In previous articles in Trust eSpeaking, we have explained why it is important to have an enduring power of attorney (EPA) and the problems that can be created if you do not have one when the need arises. You should have two EPAs – one for property, and the other for personal care and welfare.
The Family Protection Act 1955 allows children to bring claims against the estate of a deceased parent on the basis that their parent did not adequately provide for their ‘proper maintenance and support’.
In late 2019 the Law Commission reported back to the government on its review of the Property (Relationships) Act 1976 (PRA).
The new Trusts Act 2019 will come into effect on 30 January 2021. Much of the Act updates or restates law that exists already, either in statute or in case law. There are, however, a number of changes about which trustees and settlors should be aware.
Grandparents often want to give some financial assistance to their grandchildren and great-grandchildren. There can be a number of good reasons for making specific provision for grandchildren in your will or through a family trust.
Increasing numbers of elderly New Zealanders are going into residential care and seeking the government’s residential care subsidy.
What the future may hold for separating couples with a trust
It’s a time-consuming and expensive process if you don’t have an EPA
Helping your children – with care
For wills to be valid they must comply with a number of legal formalities; they must be in writing and there must be two witnesses who must attest to the will-maker signing the will in their presence.
This article explores the two most common ways that trusts can be brought to an end – bringing forward the date of distribution (the trust’s expiry date) and distributing all the trust assets to beneficiaries.
If you have a family trust set up a number of years ago, it’s good practice to review it to ensure it is still ‘fit for purpose’. Leading on from that is the question that is often asked of us, “Should I bring my trust to an end?”
Trustees and executors are not always entitled to reimbursement for their litigation costs...
As parents age, their children often find they need to take an increasing role in looking after them...
When your spouse or partner dies you will need to make a very important decision between your entitlements under their will and potential claims against their estate...
No one should want to be trustee for life. It’s useful for trustees to think about a succession plan: which trustees should we expect to retire or be replaced and who are the likely replacement trustees?...>
The long-awaited Trusts Bill was introduced to Parliament on 1 August 2017. The bill is an update to existing trust law and deals with practical issues that have faced lawyers and trustees for some years. We outline some of the most important parts of the Bill...>
Many people agree to act as trustees of trusts set up by friends or relatives on the basis that they wish to help out or assist their friend or relative in some way. Eventually it comes time to retire...>
For many people a gift by Will (also known as a legacy) from a relative or friend can be very significant – both personally and financially. The relative or friend wants to show you kindness but also usually wants the gift to be of real benefit to you personally. You need to keep it protected. >
Most owners want to ensure their business will continue after they have died. However, there is a lot more planning that you should do other than just having an updated Will and Enduring Powers of Attorney. >
Foreign trusts have been in the news recently. The government has now introduced legislation to tighten up the rules. But what are foreign trusts and is this important to you? >
Trusts can sometimes be used to protect assets from future claims by a former spouse or de facto partner. Trustees need to be cautious... >
The extent of a trustee’s obligation to provide information to beneficiaries has been a continuing source of frustration for trustees, particularly those whose discretionary decisions may be challenged. Recently the Court of Appeal clarified the nature and extent of this ... >