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Aged Care Guide
WESTERN AUSTRALIA 2021
Estate planning A well prepared and executed estate plan can not only save your estate unnecessary costs in the future but can also save your loved ones from unnecessary stress after your death. Estate planning is the process in which you discuss with a legal practitioner what you want to happen with your estate, known as your assets, when you die.
Estate planning
It is a plan which involves you considering who you want to be executor of your estate (the person in charge of your Will), who you want to benefit from your estate, your funeral wishes and who you want to look after your financial and personal/health matters if you were to lose capacity during your lifetime, for example by way of dementia or stroke. Effective estate planning ensures your assets are protected and distributed to the right people according to your wishes. Your Will is one of the most vital documents in this process.
Outlining your wishes
A properly drafted, up-to-date Will is the only way that you can be sure your assets will be dealt with as you wish when you die. In Western Australia (WA), the executor of the Will generally needs to apply for a Grant of Probate through the Supreme Court for permission to take control of the estate. The Grant of Probate confirms that the Will is valid and that the executor is legitimate. If there is no Will, a next of kin or relative can make an application for Letters of Administration to the Supreme Court to receive control of the estate. Either option will grant you the right to access the estate, including bank accounts and the sale or transfer of property, among other things. If you die without a valid Will, or your Will is invalid, your estate will be treated as an “intestate” and your assets will be distributed under the WA intestacy law to your surviving relatives after all your debts have been paid. In WA, if you get married your Will is automatically revoked, unless the Will was made with marriage in mind. Getting a divorce in WA does revoke your former spouse’s rights unless the divorce occurred before 9 February 2008.
Enduring Power of Attorney and Guardianship
Most people know you should write a Will to make sure your assets are distributed according to your wishes when you die. But what happens if you are left unable to make decisions for yourself due to accident, illness or other circumstances? While a family member can step in at this time and start assisting you with decision making, they may lack the legal authority to make some decisions or there may be disagreement between family members. By making an Enduring Power of Attorney and an Enduring Power of Guardianship, you can nominate a trusted family member or friend, or an organisation in the case of an Enduring Power of Attorney, to step in
