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Powers of attorney, family trusts, wills and succession planning are important for regional seniors.
These documents help to reduce the stress on family members when someone has been injured or loses capacity to make decisions for themselves, which is usually a difficult and emotional time.
Ensuring you have a current will recording your wishes is important.
Following a death the person’s estate is distributed according to the terms of the will.
However, if there isn’t one it is distributed by a statutory formula between surviving family members.
If you are the sole registered owner of your property at the time of your death it will pass to:
- Your surviving family members according to the statutory formula if you do not have a will;
- Beneficiaries specified in your will;
- Family members (or dependents) successful in bringing a family provision claim on the basis you should have provided for them in your will but failed to do so.
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In WA, the Family Provision Act 1972 allows eligible persons to make a claim for provision from the estate of another.
The term “eligible persons” defines those who may make a claim and includes:
- Former spouse or de-facto partner of the deceased (must be entitled to or receiving maintenance at the time of death);
- A child of the deceased living as at the date of death or born within 10 months of the deceased’s death;
- Stepchild of the deceased (in limited circumstances);
- Grandchild of the deceased (in limited circumstances);
- Parent of the deceased.
The time spent putting your affairs in order will save a great deal of time and worry for your family when the time comes.
Formbys Lawyers in Northam have the experience in wills and estates and farming and succession planning to provide appropriate and affordable solutions to protect you and your family.
With more than 40 years of experience assisting rural clients Harry Formby can assist you.
Call Harry on 9354 0300.