Actor Luke Perry has passed away at the age of 52, allegedly leaving his multimillion-dollar estate to his children.
The Beverly Hills 90210 actor was rushed to hospital on March 4 after suffering a severe stroke. Five days later his family switched off life support after an alleged second stroke from which Perry wouldn’t recover. Perry was reported to have had an estate estimated around US$10 million, the distribution of which he had prepared for in advance through estate planning. The Riverdale star was said to have created a Will in 2015 after a health scare.
Perry’s death serves as a stark reminder that estate planning should be considered even at a perceivably young age. Stroke, a sudden cease in blood flow to the brain, is one of the leading cause of disability and death in Australia, according to the Stroke Foundation, killing more women than breast cancer.
Why do I need a Will?
A Will ensures that in the event of your death your estate is divided in your best interests. Without a Will, it is likely there will be disputes and conflict around the division of your estate, and {state subject: intestacy/this} can make an already difficult time much harder for your family. When you die without a Will, the Succession Act 2006 (NSW) outlines a hierarchy of distribution in which assets will be divided. If you die survived by a spouse or de facto partner, they will automatically inherit your estate, followed by your children. For those who die without a spouse or children, the estate is passed on to relatives in the following order:
- Parents.
- Siblings.
- Grandparents.
- Uncles and aunts.
- Cousins.
If there is no Will, you may still be able to challenge the estate if you fit any of the aforementioned criteria, or are an eligible person under the Family Provisions Act 1982 (NSW). This act allows for spouses former or current, children and grandchildren of a deceased person to challenge the division of estate. Furthermore, those who had previously been dependents of the deceased or had lived in a household with them may also make a claim to the Will.
By having a Will in place, assets can be divided in the way you intend, easing the financial burden of legal fees from family members, which will likely be taken out of your estate. If you are considering contesting a Will, get in touch with the legal experts at Gerard Malouf & Partners Will Disputes Lawyers.
