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Estate Planning involves making strategic decisions and arrangements about the management and disposal of an individual's property during life and after death. In Dandenong, Australia, this includes preparing wills and trusts, tax planning, setting up enduring powers of attorney, making arrangements for medical care and appointing guardians for minor children. With thorough Estate Planning, you can help ensure the management and disposal of your assets are carried out according to your wishes, while minimizing potential disputes and tax implications.
Estate planning can be complex and requires an understanding of state and federal law. Engaging a lawyer becomes essential when you have substantial assets, own a business, expect a large estate tax liability, or if your health situation changes. It also becomes necessary when you want to set up trusts or when you want to leave assets to an individual with special needs, minor children or a non-Australian citizen. An Estate Planning lawyer will not only ensure your documents are legally sound but also make certain they carry out your wishes in the most efficient way possible.
In Dandenong, Estate Planning laws come under the jurisdiction of Victorian state law and can be influenced by federal laws. The Wills Act of 1997 governs the making of wills. The administration and probate act governs how the asset distribution will occur when someone dies without a valid will (intestacy). The Trustee act governs the making of trusts and trustees. Powers of Attorney Act 2014 brings several types of enduring powers into a single Act, allowing a person to appoint someone to make decisions on their behalf. All these laws influence the decisions you make with regards to your estate.
If you die without a valid will, the law of intestacy applies. This means that your estate will be distributed in a standard way according to Victorian law.
Yes, you can change your will anytime and as often as you wish, provided that you are competent and of sound mind at the time.
Hiring an experienced estate planning lawyer and communicating your plans with your loved ones can play a key role in avoiding potential disputes.
There is no inheritance or death duties in Australia but beneficiaries may have to consider capital gains tax implications while disposing of inherited assets.
Yes, by setting up a Power of Attorney, you can appoint someone to manage your financial and personal affairs if you become incapacitated.
The Law Institute of Victoria provides valuable information about wills and estate planning. The Victorian Legal Aid also offers resources on the matter. The Australian Taxation Office provides information on potential tax implications related to estates.
If you need legal assistance in Estate Planning, consider consulting with a lawyer who specializes in Wills and Estate Planning to ensure your assets and desires are properly managed and documented. Also, keep yourself updated with the changes in laws impacting estate planning, and regularly review and update your plans as your personal circumstances change.
