Fixed-fee Will lawyers in Perth

Yes, every adult must have a Will.

This legally binding document lets you appoint an Executor to manage your estate, settle liabilities, and distribute your assets according to your wishes. Without a Will, your Estate may be divided according to default laws, which might not reflect your intentions.

A Will provides several key benefits:

• Clarifies wishes: Clearly outline how your Estate should be distributed and who should benefit.
• Simplifies the process: Helps reduce stress and confusion for your loved ones during an already difficult time.
• Protects assets: Safeguards your Estate from unnecessary claims or creditors.
• Minimises disputes: Reduces the risk of conflict among beneficiaries by clearly defining your intentions.
• Avoids delays and expenses: Streamlines the legal process to ensure more of your Estate reaches those you care about.

Overall, a well-prepared Will ensures your legacy is handled smoothly, making it a key component of any Estate plan.

Dying without a valid Will means your Estate is distributed under the laws of intestacy, as outlined in Section 14 of the Administration Act 1903 (WA) – Entitlements of intestacy.

This formula determines who inherits your assets, often in ways that may not align with your wishes:

• If you have a spouse or partner: They typically receive the estate.
• If you don’t have a spouse or partner: The estate is distributed to your immediate family members, such as parents or siblings.
• If no relatives can be located: The estate passes to the government.

The intestacy laws are outdated and may not reflect modern relationships or financial realities. Additionally, fixed distribution amounts based on decades-old cost-of-living values could delay or reduce the inheritance your loved ones receive, creating unnecessary stress and hardship.

Therefore, without a Will, you risk losing control over how your assets are allocated. To avoid this, we strongly recommend consulting a Wills and Estate lawyer to create a valid and comprehensive Estate plan.

An Executor is the individual you name in your Will to manage and distribute your estate according to your wishes after your passing.

While you can choose a trustee company or the Public Trustee to act as your executor, be aware that they may charge a percentage of your Estate as a fee for their services.

When selecting an Executor, it’s crucial to appoint someone reliable, organised, and capable of managing your estate effectively.

Our Will lawyers can assist you in identifying the right candidate and provide them with the support they need to carry out their responsibilities with confidence.

A well-prepared Will ensures your wishes are clear and legally enforceable. Here are the key elements every Will should include:

• Declaration of Intent: Clearly state that this is your last will and revoke any previous wills.
• Executor appointment: Name one or more trusted individuals as your executor(s) to manage your estate and carry out your wishes.
• Payment instructions: Provide directions for settling debts and funeral expenses.
• Asset distribution: Specify how your property and assets should be distributed. This can include individual items, lump sums, or percentages of your estate.
• Residual clause: Outline what should happen to any remaining assets (the residue) after specific gifts are distributed.

By covering these essential components, your Will can minimise confusion and disputes, ensuring your Estate is managed according to your intentions.

For tailored advice on making a Will in Western Australia, consult our experienced fixed-fee lawyers today.

A Testamentary Trust is a Trust created by your Will and does not come into effect until after your death. There are various types of Testamentary Trusts, but it is usually a Trust where the Trustee has full discretion about distributions to the beneficiaries.

While a Testamentary Trust can continue for 80 years if so required, it may also vest at any earlier date.

A Will is a legal document that sets out how your Estate is to be distributed upon your death. It does not necessarily need to have a mechanism to create a Testamentary Trust. Many simple Wills do not encompass a provision to establish this type of trust.

A Testamentary Trust is created by the will so that specific assets will be held in trust for the benefit of beneficiaries for a specific period until such trust is to vest absolutely on such beneficiaries.

There are many reasons to use a Testamentary Trust, including:

1. To protect a gift from potential creditors of a beneficiary;
2. Where you want to provide for your spouse but are concerned that they may remarry and divert the family assets to the new family;
3. In the case of spendthrift children, gambling difficulties or drug addiction, for example, you can provide for such a child through a trust ensuring his/her share is kept intact;
4. There are major potential tax savings that you may be able to achieve through income splitting through such trust;
5. To protect the estate from will challenges;
6. Where you need to ensure that any disabled or intellectually impaired children are looked after.

