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Estate Planning in Forster, Australia pertains primarily to the structuring, management, and disposal of a person's wealth after their death. This process involves creating legally sound documents such as wills, trusts, power of attorney documents and medical directives. Estate planning laws in Forster correspond to the broader principles outlined in the New South Wales Trustee and Guardian Act 2009, Succession Act 2006, and the Probate and Administration Act 1898.
Legal assistance in Estate Planning can be invaluable as it lends clarity and expertise to complex and confusing situations. A lawyer could assist with the drafting of a Will, establishing trusts, nominating guardians, minimizing estate tax, and help avoid potential disputes. Also, in circumstances when you don't have close family or uncertainty over the distribution of your assets, having a lawyer can bring certainty and peace of mind.
In Forster, as in the rest of New South Wales, the Succession Act 2006 governs the creation of Wills and the laws of Intestacy, outlining how an estate will be distributed if no Will was made. The Trustee Act 1925 stipulates the powers, responsibilities, and limitations of trustees, including the right to invest trust funds. The Probate and Administration Act 1898 regulates the procedure to acquire probate or letters of administration from the Supreme Court to administer the estate.
If you die without a Will, you're said to die 'intestate'. Your assets will then be distributed according to a specific formula set out in the Succession Act 2006, which may not reflect your personal wishes.
The executor is responsible for administering your estate after your death. Duties include notifying beneficiaries, applying for a Grant of Probate, paying debts, and distributing assets per the instructions in your Will.
Yes, under the Succession Act 2006, certain parties such as a spouse, children or dependents can contest a Will if they believe it doesn't make adequate provisions for them.
Probate is the legal process that verifies the validity of a Will and authorizes the executor to carry out its instructions.
You can set up several types of trusts in your will including testamentary trusts, discretionary trusts and protective trusts, each providing distinct levels of control and protection of the assets for the beneficiaries.
Helpful resources for those seeking legal advice in estate planning include the Law Society of New South Wales, the Department of Justice New South Wales, and NSW Trustee and Guardian. These organisations provide information on estate planning, local laws and can guide you to reputable legal aid.
If you require legal assistance in estate planning, the first step is to seek a consultation with a qualified lawyer specializing in Estate Law. They will guide you through the complete estate planning process, providing advice on writing a Will, establishing Trusts, setting up a Power of Attorney, and helping you make informed decisions around your estate.
