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Estate planning involves managing an individual's asset base during life, at death, or after death. In Perth, Australia, the primary laws governing estate planning include wills, probate, and administration, enduring power of attorney, and trusts laws. These laws protect the rights and interest of the testator (the person making the will or trust) and ensure fair and smooth distribution of the estate to the beneficiaries.
In many instances, people may need legal advice for estate planning which include: creating a will, setting up a trust for their loved ones, managing a deceased estate, making an enduring power of attorney, contesting a will, and settling disputes over the distribution of an estate. An experienced lawyer can provide legal guidance ensuring your interests are protected and assist in tax planning to minimise tax liability on your estate.
In Perth, major laws pertaining to estate planning include the Wills Act 1970 (WA), the Administration Act 1903 (WA) and the Trustee Act 1962 (WA). The Wills Act provides the legal framework for creating, amending, and revoking a will. The Administration Act covers matters related to the probate of the will and administration of the estate. The Trustee Act outlines the roles, responsibilities, and powers of a trustee. Understanding these laws is crucial for effective estate planning.
1. Who can make a will in Perth?
Any individual over 18 years who is mentally capable can make a will.
2. Can a will be contested in Perth?
Yes, a will can be contested under specific circumstances, such as when the will-maker is believed to not have been of sound mind.
3. Can I act as my own executor?
Yes, you can act as your own executor in your will. However, it is recommended to appoint a competent person or a trusted legal firm.
4. Do I need to update my will if my circumstances change?
Yes, it's important to review your will whenever there is a significant change in your life, such as marriage, divorce, birth of child, or acquisition of property.
5. What happens if I die without leaving a will?
If you die without leaving a will, your estate will be distributed according to intestacy laws in Western Australia.
You can consult governmental bodies such as the Public Trustee of Western Australia, the Law Society of Western Australia, and the Department of Justice for more information on estate planning. These organisations offer useful resources and can guide you in seeking professional legal advice.
If you require legal assistance in estate planning, firstly, conduct a comprehensive inventory of your assets. Then, seek a reputable law firm or legal professional that specialises in estate planning. Schedule a consultation with your chosen legal representative to discuss your needs and understand the best way forward for your estate planning.
