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Top Western Australia Wills & Estates Questions
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A testamentary trust is created through a will and comes into effect upon the testator's death, whereas a living trust is established during the testator's lifetime.;Testamentary trusts are often used for managing assets for beneficiaries, while living trusts can help with estate planning and avoiding probate.
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The testator must also have the mental capacity to understand the nature of the document and the effects of its provisions.
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Digital assets, such as online accounts and digital files, should be included in the estate plan with clear instructions for their management and distribution.;It is important to provide access details, such as usernames and passwords, and to appoint a digital executor if necessary.
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A will can be contested on grounds such as lack of mental capacity, undue influence, or improper execution.;The contesting party must file a claim in court, and the court will review the evidence to determine the validity of the will.
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Debts and taxes must be paid from the estate before any distribution to beneficiaries can occur. This includes funeral expenses, outstanding bills, and estate taxes.;The executor is responsible for filing the necessary tax returns and ensuring all obligations are settled in accordance with the law.
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Family provision claims allow eligible family members to seek a share of the estate if they believe they have not been adequately provided for.;The claim must be made within a specified time frame after the death, and the court will consider factors such as the claimant's financial needs and relationship to the deceased.
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Probate is a legal process that confirms the validity of a will and grants the executor authority to administer the estate.;It is required when the deceased's estate includes significant assets, such as real estate or large bank accounts.
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If a person dies intestate, their estate is distributed according to the intestacy laws of the state or territory, which typically prioritize spouses and children.;An administrator is appointed by the court to manage and distribute the estate in accordance with these laws.
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A will can be updated through a codicil, which is an amendment to the original will, or by creating a new will that revokes the previous one.;To revoke a will, the testator can destroy the original document or include a statement of revocation in a new will.
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An executor's role includes gathering and managing the deceased's assets, paying debts and taxes, and distributing the remaining assets to beneficiaries.;The executor must act in the best interests of the estate and comply with the wishes outlined in the will.
