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Estate Planning law in Maylands, Australia involves the legal process of managing and distributing an individual's assets upon their death. This includes creating wills, trusts, power of attorney, healthcare directive and other documents essential for the distribution and protection of assets. The law is governed by the Succession Act 2006 and the Powers of Attorney Act 1988 to ensure a fair distribution of assets.
Seeking legal advice for estate planning is crucial to ensure all legal documents are correctly drafted, valid and followed by the law. A lawyer can guide you while dealing with complex family situations, handling high-net-worth estates, or addressing special needs and overseas properties. In situations of contesting a will or trust, a lawyer's help is crucial. They can also provide advice to reduce possible tax implications on the inheritance.
The key aspects of local laws for estate planning in Maylands, Australia are that wills need to be signed and witnessed, trusts need to be properly formed and beneficiaries must be explicitly named. Powers of Attorney need to be registered with the appropriate local body. The law also states that if you die without a will (intestate), the distribution of your property and possessions will be managed according to the statutory orders of inheritance.
Having a will ensures your assets are distributed according to your wishes after death. Without it, the law will decide the distribution which might not align with your preferences.
If you die without a will or 'intestate', your estate is distributed according to a statutory scheme, which may not reflect your wishes.
Yes, a will can be altered or updated anytime, but it should be signed and witnessed again with the same legal requirements as the initial will.
Usually, only close relatives and dependants can contest a will, particularly those who believe they have not been adequately provided for.
A thorough estate plan, including a well-drafted will and potentially setting up trusts, will ensure your property is transferred smoothly to your heirs.
State and territory law societies, the Law Council of Australia, and the Department of Justice and Community Safety can provide resources and guidance about estate planning laws. Legal Aid in Australia also offers help in some cases of estate planning.
If you require legal assistance in Estate Planning, start by finding a suitable lawyer in Maylands experienced in this field. Prepare a comprehensive list of your assets and personal details of your beneficiaries. Review any existing wills or estate planning documents. Your chosen lawyer will guide you to draft your estate planning documents according to your specific needs.
