Inheritance Law in Australia
As you mature, you should begin to think about how to distribute your assets among your clan. While a lot of people find this a scary thought-because of its association with death, this process have to be taken care of as early as possible. Doing so will help you properly decide who will fall heir of your enterprise or your property. Remember, if you make a hurried judgement, those who are not interested in a specific part of your estate will end up getting what is against their will. As a result, they will most likely not have the passion to manage the wealth and preserve it. So while you are still in your rational state, develop your will right away.
Take note, however, that certain regulations apply to any succession planning. In the Land Down Under, the terms that you want to apply will still be subjected on the state where the property is located. Regardless of your or your beneficiaries’ religion, residence, or nationality, the right Australian territory law will always be followed. If for example the deceased was married, the jurisdiction in which he and his wife espoused is irrelevant. Foreign marriages are even recognised in Australia. Indeed, at the end of the day, the local government court will preside and decide matters relating to inheritance.
Meanwhile, if you state in your will that you are giving your assets to children who are 17 years old or younger, your executor will hold the estate until the beneficiaries reach the age specified in the document or at age 18. Although the children might have a guardian, it is still the trustee who will manage the property.
Since the eradication of the death duties in 1979, inheritances made in Australia are now free of tax. Still, if what you have acquired belonged to a person who passed away before 20 September 1985, you have to get the property appraised right away. If the testator died after that date, you need to keep the financial records that contain the costs spent by the deceased and the executor. This way, you will not have lots of issues if you fail to get full exemption of the property.
If you want to learn more about how to get about your succession plan, it is best that you contact a solicitor specialising in this area. You can check out this website to know the legal information (http://www.austlii.edu.au/) you need now.