Outline some of the estate planning strategies

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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.

Reference no: EM133014971

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