Recently, it’s been highlighted to me how important it is to have a Will and to make sure it is up to date. A Will deals with your property upon your death. Property includes real estate, vehicles, bank accounts, life insurance policies, shares, your Kiwisaver/superannuation account and your ‘stuff’ in general.
What happens when a family member becomes mentally incapable through injury or illness and there is no enduring power of attorney in place?
What if my child is born with an intellectual disability and they are unable to care for themselves and sort their own finances when they are an adult?
You may be able to apply to the Family Court for appointment as a welfare guardian and/or property manager.
One of the things many people think about in times like these (actually it also seems to be right before Christmas or going on holiday) is whether they have a will in place, or need to make changes.
We don’t want you to be anxious so here’s a few things to think about to put you at ease.
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.
This is a classic example of why wills should be prepared by lawyers, who can give proper legal advice and independent oversight.
A deceased woman’s so called ‘interim will’ was recently ruled invalid by the High Court. The document was prepared by her church in an effort to secure her assets for itself, with no regard to her adopted children.