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Estate Planning law in Preston, Australia, encompasses a variety of practices aimed at securing an individual's assets and financial future for their loved ones when they pass away. This involves the creation of documents including wills, trusts, power of attorney, and advanced health directives. A well-structured estate plan ensures that a person's wealth is divided according to their wishes and can provide protection against potential claims.
While it may seem tempting to undertake estate planning by yourself, there are several reasons why you might need a lawyer. Estate law can be intricate regardless of the size of your asset pool. A lawyer will ensure your estate documentation is legally sound and effectively communicates your wishes by navigating potential tax implications, complications with beneficiaries and disputes over property. They also assist in preventing disagreements among your heirs in the future.
Preston, Australia's estate planning laws require a person to be of sound mind and above 18 to write a will. Wills must be written and signed by the person making the will or by someone else under their direction. Also, at least two witnesses are required. The law doesn't automatically segregate your assets to your spouse or children. If you die without a legal will (intestate), the law decides who gets your assets, which may not align with your preferences.
If you die without a will in Preston, your estate will be distributed according to the pre-determined rules set by law, which may not conform to your wishes.
An executor is a person appointed to administer your estate after death. This includes gathering assets, paying debts and disbursing the remaining assets to beneficiaries.
Yes, your will can be changed any number of times. One common way is by adding a codicil, which is an amendment to the existing will.
While there is no inheritance tax in Australia, there may be capital gains tax implications when inherited assets are sold.
In most cases, marriage will invalidate a previous will unless it was created in anticipation of that marriage.
You might want to check out the Australia Government's official webpage dealing with wills and estates for more information regarding estate planning. Organisations such as the Legal Services Commission and Elder Rights Advocacy may also provide helpful resources and advice.
If you need legal assistance with Estate Planning, start by researching and contacting local law firms that specialise in this area. Prepare a list of your assets, envisage how you want them distributed, and consider any potential complexities that could arise. An informed discussion with a legal professional can then help you to create a secure and comprehensive estate plan.