As this is a very complex area, we strongly recommend contacting our Will lawyers in Perth to discuss these matters in detail.

You can name any person, family member, friend, organisation, or institution as a beneficiary. The only person you can’t name as a beneficiary is a person who serves as a witness to the signing of the Will.

The cost of preparing a Will depends on your requirements. For instance, if you have complex company or trust structures, or your Will needs to take into account a blended family (stepchildren/grandchildren), the costs will often be higher.

However, at Affinitas Legal, our Estate Planning Lawyers offer fixed-fee Wills, and fixed-fee Estate Planning bundles. This way, you will know the upfront costs before deciding to commit.

Testamentary Trusts can bring several Estate planning risks that should be carefully considered:

1. You should be careful about the taxation rules for superannuation death benefits if the trust beneficiaries are not confined to dependants.
2. The cost of administering a testamentary trust. If a professional is appointed trustee, there will be fees for this service.
3. You should consider whether the income generated by your estate will be sufficient to warrant a testamentary trust.
4. You should also be aware of any taxation implications of creating a testamentary trust.

It’s wise to review and update your Will regularly to ensure it reflects your current circumstances and wishes. Significant life changes are a key reason to revisit your Estate plan, including:

• Marriage or divorce: These events can affect the validity or terms of your Will.
• The birth of a child or grandchild: Ensure new family members are included in your plans.
• Acquiring or selling major assets: Property, businesses, or investments may require adjustments to your distributions.
• Changes in family relationships: Estrangements or reconciliations can influence your intentions.

Sound familiar? Our Will lawyers in Perth provide ongoing reviews to help keep your Will up-to-date and legally effective.

Yes. Since February 2008, marriage and divorce invalidate an existing Will. If you have been married or divorced since preparing your Estate plan, in particular your Will, we recommend that you have a new Will prepared.

At Affinitas Legal, our Perth lawyers offer fixed-fee Wills and Estate Planning bundles.

Yes, you can legally draft your own Will in Australia if you are over 18 and of sound mind. However, to ensure your Will is legally valid, it must meet specific requirements:

• In writing: Your will must be documented in either handwritten or typed form.
• Signed by you: Your signature must appear at the end of the document to confirm its authenticity.
• Properly witnessed: Two independent witnesses—who are not beneficiaries or married to beneficiaries—must be present when you sign the will and must also add their signatures.

While it is legal to draft your own Will, errors in wording or omissions can lead to disputes or invalidate the document.

For peace of mind and to avoid complications, we strongly advise seeking legal advice. This will ensure your Will is clear, comprehensive, and enforceable.

While drafting your own Will might seem straightforward, working with a lawyer ensures this vital document is legally sound, clearly expresses your intentions, and avoids potential pitfalls. This is especially crucial if:

• You have complex assets or plans: Managing significant wealth, multiple beneficiaries, or setting up trusts requires precise legal structuring.
• Your family dynamics are unique: Blended families, dependents with special needs, or the possibility of disputes demand professional guidance to prevent issues down the road.

Skipping legal advice can lead to serious risks, such as:

• Invalid Wills: Strict legal requirements mean a DIY Will could be rejected during Probate if improperly executed.
• Unintended revocation: A poorly drafted Will could unintentionally cancel a previous valid Will, creating confusion.
• Disputes or challenges: Family members left out or dissatisfied could contest your Will, leading to costly and emotional legal battles.
• Excluded assets: Jointly owned property or superannuation may not automatically form part of your Estate without careful planning.

A lawyer doesn’t just draft a document—they ensure your wishes are legally enforceable and aligned with your life’s complexities. They provide:

• A tailored will that reflects your unique circumstances.
• A clear and binding document that stands up to scrutiny.
• Peace of mind that your legacy will be carried out as intended.

Protect your Estate, minimise risks, and ensure your loved ones are cared for by consulting an experienced Wills lawyer in Perth.