What happens if I do not have the Will? Will government get all of my money?
No, government cannot just take all of your money. There are procedures in place for distribution of your estate. But think about this, if you do not have a Will, your assets may need to be handled by a Public Guardian and trustee and their services are not Free…
Currently these are:
- 3% of the gross sale price of real property sold by an agent, payable on the receipt of proceeds, plus
- 5% of cash received whether as capital or income, other than from the sale of real property by an agent, payable on receipt, plus
- 5% of the gross value of securities at the time administration commences and 5% of their growth in value, payable on commencement of administration and on recognition of capital growth, plus
- 0.4 of 1% per annum, computed monthly, on the gross value of all assets, payable monthly, plus
- 5% of the gross value of assets other than securities on demand of payment. For detailed schedule please visit
This can really add up. It is best practice to have a Will prepared and have executors and beneficiaries appointed. This way you can have a piece of mind that those that you care and love would receive the money from your estate.