As your life changes so should your Will

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

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

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?

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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Beware: Disclosure Rules for Foreign Trusts Have Tightened

In February 2017 the New Zealand Parliament completed its third reading of the Taxation (Business Tax, Exchange of Information and Remedial Matters) Bill which is due to come into law soon. The Bill introduces new laws for the administration of New Zealand foreign trusts.  The reforms are based on the recommendations of the Shewan Inquiry which was set up as a result of the Mossack Fonseca data leak in April 2016 (the ‘Panama Papers’).  The report raised concerns about the need for disclosure rules relating to foreign trusts registered around the world.  The New Zealand Government has decided to enact the new law to ensure New Zealand's reputation is maintained. 

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Why have a Trust?

There are many reasons for creating a trust, and our team of trust experts briefly cover them here.

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