Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Estate Planning Law constitutes the legal process of planning and arranging the management and disposal of a person's estate during their life and after their death. In Canberra, Australia, this involves creating a detailed plan to avoid future legalities, decrease taxes, set up trust accounts for loved ones, and name a legal guardian for underage children, if any. It includes creating legal documents like your Will, Power of Attorney and Enduring Guardianship.
Engaging a lawyer in the estate planning process is crucial for many reasons. Firstly, estate law can be complex and certain situations, such as having a large estate or having to divide assets among multiple family members, may require expert legal guidance. Secondly, laws change frequently, and it is the lawyer's duty to ensure that your estate plan is up-to-date with the latest legal changes. Finally, a lawyer can provide advice on how to minimise tax implications and avoid future disputes or confusion among beneficiaries.
The fundamental laws relating to Estate Planning in Canberra are the Wills Act 1968 and the Powers of Attorney Act 2006. The Wills Act stipulates the legal requirements for a will to be valid, including that the will-maker must be over 18 years old and of sound mind. The Powers of Attorney Act provides the legal framework for giving another person the power to make decisions on your behalf if you become unable to do so. Also, the Family Provision Act 1969 ensures fair division of your assets among close family members after you pass away.
While it is legally possible to create a will by yourself, it is highly advised to have a lawyer guide you in this process to make sure it complies with all laws and regulation, and accurately represents your wishes.
If you die without a valid will ("intestate"), your assets will be distributed according to a formula set by the law which may not correspond with your wishes.
Yes, you can choose anyone aged 18 or older to be your executor, but it is advisable to choose someone trustworthy and willing to take on the responsibility.
Yes, you can alter your will at any time. However, the correct procedures must be followed to ensure that the changes are legal and valid.
No, these two documents serve different purposes. A Will takes effect after you die, while a Power of Attorney allows someone to make decisions on your behalf while you are still alive, but incapable to make them yourself.
If you are seeking further knowledge, you may want to refer to the Public Trustee and Guardian for the Australian Capital Territory, which provides comprehensive information and resources on estate planning. Additionally, the Law Society of ACT and the ACT Law Handbook can provide further understanding of the legalities surrounding estate planning.
In case you need legal assistance in estate planning, it is highly advisable to engage a qualified lawyer who specialises in wills and estate planning in Canberra. This often involves an initial consultation where you discuss your personal circumstances and needs, after which the lawyer will provide advice on the best way to proceed with your estate planning.
