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Estate planning law in Whakatane, New Zealand, involves creating a plan to manage your assets after your death or if you become incapacitated. The main purpose is to ensure that the assets are preserved and then distributed according to your wishes. An estate plan may include documents such as Wills, Trusts, Enduring Power of Attorney, and a Living Will.
Creating an effective estate plan often involves navigating complex legal and financial landscapes. A lawyer can help you understand the implications of different decisions and ensure that your plan complies with New Zealand law. They can assist in minimising taxes, avoiding potential disputes, and ensuring your wishes are clearly expressed and legally binding. Lawyers will also be helpful when it comes to executing the estate plan in case of your death or incapacitation.
New Zealand law does not impose estate or inheritance taxes. The predominant law affecting estate planning is the Wills Act of 2007 which sets out the rules for creating and altering wills, and the Trustee Act of 1956 which governs the administration of trusts. Additionally, the Property (Relationships) Act of 1976 sets the rules for division of property upon separation or death, which can significantly impact estate planning.
Without a will, your assets will be distributed according to the Administration Act of 1969, which may not align with your wishes. Having a will allows you to decide who inherits what, appoint a guardian for minors, and appoint an executor for your estate.
A trust is a legal entity to which you transfer your assets. The assets are managed by trustees for the benefit of others, known as beneficiaries. Creating a trust can be a useful way to protect assets, minimise taxes, and provide for vulnerable family members.
An Enduring Power of Attorney (EPA) allows you to appoint a person to manage your personal or property affairs if you become mentally incapacitated. The two types of EPAs in New Zealand are for personal care and welfare, and for property matters.
If you die intestate, without a will, your estate will be distributed according to the Administration Act of 1969. This may result in your assets not being distributed as per your wishes.
Yes, you can change your will at any time. However, you must adhere to the formalities prescribed by the Wills Act 2007, so it's preferable to seek legal advice.
The New Zealand Law Society provides an informative guide and a list of registered lawyers. The Public Trust also offers comprehensive services and resources about estate planning. Local community law centres can provide free initial advice.
If you need legal assistance in Estate Planning, the first step is to find a lawyer experienced in this field. Prepare a list of your assets and how you want them to be distributed. Also, consider who you wish to appoint as executor, trustee or power of attorney. After that, discuss your wishes with your lawyer and work with them in preparing the necessary documentation.
