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Estate Planning in Burnie, Australia involves the strategic allocation of an individual’s finances, real estate, and personal belongings before they pass away. This practice ensures that the wishes of the deceased are respected, and disputes among heirs are minimized. The legal procedures involved in Estate Planning can range from drafting wills & testamentary trusts, to the processes of probate, trust administration, and guardianship for dependent children.
Engaging a lawyer is advisable when dealing with Estate Planning due to the complexity and legal implications of estate matters. People generally require legal assistance when drawing up a will, planning the future of your financial assets, ensuring the survivability of their businesses, setting up power of attorney, understanding tax implications on their estate, and managing the probate process following a bereavement.
In Burnie, Estate Planning law is guided by the Australian federal legislation with additional provisions according to Tasmanian legislation. Key areas of focus include the preparation of legal documents such as wills and trusts. There is also recognition of testamentary intentions even with informal wills, provided they meet certain criteria. Furthermore, Inheritance tax does not exist in Australia but other forms of taxes like capital gains tax may apply to the estate.
While it's possible to plan your estate without a lawyer, it's not recommended due to the complexity and legal nuances of estate planning. Specificity is crucial in legal documents like wills and trusts and errors can lead to disputes or ineffective distribution of assets.
If you pass away without a will ('intestate'), your assets will be distributed according to Tasmanian intestacy laws. This means that your belongings will not necessarily be distributed in the manner you would have desired.
Power of attorney is a legal document which allows you designate someone to make financial and legal decisions on your behalf, generally in the event you become incapacitated.
Yes. In some instances a will can be contested by eligible persons who feel they have been unjustly treated under the terms of the deceased’s will. This process requires appropriate grounds and legal guidance.
There is no inheritance or estate tax in Australia. However, capital gains tax and other liabilities may apply to assets as they are inherited or sold.
To gain valuable insight in the field of Estate Planning, the Law Society of Tasmania can be very helpful. Furthermore, the legal aid commission of Tasmania provides basic help regarding wills and estate planning. Lastly, the Supreme Court of Tasmania provides resources related to the probate process.
Should you require legal assistance in Estate Planning, consider consulting with a legal professional in Burnie. A lawyer excelling in Estate Planning can guide you through the process, help you understand the complexities of laws applicable, and act in your best interests to ensure your intentions are effectively carried out.
