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Estate Planning Law in Wahroonga, Australia encompasses the management and dispersion of an individual's estate during their life and after death. It involves creating legal documents such as a Last Will and Testament, Powers of Attorney and, in some cases, establishing trusts. This legal field seeks to ensure that an individual's financial goals are met after their death with minimal taxation while also allowing for the provision for loved ones.
A lawyer can guide you through the complex process of estate planning. Using their expertise, they can ensure all legal documents adhere to New South Wales law and fully express your wishes. Common situations requiring legal assistance include drafting a will, setting up trusts, appointing power of attorney, tax planning, and managing assets. A lawyer can also help navigate probate, the legal process of administering a deceased person's estate.
Wahroonga, located in New South Wales, adheres to state laws concerning estate planning. One crucial law is the Succession Act 2006, governing wills, intestacy rules, family provision, and the administration of estates. Ultimately, wills need to be signed by the testator and witnessed by two others. Furthermore, trusts fall under the Trustee Act 1925, regulating the responsibilities and powers of trustees.
A Power of Attorney document allows you to appoint a person or entity to manage your affairs if you are unable to do so.
If you die without a will, you are deemed 'intestate.' This means your estate will be distributed according to the intestacy rules set out in the Succession Act 2006 of New South Wales.
Yes, you can change your Will at any time. However, it must be done following the legal formalities, and in some cases, it may be best to draft a new Will.
A Trust is a legal construct where a trustee holds and manages assets for the benefit of others, the beneficiaries.
Probate is required if the deceased person owned any assets in their name alone. Other factors, such as the nature and value of the assets, may also influence the need for probate.
Useful resources related to Estate Planning include the New South Wales Trustee & Guardian for information about wills and estate planning, and the Law Society of New South Wales for legal assistance and attorney recommendations.
If you need legal assistance in Estate Planning, your next step should be to seek professional help. Look for a solicitor who specializes in Estate Planning. Prepare all necessary documents and a list of questions you may have before the meeting. Trust your instincts when choosing your legal adviser, as you need to feel comfortable discussing sensitive issues with them.
