Do I/you need a will?

I have no dependents.
My estate? under $200,000.
So to distribute my estate I would need a will lest the Government gets the money.
Is your will in place and up to date?

This page is a permanent link to the reply below and its nested replies. See all post replies »

ninalanyon · 61-69, T

I don't need one. I don't have any dependants either but I have descendants and they will inherit automatically according to Norwegian law.

For most people who have family (children, parents, uncles, aunts, cousins, etc.) in Norway the rules would automatically and compulsorily distribute two thirds of the estate to the children or their issue. Each child getting up to 1.5 million kr. (about 150 000 USD, not sure what that is in AUD). If the deceased had no children and no will it goes to their parents and thence to their heirs if the parents had already died.

For couples where there is no will the surviving partner can decide whether to distribute the deceased's fortune immediately to the children in the legally defined amounts (skifte) or delay it until their own death (uskifte). The surviving partner can treat the property of the deceased as their own including selling the house, etc.

The rules were simplified and liberalised last year so I'm likely wrong in some details.

But unless, like me, you are an immigrant with no extended family in the country the government would most likely not get any of the money. In my case all three of my children would have to predecease me for the government to get it but if I had parents here and they had other children then even if all my children die without issue then it would go to my parents, siblings, nieces, nephews, etc.

Chapmanblake · 56-60, M

@ninalanyon what if a person has no descendants, parents or even siblings ? The government gets everything?

Gusman · 61-69, M

@Chapmanblake If a person does not want the Gov to have your money then a will needs to be written.
Anyone can be named as a beneficiary, a friend etc.
Or the money can be willed to a charity or the like.

ninalanyon · 61-69, T

@Chapmanblake If the parents had siblings then those siblings would inherit, if they are dead then their children, or grandchildren. If none of those exist then yes the state gets it all. But that must be pretty rare.

Chapmanblake · 56-60, M

@Gusman what about outstanding debts, guess they don’t die with a person. It definitely must get paid from estate funds

Chapmanblake · 56-60, M

@ninalanyon okay true

Gusman · 61-69, M

@Chapmanblake All creditors must be paid, for sure.
Luckily I personally have no debts.

Chapmanblake · 56-60, M

@Gusman ok, I have a daughter and 3 siblings, haven’t really thought about a will until now and I think it’s important.

Gusman · 61-69, M

@Chapmanblake Having direct family, should you die intestate (without a will) your family will receive your estate.
The greatest thing you can do is to clear any debts forthwith.