Canberra Wills Lawyers

Welcome to Canberra Wills Lawyers, located at 10 Rudd Street in Canberra, Australia. As an establishment specializing in estate planning and probate law, we are here to assist you in ensuring that your wishes are carried out after you pass away.

Without a will, the distribution of your estate is governed by the rules of intestacy, as outlined in the Administration and Probate Act 1929 (ACT). In the ACT, your spouse receives the first $200,000 plus 50% of the remaining balance, while the other 50% is allocated to your children, if any. However, by creating a will, you have the power to dictate how your estate is distributed.

Your beneficiaries are the individuals who will inherit your estate assets upon your passing. It is important to consider substitute beneficiaries in case your primary beneficiaries do not survive you. Additionally, you have the option to appoint executors who will administer your estate according to your will. These executors can be your primary beneficiaries or someone else you trust.

In your will, you can also specify any specific belongings you wish to gift to certain individuals. If you are undecided about what to gift and to whom, you may prepare a list of personal belongings to accompany your will.

It's important to note that jointly owned properties do not form part of your estate and will be transferred to the other owner immediately upon your passing.

Furthermore, you have the opportunity to express your wishes regarding organ donation. You can specify whether you would like your organs to be donated to the body of a living person and/or for medical research purposes. Additionally, you can indicate your preference for burial or cremation as the method of "disposing of" your body.

For those with minor children, it is crucial to appoint guardians in your will in case their other parent or guardian does not survive you.

Marriage or divorce revokes a will. If you are planning to marry, you can express in your will that it is in contemplation of that marriage. Superannuation, being a non-estate asset, cannot be managed by your will. To ensure that your super is paid out to your chosen beneficiaries, you may need to complete a Binding Death Benefit Nomination.

In the event that a medical practitioner determines you have lost your decision-making capacity, an Enduring Power of Attorney appoints a trusted individual to manage your property, personal care, health care, and medical research matters. We can assist you in drafting an Enduring Power of Attorney along with your will as part of a comprehensive package.

At Canberra Wills Lawyers, we understand that drafting a will and planning your estate can be complex. Our experienced solicitors can guide you through the process, ensuring that your will accurately reflects your intentions and covers all aspects of your estate plan. Do-it-yourself will kits may not provide the comprehensive estate plan you need.

Using clear and precise wording in your will is crucial, as any ambiguity could result in costly legal fees to determine its true meaning. Additionally, some assets may not fall into your estate upon your death, and your will may not accurately reflect your intent. An estate planning solicitor can provide advice on which assets will be included in your estate.

Major life changes, such as marriage, separation, divorce, or retirement, may require updates to your existing will. Changes in the relationships of your children should also be considered. While changing your address does not necessitate altering your will, it is important to notify the custodian of your original will of your new address.

In Australia, there are no death duties, but capital gains tax may be payable by your estate on the transfer of assets with a CGT liability. It is advisable to consult with an experienced solicitor in estate administration before disposing of major assets within an estate.

At Canberra Wills Lawyers, we are dedicated to providing you with the expertise and guidance needed to create a comprehensive estate plan. Contact us today to ensure that your wishes are protected and your loved ones are taken care of.