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Will & Testament law in Subiaco, Australia, falls under the jurisdiction of the Western Australia state law. A will is a legal document that lays out how an individual's estate— including property, investments, and personal belongings— should be managed and distributed after they pass away. In Australia, if a person dies without a valid will, their estate is divided according to a predetermined formula, which may not align with their desired allocation.
Engaging a lawyer is crucial in several instances. If your estate is substantial or complex, including business and overseas assets, a lawyer's expertise can ensure your will is legally sound and reflects your intentions. A lawyer can also help resolve any conflicts that may arise among family members and beneficiaries and guide you on tax-effective estate planning. Finally, if you wish to set up a trust in your will or nominate a testamentary guardian for your children, legal assistance becomes indispensable.
In Subiaco, the local laws regarding wills and testaments are governed by the Wills Act 1970 (WA) and the Administration Act 1903 (WA). According to these laws, a person must be at least 18 years old and of sound mind to make a valid will. The will must be in writing, signed by the person making the will in the presence of two witnesses. The witnesses should not be beneficiaries in the will. These and other specific requirements must be adhered to while drafting a will to avoid complications and potential dispute when the time comes for the will to be executed.
A will is a legal document that directs the division of your property and assets after your demise. In its absence, the law determines how your estate is divided, which may not align with your wishes.
Yes, you can write your own will. However, it's advised to consult with a lawyer due to the legal complexities involved. Any mistakes could render your will invalid.
You should update your will whenever significant life changes occur, such as marriage, divorce, birth of a child, purchase or sale of a significant asset, or changes in tax law.
If you die without a will, you pass away 'intestate'. In such cases, the state law of Western Australia decides the distribution of your assets.
A testamentary trust is a trust set up within a will that only takes effect when the person who has created the will, dies. It can provide tax advantages and asset protection.
The Law Society of Western Australia and the Department of Justice WA are excellent resources for further information on Will & Testament matters. You also can look at the Public Trustee WA for assistance in planning, making, and storing a will.
If you need legal assistance, contact a local attorney specializing in Will & Testament matters. They can guide you through the process of creating a will, ensuring all legal requirements are met, and your wishes are accurately reflected.
