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Estate Planning law in Sydney, Australia, focuses on the management and disposition of a person's assets during their life and after death. It typically involves the preparation of legal documents like wills, power of attorney, enduring guardianship, and testamentary trusts. The purpose is to ensure a practical, efficient, and tax-effective transfer of assets to beneficiaries after one's death. The laws governing estate planning are shaped by federal laws, New South Wales (NSW) state legislation, and local laws in Sydney.
The process of estate planning involves more than just writing a will. Lawyers can provide expert advice on other aspects, such as setting up trusts, tax planning, choosing executors, and establishing enduring power of attorney. If you have a complex family situation like a blended family, owning a business, or have substantial wealth, using a lawyer's services becomes especially important. A lawyer's assistance can also be vital in challenging a will, estate litigation, and contesting probate proceedings.
Key aspects of local laws in Sydney relevant to estate planning include property law, taxation law, laws governing trusts, the Succession Act 2006 (NSW), and the Probate and Administration Act 1898 (NSW). NSW legislation also provides family provision claims wherein eligible persons can contest a will if they believe they have been left with inadequate provision. Furthermore, Sydney-specific legal nuances, like local council implications, are taken into consideration for effective estate planning.
1. Can I draft my own will?
Whilst DIY will kits are available, it’s advisable to seek legal counsel to avoid any mistakes or oversights, which can cause issues after your death.
2. What is the enduring power of attorney?
An enduring power of attorney allows you to nominate a trusted person to manage your financial affairs if you are unable to do so yourself.
3. What is a testamentary trust?
A testamentary trust is a type of trust set up within a will that comes into effect after the death of the person making the will.
4. What happens if I die without a will?
If you die without a will (intestate), your estate will be divided according to the statutory formula under NSW law, rather than your personal wishes.
5. Can a will be challenged?
Yes, according to the Succession Act 2006, eligible persons, usually close family members, can contest a will if they feel they were not adequately provided for.
Governmental bodies that can be helpful include the NSW Trustees and Guardian, which provides assistance in drafting wills, and The Law Society of NSW, which can help you find a lawyer specializing in estate planning. The Australian Government’s Australian Taxation Office can also provide crucial advice on matters of tax implications.
If you need legal assistance in estate planning, start by identifying your needs and goals for your estate. Then, seek out and consult a lawyer specializing in estate planning. Compile all necessary documents such as financial records, property deeds, insurance policies, and identification. Be prepared to have open and honest discussions about your assets and your wishes regarding their distribution after your death.
