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Estate Planning in Salisbury, Australia, revolves around making provisions for the distribution of your assets after your death. This process involves the creation of a will, setting up trusts, assigning power of attorneys, and planning for taxes. The aim is to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. The laws surrounding estate planning in Australia, including Salisbury, generally fall under the Succession Act 2006 (NSW) and the associated amendments.
Estate Planning can get quite complex due to the intricate nature of the law. You might need a lawyer if you want to make a will, update your existing will, setup trusts, assign power of attorney, or minimise taxes upon the distribution of your estate. Having a lawyer guides you through this process can ensure that your wishes are accurately represented, legally binding, and taxes are efficiently planned.
One of the key components of Salisbury's Estate Planning Laws is that you must be over 18 and of sound mind to make a will. The testator should make the will voluntarily and without any undue influence. It should be clearly drafted, witnessed, and should clearly mention the distribution of the assets. There are also laws on how to contest a will if the need arises. If a person dies without a will, the estate is distributed according to the laws of intestacy. It is necessary that the Power of Attorney be documented, voluntarily given and that appointed person should be competent enough to make decisions on behalf of the person giving the power.
1. Is it necessary to have a lawyer for writing a will?
While it's not a legal requirement, it is highly recommended because of the legal complexities involved in the drafting of a will - to ensure it is valid, reflective of your wishes, and tax-efficient.
2. Can I change my will?
Yes, you can change your will at any time as long as you are mentally capable of understanding your actions.
3. What happens if I die without a will?
If a person dies without a will, they die 'intestate' and the estate will be distributed according to the laws of intestacy in South Australia.
4. Who can contest a will?
A will can be contested by anyone who believes they have been unfairly treated or left out of the will and they should have been a beneficiary.
5. What is a power of attorney?
A power of attorney is a legal document where a person appoints another to make financial decisions on their behalf.
You can refer to the "Law Handbook" provided by the Legal Services Commission of South Australia. It provides a simplified guide to law, including Estate Planning in South Australia. Additionally, the Australian Tax Office (ATO) provides comprehensive information on tax considerations for Estate Planning.
If you need legal assistance regarding your estate, it's recommended to hire a local lawyer specialising in Estate Planning Law. Do your research to find a reputable lawyer who has good reviews and a history of successful client relationships. It's advisable to compile a list of your assets, liabilities, and questions you might have before your initial consultation.
