Unless you have a Will, your assets will be distributed to family members according to New Zealand’s law governing intestate estates – and the distribution may not be in accordance with your wishes.
When you have a Will prepared by Booth Law, you can have certainty that your concerns will be listened to. We also have systems for following up with you if there are changes to legislation that may affect your Will, and for maintaining contact with you so that your Will is kept current.
A general Power of Attorney is an authority you give to someone to handle your property affairs while you are mentally capable. It is common, for instance, for this to be arranged if you are intending to travel overseas.
An Enduring Power of Attorney applies even if you cease to be mentally capable. There are two types of Enduring Power of Attorney:
Personal Care and Welfare
Property
An Enduirng Power of Attorney will usually arise when a person is concerned about how their affairs will be managed if they become mentally incapable.
Putting your important assets into a Trust is normally made for a reason. These can include:
asset protection: if you are in business, your home and other significant assets are better protected if they are held in Trust.
protecting your assets from relationship break ups: assets held in a Trust are normally not treated as “relationship property” .
providing for your children: assets held in Trust for your children are protected from claims by a child’s partner, spouse or de facto. A Trust can also protect the assets from being sold or wasted where the children may not be sufficiently responsible to make good financial decisions.
Whatever your reason, we can help you decide if a Family Trust is right for you.
Call 04 384 8658 to talk to David
For more info: https://www.boothlaw.co.nz/wills-and-family-trusts
https://www.boothlaw.co.nz/