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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 -
-Describe some of the issues associated with Peter's intestacy.
-Outline some of the estate planning strategies that Peter could have considered if he had prepared a will.
-What are the advantages of having a valid will in place.
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