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Estate planning law in Subiaco, Australia primarily pertains to the collection and disposition of an individual's estate upon his or her death. Preparing a comprehensive estate plan can protect the rights and interests of the individual and their loved ones. Estate planning typically involves the preparation of documents like Wills, Testamentary Trusts, Enduring Power of Attorney, and Enduring Power of Guardianship. Every individual has unique needs which necessitates a well-rounded approach to ensure all aspects are correctly addressed.
While you can technically manage your own estate planning, the laws in this field are complex and continually evolving. Missing a detail or misunderstanding a legal aspect could lead to unintended results for your estate. You might need a lawyer to navigate tax implications, draft a will or trust, address claims against your estate, or decide on the distribution of assets. An estate planning lawyer provides a way to efficiently transfer your assets to your chosen beneficiaries, potentially avoiding family disputes and reducing estate taxes.
The key laws related to estate planning in Subiaco are embodied in the Wills Act 1970 (WA), Administration Act 1903 (WA), and the Trustee Act 1962 (WA). The Wills Act governs the requirements for making a valid Will. The Administration Act deals with the administration of the deceased estates without a Will (intestate). The Trustee Act outlines the duties and responsibilities of an executor or trustee. In case of incapacity, Enduring Power of Attorney and Enduring Power of Guardianship are governed by the Guardianship and Administration Act 1990 (WA).
A Will comes into effect on your death and allows you to specify how you want your estate to be distributed. A Trust can be effective during your lifetime or on your death, and allows you to directly transfer assets to your chosen beneficiaries without going through probate.
These decisions allow you to appoint individuals who can make financial, legal, and health decisions on your behalf if you are incapacitated and unable to do so yourself.
It’s recommended to review your estate plan at least every three to five years, or whenever significant changes occur in your personal or financial circumstances.
The executor is responsible for administering your estate according to your Will's instructions. This might include identifying assets, paying off debts, and distributing remaining assets to beneficiaries.
While it’s legally possible to write your own Will, mistakes or omissions can lead to problems and disputes after your death. Engaging an experienced lawyer can prevent these issues.
Your local Council can serve as a valuable resource for understanding the laws in your specific area. Additionally, organizations such as the Law Society of Western Australia and The Public Trustee provide specific guidance and resources related to estate planning.
If you decide you need legal assistance, it's crucial to find a lawyer who specializes in Estate Planning Law. Start by compiling a list of your assets, liabilities, and potential beneficiaries. This information will help your lawyer to create an estate plan that addresses your needs and concerns. Don’t hesitate to ask any questions you have – it's important that you understand every aspect of your estate planning process.
