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Question - Peter, a single dad with three children aged 21, 11 and 9 died recently. His late wife, Wendy died giving birth to their third child.
Peter did not have a will. His estate comprises the following assets:
Family home: $330,000
Superannuation: $115,000
Cash: $15,000
Family car: $20,000
Art work: $8,000
Required -
a. Describe some of the issues associated with Peter's intestacy.
b. Outline some of the estate planning strategies that Peter could have considered if he had prepared a will.
c. What are the advantages of having a valid will in place.
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