A new Trusts Act 2019 will come into effect in January 2021 and will be the most comprehensive overhaul of New Zealand’s Trust law in more than 60 years.
A significant number of our clients have Family Trusts and there is now a window of opportunity of 14 months to review these Trusts.
So - what is an Enduring Power of Attorney (EPA)?
An EPA is formal document in which you, the donor, can appoint one or more persons to act on your behalf as your attorney. There are two types of attorneys you can appoint (a) one attorney as to personal care and welfare, and (b) one or more attorneys as to property.
Purchasing a new home is an excellent time to consider forming a Family Trust. You can form a Trust at any time, but the purchase of a home is a cost-effective time to form a Trust, because the legal and bank requirements can be completed with the purchase of the house.
A Trust is created by Deed which sets out its powers and places obligations and responsibilities on its Trustees.Trusts can provide you with flexibility for the benefit of your family and protecting your assets.
According to some sources, the cost of a funeral is one of the three or four most expensive consumer purchases. Funerals can cost upwards of $12000.
They definitely don’t have to be so expensive, and there’s no reason (other than stubborn sentimentalism) to believe that paying so much for a funeral is somehow a sign of love for the departed.
Thinking ahead about your funeral is not something very many people do, and even less think about how they are going to pay for it.