Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Estate planning in Hobart, Australia, involves the legal processes of preparing for the management and disposal of a person's estate during their life and after death. This includes the drafting of wills, setting up trusts, and determining the distribution of assets to beneficiaries. The goal is to ensure the individual's wishes are fulfilled, taxes are minimized, and the financial well-being of beneficiaries is secured. Estate planning laws in Hobart are governed by both state laws specific to Tasmania and federal laws, making it essential for individuals to understand the local legal requirements.
There are several situations when seeking a lawyer for estate planning in Hobart could be beneficial:
Estate planning in Hobart, like the rest of Tasmania, is primarily governed by the Wills Act 2008 and the Administration and Probate Act 1935. These laws set out the requirements for creating a valid will, appointing executors, probate laws, and managing intestacy (dying without a will). Estates of deceased persons in Tasmania are administered under the jurisdiction of the Probate Division of the Supreme Court. Also, the Inheritance (Family Provision) Act 1970 allows eligible individuals to contest a will if they believe they were not adequately provided for.
A will is a legal document that outlines how your assets are distributed after death, while a trust can manage your assets during your lifetime and afterward. Trusts can offer privacy and potentially avoid probate.
While it is legal to write your own will, it is advisable to consult a lawyer to ensure it meets all legal requirements and accurately reflects your wishes, thereby preventing possible disputes.
If you die intestate (without a will), your estate will be distributed according to the intestacy provisions of the Administration and Probate Act 1935, which might not align with your personal wishes.
You can appoint a guardian for your minor children in your will and set up trusts to manage any assets left to them until they reach adulthood.
Probate is the legal process of verifying a will with the court, required when a deceased person owned assets solely in their name. It can be essential for asset distribution.
Australia does not have an inheritance tax, but certain superannuation benefits or capital gains may be taxed. Proper planning can help minimize potential taxes.
Yes, you can revise your will as needed. This should be done formally through a document known as a codicil or by creating an entirely new will.
Select someone trustworthy, organized, and capable of handling financial responsibilities. It can be a family member, friend, or a professional like a lawyer.
If you believe you were unfairly excluded or provisions are inadequate, you can contest the will under the Inheritance (Family Provision) Act 1970 within a specific period after probate is granted.
Key documents include a will, power of attorney, and advance health directive, which collectively ensure your wishes are carried out regarding asset distribution, financial decisions, and healthcare preferences.
Several resources can assist in estate planning in Hobart, including:
If you find yourself needing legal assistance in estate planning, consider the following steps:
