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Estate Planning in Epping, Australia involves the organization and management of an individual's assets in preparation for their incapacitation or death. It includes elements such as drafting of your will, setting up trusts, securing powers of attorney, and appointing guardians for minor children or dependents. The goal is to ensure your assets are distributed according to your wishes, your loved ones are cared for, and any tax implications are minimised.
Australian Estate Law can be very complex, and it is easy to overlook crucial steps if you are unfamiliar with the legalities. Lawyers specializing in estate planning can ensure all legal requirements are met and advise on decisions to minimize legal disputes or tax implications. Common situations needing an estate planning lawyer include complex family situations, sizable estates, overseas assets, or business ownership.
In Epping and its surrounding regions, estate planning is ruled by both state and federal legislation, notably the Wills Act 1997 and the Administration and Probate Act 1958. Importantly, a will must meet specific criteria to be legally valid. Additionally, rules exist around capacity to make a will, witnessing requirements, and challenges to a will. Powers of attorney and trusts are also governed by specific laws.
If you die without a valid will (known as dying intestate), your assets will be distributed according to the intestacy laws, which may not reflect your wishes.
While legally you can draft your own will, engaging a lawyer who specializes in estate planning guarantees your will meets all legal requirements, redusing the chance of disputes or invalidation of your will.
Yes, it is important to update your will periodically, especially with major life changes. Any amendments to your will must meet relevant legal criteria to be valid.
Usually, there are no inheritance taxes in Australia. However, there may be taxes linked to specific inherited assets. It's best to consult an estate planning lawyer about individual circumstances.
Yes, a will can be contested under certain conditions, such as if an individual believes the willmaker was under undue influence or lacked testamentary capacity, or they have been unfairly left out of the will.
For comprehensive information on estate planning in Australia, consider visiting the official website of the Australian Government’s Attorney-General’s Department, or the Law Council of Australia's website. Both contain valuable information on this topic.
If you need legal assistance in estate planning, the first step is to seek a lawyer specializing in this field. Prepare a list of your assets, liabilities, beneficiaries, and any specific instructions you wish to include in your estate plan. The lawyer will guide you through the legal processes and help you create a comprehensive and legally valid estate plan.
