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Estate Planning in Albany, Australia, involves the organized process of managing and disposing of your estate, which includes all personal and real property owned at the time of death. A comprehensive estate plan ensures your wishes regarding your belongings and who will receive them after your death, are legally documented. This planning involves creating wills, trusts, powers of attorney, health directives, and tax planning strategies.
While it is possible to create an estate plan on your own, the process can be complex and easily mishandled, leading to undesirable consequences for your beneficiaries. Lawyers aid in the provision of legal protection, advice, drafting and revision of estate planning documents. They ensure documents' legality, outline the tax implications of your decisions, deal with complex family or financial situations, and ensure the smooth transfer of inheritance or property as per your directions.
The laws governing estate planning in Albany, Australia, fall under the Wills Act of 1970 and the Inheritance (Family and Dependants Provision) Act of 1972. These laws stipulate the requirements for creating a valid will, obligations to dependents, rules for intestate estates (when a person dies without a will), and how and when an estate can be contested. These laws also define legal aspects surrounding power of attorney, enduring guardianship and advance health directives.
If a person dies without a will, they are said to have died "intestate". In such cases, the law of Western Australia determines how their estate is distributed, which may not align with their wishes.
Yes, under the Inheritance (Family and Dependants Provision) Act, a will can be contested in certain circumstances, typically by close relatives or dependents who feel inadequately provided for.
A Power of Attorney allows you to give another person legal authority to manage your financial affairs on your behalf, either for a specific period or indefinitely.
An Advance Health Directive is a legally binding document that outlines your wishes regarding future health treatments if you become unable to make informed decisions.
Yes, you can amend a will by creating a codicil or making a new will. It is recommended to review your will periodically or after significant life changes.
The Law Society of Western Australia and the Public Trustee provide a wealth of resources on estate planning. They offer guides, advice and services related to wills, trusts, powers of attorney and advance health directives.
If you need legal assistance in estate planning, it is recommended to seek a lawyer's advice who specializes in this field. They can guide you through the process, assist with document preparation, and help protect your interests. To meet a suitable lawyer, you can contact the Law Society of Western Australia for a directory of lawyers in Albany.
