If you have shifted to Australia and you are working hard and also plan to acquire assets in Australia, then it is a good sign. But do you know how they will be dealt with if you die? If you know completely about the Wills and Probate laws, then the functioning of your Australian estate will be smooth and secure.
Sometimes we are caught in cross borders laws and dealing with them is extremely cumbersome and the laws related to you depend on the specific circumstances. It is extremely important that you seek legal advice for your will and issues related to that beforehand. It would highly recommend seeking the advice of an expert estate and probate lawyers like New Way Lawyers.
Guide to Will law in Australia
The first question which will spike in your mind is that, if I am in Australia and acquire considerable assets or estate, then is it necessary to have a Will. The purpose of a Will is primarily to communicate your wishes to your loved ones and what will happen to your personal belongings after you die. In a more legal way, it is a formal document which will be for the specific set of people, whom you would like to inherit specific parts of your estate.
It is always recommended having a will, as it will specify whom you want to inherit any part of the estate. This will also not involve the complicated intestacy procedures which are mandatory when there is no will.
In Australia, laws regarding the will are that they recognize the Will if it is prepared in another country and if the will is prepared in England then both your assets in Australia and England can be dealt with an English will. But it is recommended to have a separate will when you are dealing with Australian assets.
Who will own my assets after me?
Under Australian law, anyone who is making will has “testamentary freedom” it states that you can choose a person whom you want to inherit your estate and in whatever proportional grounds. One more thing is that you just need to set out who will inherit your estate or assets accordingly to the valid will.
If there is no valid will or the deceased has not drafted the will before death then the assets will be inherited according to the law. Who will inherit your assets in Australia will be decided by the current family circumstances.
There will be administration also included in the estate and that would be done by the executor or the appointed “will” or administrator is appointed by the law. A person who is estate administrator will be the legal entity to deal with the estate. They are responsible for carrying out functions in the estate and legally entitled to deal with the estate of the deceased person.
For all the matters of will and estate always refer to probate lawyers in Gold Coast. These lawyers are working under the name of New Way lawyers and they are non profit law firm and provide you with expert information, advice, and representation at an affordable cost.