Why is Estate Planning so important?

Estate planning is essential for securing your legacy and managing your affairs, not just for after you’re gone, but also to prepare for unexpected events during your lifetime.

By appointing trusted individuals to make financial and personal decisions if you become ill, incapacitated, or are involved in an accident, you maintain control over how your estate is managed. Estate planning also includes determining what happens to your property upon your death.

A properly prepared Will is essential for every adult with assets (including superannuation). Your Will allows you to appoint an executor, the person responsible for administering your estate, and nominate your beneficiaries who will receive your estate.

To create a valid Will, you must be 18 years or older and have testamentary capacity. Western Australia has strict requirements for what constitutes a valid Will.

Additionally, a Will is automatically revoked by marriage and divorce unless the Will is specifically made in contemplation of that marriage or divorce.

If you pass away without a properly prepared Will, administering your estate can become complicated and costly.

Without a Will, your estate will be distributed according to legislation, potentially going to family members you might not have chosen to benefit, including a spouse (even if separated), de facto partner, children, parents, siblings, nieces, and nephews.

Regardless of where your personal or business assets are located, it is important to receive expert legal advice to ensure your Will accurately reflects your wishes and safeguards your loved ones.

For more information on estate planning, please contact Ross Mendonca or Darren Miller of Culshaw Miller Lawyers Perth.