Wills, Trusts & Powers of Attorney
Many New Zealanders fail to make a will and this means that on their death their property is distributed according to law and not necessarily as they or their remaining families would have wished. A will means you can name heirs, executors and guardians for your children, among other things.
Most people require a simple will, however where trusts and business succession issues are involved, wills can be very complex. Once you’ve made a will, it needs regular reviews to include changes like the birth of a child or the start or end of a relationship, and an increase in your assets. We strive to keep the costs of making a will affordable.
There are many reasons unique to each client to set up a trust. Examples could be to protect the inheritance of a mentally or physically impaired child, or to protect significant assets you may leave to your married children from any relationship property claims they may face. Trusts can also be useful to create education funds for grandchildren.
Upon a second marriage, a trust can be used by each partner to protect their own assets and pass these down for their own children.
Enduring Powers of Attorney
As we enter the older age our bodies can often remain in a better state of repair than our mental faculties. The key to make sure you have a responsible family member who you choose to take care of your accommodation, banking and health is to set up an Enduring Powers of Attorney to them while you are still able to legally sign the documents to do so. You can give such powers to one or more of your family, including your spouse or partner, in respect of your money and property and separately to your spouse or a family member to oversee your health and personal matters. These are very useful and highly recommended to have, but they are also very powerful and require expert care and advice to set up correctly to meet your needs. We like to educate our clients about EPAs early on and recommend you look to set them up as soon as possible. There are also other uses for Powers of Attorney and Deeds of Delegation for Trustees, Directors of companies and those wishing to travel for extended periods.