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Wills & Estate Planning

Wills & Estate Planning

Estate Planning and Wills

Life is not always as we expect. At Tan and Tan Lawyers our expert Estate Planning  lawyers will assist you when preparing for the unforeseen events that occur during a lifetime. We offer peace of mind, by designating professionals you know will give  the best monetary and confidential advice  for you in the event of an accident, illness or inability to work, as well as preparing for what will happen to your assets upon your death.

What does an Estate Plan include?

A Will

This includes information about what will happen to your assets and your dearest ones after you have passed.

A Trust structure if needed

This will provide asset protection and tax savings for your loved ones.

Advanced Health Directives

This will  protect your decision-making capacity when you are vulnerable. The advanced health directives outlines your wishes in writing  It allows you to choose someone you trust to make important decisions about your health care.

Enduring  Power of Attorney

Similar to the Advanced Health Directive, an Enduring Power of Attorney keeps the decision making regarding your finances, in accordance with your wishes. The person you choose is referred to as your attorney  and does not have to possess legal qualifications.

Enduring Powers of Guardianship

This is a document that gives directions to the appointed persons how you want to be cared for, where you want to live and also what kind of medical treatment you want.

Your Children’s’ Protection

A named person who will protect the assets you leave for your children. This may be the guardian stated in your Will.

Consideration of Life Insurance

This takes into account any debts or estate tax that you leave behind, protecting your loved ones.

Coverage of Funeral Costs

Ensures your funeral expenses are paid upon your death, directly from your bank, depositing money where it needs to go.

Consideration of Final Arrangements

Allows your wishes to be honoured when you have gone: cremation or burial, organ donation, etc.

Business Protection

Known as a succession plan for individual business owners or a buoyant plan for partnerships.

Document Storage

Your agent and/or executor may need access to your documents. This will take the strain off those you hold dear, during a challenging time.

Do you require assistance with planning a will, a trust, or to plan an enduring power of attorney?

In Perth, the Estate Planning Lawyers, who are part of the team at Tan and Tan are known to be accomplished and prominent lawyers.

Tan and Tan lawyers have a wealth of experience with Trusts, Wills, Enduring Powers of Attorneys, Enduring Powers of Guardianship and Powers of Attorney.

Important documents created by Tan and Tan Lawyers.

Wills

Wills are legal documents that express your wishes for your estate in the event of death. Ensuring you have a record of the specifics, that is legal and up-to-date, will safeguard your expectations and wishes for how your assets are distributed when your life ends. Resulting in a legacy you can trust to unfold the way you desire.

Wondering whether a Will is necessary?

Owning any property (including superannuation), requires a Will to establish your wishes regarding the distribution of your estate when you die. Our solicitors in Estate and Will Planning will utilise their expertise to provide you with the proper guidance about your choices when it comes to your Will preparation.

Any person 18 years or over is permitted to create a Will. The other consideration is legal capacity. This means that the person has the ability to  discern the meaning of the document that is being signed, the true value of the estate, and entitlement to make a lawful claim upon the estate.

The law in Western Australia dictates a Will is rendered null and void by marriage and divorce if they occur on, or after, 9th February 2008. In either case, after your marriage, your Will is annulled and a new Will is required. Wills made with the latter in mind, will address that issue.

No Will?

Without a legally prepared Will, legal issues can arise and these can be costly. Moreover, the property will be distributed to your kin according to legislation. This is known as the Administration Act and can result in one or more of your family members (or ex-family members), benefiting from your estate, despite this not being your choice.

A Will allows you to specify the administrators and beneficiaries of your estate.

Why ensure you have a Will?

Any adult who has assets, including superannuation, will benefit from having a Will. In creating a Will, a person is appointed to oversee the estate after your death (the Executor), specifying the recipients of the property (beneficiaries).

Is it necessary to have a legal professional to draw up my Will?

Wills are legally binding documents and may well be the most important documents you will ever organise. Preparation of a Will requires consideration of your unique monetary situation, and family circumstances. At Tan and Tan Lawyers our advisors can guide you accordingly, based on current legislation ensuring validity and minimising chances of dispute.

As a novice, drawing up your own Will may result in a Will that fails to:

· Consider all aspects of your estate, leading to difficulties in executing the estate;

· Enact the Will properly, in front of two unrelated witnesses.

· Assign an Executor a suitable Executor

· Clearly document your desires in accordance with the management of your assets.

The legal requirements are strict and clear. The Will and Estate solicitors at Tan and Tan Lawyers will ensure you meet the stringent criteria.

Whatever your unique situation, it is vital that professional advice is sought to plan your Will. This will accurately reflect your position and benefit those you love.

Enduring Powers of Attorney (EPA)

What is an EPA?

In the event that you are victim of an injury, accident or illness that leaves you unable to make decisions, a person of your choice becomes the attorney on your behalf. This will be a significant person  who you trust in the unfortunate event that you lose capacity to make legal decisions that best serve your interests.

An attorney must be of legal age and have the mental ability to execute your wishes.

Enduring Power of Attorney Vs Power of Attorney?

Prior to the loss of capacity, a person (grantor) may have signed a  Power of Attorney giving authority to an attorney to make decisions . The Power of attorney ceases to be valid when the grantor loses capacity.

Hence, you need an enduring power of attorney document to be prepared.  The enduring power of attorney  allows the appointed attorney  to make decisions on behalf of the person who appointed them.

Family Trusts

A Family Trust maintains assets or carries out business and disperses the income between the recipients. This results in continuing income for more than one recipient and has a Trustee(s) with the acumen to apportion income and finances to the beneficiaries.

At Tan and Tan Lawyers,  our experience with Family Trusts makes us a reliable choice. Call now to receive an obligation free consultation.