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Estate Planning in Baulkham Hills, as it is throughout Australia, is a process designed to provide clear instructions for the management and distribution of an individual’s assets upon their death. It involves the creation of various legal documents such as Wills, Powers of Attorney, and Enduring Guardianships. These documents stipulate who should manage one’s estate, how assets should be divided, and who should care for dependent children, among other considerations.
Legal advice in this field is key for avoiding potential issues and disputes arising in relation to your estate. An experienced lawyer can provide invaluable advice and prepare estate planning documents in accordance with your wishes. This is particularly useful when it comes to complex situations such as blended families, small business ownership, and property in multiple jurisdictions. Ensuring that your documents are correctly executed according to law can also provide peace of mind.
Local laws related to Estate Planning in Baulkham Hills are governed by a series of legislations including the Succession Act 2006 (NSW), the Probate and Administration Act 1898 (NSW), and the Trustee Act 1925 (NSW). These acts cover key aspects like creation and validity of Wills, administration of deceased estates, and duties of trustees. Of note, in New South Wales, you are not legally required to use a solicitor to make a Will. However, ensuring a Will is well-drafted to prevent future disputes often necessitates the guidance of a legal expert.
An enduring Power of Attorney is a legal document that provides another individual with the authority to make financial and/or legal decisions on your behalf.
If you die without a Will (called dying intestate), your estate will be distributed according to a pre-determined formula set out in the Succession Act, potentially not according to your wishes.
Yes, you can change your Will at any time. In fact, it’s recommended to review your Will every few years and after any significant life events such as divorce, marriage or the birth of a child.
An executor is someone who you appoint in your Will to carry out your wishes as specified in that Will.
Probate is the Supreme Court of New South Wales’ official recognition that a Will is legally valid, and the executor has the authority to deal with the deceased’s assets.
Legal Advice bureaus, the Law Society of NSW and community legal centres can offer further help. The NSW Trustee and Guardian and the Department of Justice also provide comprehensive resources and services that help in understanding estate planning.
If you need legal assistance in Estate Planning, the first step is to seek advice from a legal professional experienced in the field. Prepare a list outlining your assets, liabilities, and wishes to help streamline the process. Don’t hesitate to ask questions to ensure your estate plans effectively convey your intentions.
