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.
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.
If you pass away leaving no will and your main asset, the family home, is in your sole name, this can result in your loved ones not receiving the assets you wish them to have or to be able to lead the life after your passing that you wish them to have and can cause hardship.