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Estate Planning in Turramurra, Australia encompasses legal methods to manage your wealth and assets during your lifetime and control their distribution after your death. It involves making legally binding instructions to ensure your wishes are respected. Typical estate planning tools include Wills, Powers of Attorney, Testamentary Trusts, and Advanced Care Directives.
There are several situations where you might require legal help in Estate Planning. For instance, you may need a lawyer to help draft your will or establish a trust. If your financial situation is complex, if you have a significant amount of assets, or if you have a blended family, legal advice can be invaluable in ensuring the right distribution of your estate. A lawyer can also provide advice on potential tax implications and asset protection strategies. Lastly, if there's a family dispute over your estate, a lawyer's counsel can prove essential.
The key aspects of estate planning laws in Turramurra, Australia revolve around the Succession Act 2006 (NSW), Powers of Attorney Act 2003 (NSW) and Guardianship Act 1987 (NSW). These laws govern how wills and testamentary trusts are structured, how powers of attorney and enduring guardianship are established, and how and when an individual can make binding decisions about their estate and personal care. Estate Planning in Australia also involves an understanding of tax law, superannuation law, and family provision law.
If you die without leaving a valid will, you are said to have died 'intestate'. The law then determines how your assets are distributed, which might not be in accordance with your wishes.
Not necessarily. Superannuation is not automatically part of your estate, so you need to make specific arrangements with your fund to ensure it is distributed according to your wishes.
Yes, so long as you have mental capacity. Changes must be done properly to ensure they're legally valid.
A Power of Attorney allows someone to make financial decisions on your behalf, while an Enduring Guardian can make lifestyle and health decisions if you’re unable to do so yourself.
Yes, significant life events like marriage or divorce can have considerable impacts on your Will. It’s crucial to review your Will after these events.
The Law Society of New South Wales or the Australian Taxation Office provides many resources related to estate planning. In addition, community legal centres and legal aid offices can often provide advice or referrals. Lastly, public libraries often have legal information and resources available.
If you need legal assistance in estate planning, start by seeking a solicitor specialising in wills and estate law. They can help you understand your legal rights and obligations, and discuss appropriate strategies with you. Remember to clarify their fees and charges upfront. Prepare for your meeting by gathering all relevant documentation and by preparing a list of questions to ask during your consultation.
