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Estate Planning in Essendon, Australia entails creating strategies for the management of your assets while you are alive and distributing them after your death. The planned strategies minimise tax implications and ensure that your wishes regarding your assets are followed after you are gone. Estate planning law in Essendon typically involves drafting wills, establishing trusts, appointing powers of attorney, and other end-of-life documents like medical planning.
Even though it's possible to create an estate plan on your own, the complex nature of laws and taxes can often lead to mistakes if not handled by a professional. Lawyers can provide assistance in understanding complex legal terms, avoiding probate, reducing estate tax, and preventing future legal disputes amongst beneficiaries. Furthermore, personal circumstances such as having a disabled dependent, being in your second marriage or owning a business necessitate professional help to address particular estate planning issues.
Estate planning in Essendon is governed by laws at the state and federal level. Some key aspects to be aware of include the Succession Act of 2006, which details how your assets will be divided if you die without a valid will. Furthermore, any will you create must comply with the Wills Act of 1997 to be considered valid. In Essendon, the Trustee Act governs the management and administration of trusts, as well as outlining the powers and responsibilities of appointed trustees.
Yes, you can draft your own will, but because of the complexities involved in estate planning law, it is advisable to seek the help of a professional estate planning lawyer to ensure your will complies with relevant legal standards.
If you die intestate (without a will), your estate is distributed according to the Succession Act 2006. Generally, this includes your spouse, children and other close relatives.
Yes, your will can be contested under Australian law, usually by close family members who feel they have not adequately benefited from your will.
Setting up a trust can be a complex process and it is recommended to involve an estate planning lawyer to ensure it's set up correctly and best suits your needs.
No, estate planning is not just for the wealthy. It's for anyone who wants to have control over what happens to their assets after they have passed on.
In addition to legal advice, there are some resources that may be helpful in assisting with estate planning. Some of these resources include the Australian Taxation Office, which deals with the tax aspects of estate planning, and the Victorian State Government, which provides resources for making and registering power of attorney.
If you need legal assistance with estate planning, your next step should be to contact an estate planning lawyer in Essendon. They can guide you through the process of creating a legally viable estate plan, ensuring your wishes will be legally adhered to. In your initial consultation, be prepared to discuss your financial situation, your assets, your beneficiaries, and your wishes for your estate after your passing.
