After you die, your executor will normally have to apply to the High Court to get the will formally approved (this is called “getting probate”). There could also be other delays before the property is finally distributed to the beneficiaries you’ve named in your will. It’s therefore a good idea for you and your partner to plan ahead to make sure your partner will have an income during this time, if they don’t have their own income or have been financially dependent on you.
One way to do this is to have at least one joint bank account together. Any property (including money) that is owned jointly passes, when one joint owner dies, to the surviving joint owner. This means that all the money in the joint account will immediately belong to your partner when you die.
However, if your estate is a small one, it won’t be necessary to go to court for probate. For example, your bank will be able to pay your money out to your executor or relatives, without the need for probate, if the total in your accounts with the bank is less than $15,000.
So if you’ve got more than $15,000 with your bank, you may want to think about opening an account with a second bank and splitting your money between the two banks. This will bring you under the “small estate” rules, and your executor or family will be able to get access to the money quickly, without having to spend money from your estate on going to the High Court for probate.
For more information about getting probate and the small estate rules, see the chapter “A death in the family”, under “Dealing with the deceased’s property: Wills, “intestacy”, and small estates”.