What Is Bona Vacantia? An Overview

by

Ed.

From justicefamilylawyers.com.au: Bona vacantia refers to unclaimed property or assets left behind when a person dies without a will or identifiable heirs in Australia.

Government agencies manage these assets to ensure they are safeguarded and potentially redistributed and the process includes searching for beneficiaries before a declaration of bona vacantia is made.

Families can retroactively claim these assets by providing evidence of their relationship to the deceased, emphasizing the importance of establishing a clear estate plan to avoid complications.

Filed under: SME & Family Business

Leave a Comment