When dealing with the management of an estate within Western Australia, beneficiaries should be aware of the legal process and steps involved. Taking professional advice from competent Wills and estates lawyers will allow them to distribute the estate fairly and according to the wishes of the deceased. Being a direct beneficiary or as part of the administration team, you should have a sense of your rights.
Suppose you are not certain how to proceed or have any questions relating to the law. In that case, consulting Wills Lawyers in Perth WA, will assist with such issues.
One of the most significant elements of estate dispersal is the position of the executor. The executor is the person tasked with executing the instructions within the will of the deceased. This involves gathering the assets, settling any debts or taxes, and dispersing the remaining assets among the beneficiaries.
An executor is normally appointed in the will, but where no one is, the Supreme Court of Western Australia has the power to appoint an administrator. Executors are under a fiduciary obligation to act in the best interest of the beneficiaries and the estate. They must follow the instructions contained in the will, and in default, there could be consequences under the law.
Beneficiaries are parties or entities mentioned in the will to inherit a share of the estate. You, being a beneficiary, are entitled to:
Obtain a copy of the will: Beneficiaries are entitled to a copy of the will of the deceased so that they can confirm the provisions of the division of the estate.
Obtain an inventory of the estate: The beneficiaries can be given a real inventory of the estate, as far as liabilities and assets are concerned.
Challenge the will: If you believe that the will is invalid or you’ve been unfairly left out of the will, then you can challenge the will in the courts. It’s a very technical legal process, though, and it would be preferable that you go for professional assistance from Wills Lawyers.
Look for funding assistance: Where the estate of the deceased is not strong enough to take care of the interests of the beneficiaries, the latter can be entitled to look for financial help or challenge the will according to the Family Provision Act 1972.
In case a person dies without a valid will, the estate is distributed according to the rules of intestacy. The estate in Western Australia would be shared among the next of kin of a deceased person, and these were mostly the legal spouse or children of the deceased.
Where there is no spouse or child and no immediate family members, the estate can pass to other family members who are a little less close relatives, like brothers, parents, or perhaps grandparents. In case of a lack of relatives, the state government inherits the estate.
Distribution of property typically takes into account what the late person prefers and what the will says. But there ought to be consideration of whether they require assistance with decision-making while alive. That is when the Enduring Power of Guardianship comes in.
An Enduring Power of Guardianship allows a person to select someone they trust to make decisions about their life, health, and personal matters if they cannot do so themselves due to illness or injury.
Several problems can occur during estate distribution, resulting in potential delays or disputes:
Will contests: The courts may delay their decision regarding the validity of a contested will, which will affect beneficiaries.
Debts and Taxes: The estate debts, such as taxes owed, outstanding debt, and burial costs, must first be settled before the members of the estate can have their share.
Family tussles: A tussle between family members over inheritance may take longer in courts, and this may require professional and legal intervention.
Western Australian estate division can be complicated, particularly in interpreting the rights of the beneficiaries and those of the executor. Suppose you are involved in a dispute over a will, requiring assistance with an inheritance where there is no will, or need guidance about an Enduring Power of Guardianship. That being the case, you should consider seeking the counsel of Wills Lawyers. They may assist in making things work efficiently and as per the law. When they are well supplied with legal advice, the beneficiaries can demand their rights and obtain what was left to them by the deceased.
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