First National Real Estate CEO, Ray Ellis says under the recently introduced Intestacy Laws, millions of Australians risk cheating their loved ones out of a fortune in property if they neglect to implement the right type of asset protection.

“Around 5 million or 40% of Australians are without a current will which means if they are part of a blended or molded family, the intended inheritors may find themselves out in the cold due to recent amendments to the Success Amendment (Intestacy) Bill 2009,” Mr Ellis said.

“After all their hard work to build a property portfolio, they run the risk of letting their families lose a lot of it to legal fees and death taxes, or worse still, be administered in a way that they never intended which may no longer be appropriate.

“All because they don’t have a will clearly setting out their wishes in relation to their hard-earned real estate assets.”

Mr Ellis said the legislative changes were driven by changes in our society, where families have become more complex, due mainly to the high number of divorces, second marriages and new de-facto relationships.

“Simply breaking up an estate on someone’s death and distributing it among surviving family does not necessarily provide the best outcomes for the family,” Mr Ellis said.

“Under the new legislation, spouses or partners of people who have not made Wills, will receive 100 per cent of their estate upon death and children will not benefit.

“This does not bode well for a lot of people with blended and molded families, and has the potential to leave a lot of distraught, unhappy family members behind, potentially resulting in hugely expensive, protracted court cases where no-one comes out a winner.

“It may see the family home of a man still legally married to his first wife while living in another de facto relationship with children, going to his wife instead of his current family.”

Having worked in the area for a number of years First National Real Estate Mr Ellis, has forged strong relationships with local financial planners who are able to help their clients with the appropriate advice and support to ensure they have a Will to Succeed where their legacy is left to the people they want.