What are the advantages of having a valid will in place

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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.

Reference no: EM132987787

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