to determine how your estate will be distributed, often causing unnecessary legal costs and added emotional distress for your family.
Dying without a will triggers the laws of intestacy, which vary by jurisdiction but follow a standard formula. These laws dictate who inherits your property, typically following a rigid hierarchy based on family relationships. While this may seem straightforward, it rarely reflects the complexity of modern families or the unique wishes you may have for your assets. For example, in some cases, your spouse may only receive a portion of your estate, with the remainder going to your children or other relatives. Without living relatives, your estate could even revert to the state. The lack of flexibility in these laws can lead to outcomes far from what you would have wanted. In most cases, without a will, your estate must go through probate, a court-supervised process that can take months, if not years, to finalise.
Principal Lawyer of CMK Legal, Caterina Kotsimbos (nee Molluso), a proud Yarra Valley local with deep roots in the community and a family legacy of strawberry farming, operates a successful law firm that provides expert estate planning advice to families throughout Victoria. She comments that estate planning offers the peace of mind that comes from knowing your final wishes will be respected. Drafting a will allows you to designate beneficiaries, choose an executor to manage your estate, and specify how you want your assets distributed. You can also include provisions for guardianship of minor children and instructions for medical care in case of incapacity. With a comprehensive estate plan, you can minimise the legal burden on your loved ones, avoid unnecessary taxes, and prevent disputes over your estate.
Estate planning is not just for the wealthy or the elderly—it’s a responsibility every adult should take seriously. By creating a clear and legally binding plan, you can protect your family from the complications of intestacy and ensure your final wishes are honoured. Don’t leave your legacy in the hands of the government; take control of your future by planning today. The team at CMK Legal, supporting the entire Yarra Valley and beyond, can provide end-to-end estate planning needs, from wills, power of attorney documents, and testamentary trusts to end-of-life planning.
