Trusts / Asset Planning

As your life changes so should your Will

Created: Monday, 01 July 2019 10:56

We all lead busy lives.  Our circumstances, and those of our family, change.  As our lives change our wills and other personal documents also need changing, or at least reviewing. 

A recent case (Sutton & Ors v Public Trust [2015] NZHC 1844 [6 August 2015]) highlights what can happen when your will has not been updated to meet a change in circumstances.  It also highlights that you need to be sure that what your will says is what you want.  Does the person drafting your will know your personal circumstances.  Do they know you? 

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Enduring Powers of Attorney - What you need to know

Created: Wednesday, 29 May 2019 17:51

In December 2016 amendments to the Protection of Personal and Property Rights Act 1998 (“PPPR Act”) were passed by Parliament. These amendments will come into force on 16 March 2017. Among the amendments that have been made are regulations to adopt new forms of the enduring powers of attorney (EPA). From 16 March 2017 these new forms will need to be used. If you have completed an EPA using the old forms but you and/or your attorney have not signed them before 16 March 2017, then these will need to be redone on a new form.

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Enduring Powers of Attorney

Created: Wednesday, 29 May 2019 17:39

Enduring powers of attorney (EPA) may be used to cover situations in which a person does not have the ability to manage his or her own affairs.

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Who do you want to control your Estate?

Created: Wednesday, 29 May 2019 16:54

It is estimated that only about half of New Zealand adults have a will. Even where there is a will in place, it may no longer be valid (a will is revoked on marriage or civil union) or relevant to the will-maker's current circumstances. Our busy lives mean many people delay signing and/or updating their will. The consequences of dying without a valid will are often not appreciated.

Family dynamics are much more complicated in our modern world. Blended families, that is where at least one of the partners has a child not biologically related to the other partner, are common. People are re-partnering later in their lives. These factors result in complicated and more frequent family disputes upon the death of a loved one. These can be minimised where there is a valid will and appropriate estate planning.

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Residential Care Subsidy - A Trust May Affect Eligibility

Created: Thursday, 26 July 2018 09:07

Statistically, few of us will require long term stay in a rest home or hospital. At age 65, 5% of the population is in care. This increases to 21% once we reach the age of 85. Of the 85+ population the average stay in rest home/hospital care is 18 months. However, 54% of those over 85 will probably die in care. This high percentage of people dying in care is not because they are in long term residential care but because of the numbers that will be in respite care.

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Residential Care Subsidies - Working It Out

Created: Thursday, 26 July 2018 08:51

The underlying purpose of the Social Securities Act 1964 is to ensure that financial support is available to people who require it.  The availability of this support is subject to means testing, and the Act requires that "where appropriate they should use resources available to them before seeking financial support under this Act".  These resources may include assets held in trust.

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