Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
In Whangamata, and the rest of New Zealand, estate planning involves several legal considerations designed to organize and manage an individual's assets for when they pass away or become incapacitated. It generally includes drafting wills, setting up trusts, planning for incapacity, reducing estate taxes, and nominating an executor to manage the estate's distribution in the event of death. It is a critical process to ensure that your assets are allocated as per your wish and that your loved ones are cared for after your demise.
Clarifying and documenting how you wish to distribute your estate among beneficiaries often requires expert legal guidance. You may need a lawyer if you've significant assets, complex family circumstances, wish to set up various types of trusts or you are keen to minimize potential estate tax. A lawyer with expertise in estate planning guarantees that your intentions will be executed accurately, and your loved ones will face fewer legal complications during a distressing time.
Estate planning in Whangamata, like elsewhere in New Zealand, is governed by numerous laws. Most importantly, the Wills Act 2007, Property (Relationships) Act 1976, and the Trusts Act 2019. These laws stipulate who can draft a will, how it must be written, witnessed, and the obligations and rights of trustees. Importantly, the Property (Relationships) Act may significantly influence your estate if you're in a relationship, as it dictates how property is divided.
While you can technically write your own will, it is strongly advisable to use a lawyer due to the potential complexity of the issues involved. Mistakes in drafting can lead to the will being invalid or not genuinely reflecting your intentions.
If you pass away without a valid will (intestate), your assets will be distributed according to the Administration Act 1969, which may not align with your wishes.
New Zealand doesn't have an estate or death tax. However, your estate may be liable for other taxes, so it’s best to consult with a legal advisor.
The executor(person or institution) you appoint will manage your estate after your death, which includes settling your debts, and distributing your assets according to your will.
Absolutely. It is actually recommended to review your will regularly, especially after major life events, such as marriages, divorces, or births.
The New Zealand Law Society can provide comprehensive resources and advice on estate planning. The Community Law Centres offer free legal advice across a range of issues, including estate planning. Te Awe Legal also offers a Maori perspective on estate planning, which could be valuable for understanding the unique cultural context.
If you need legal assistance in Estate Planning, start by researching and shortlisting local lawyers specialized in this area. Before meeting potential lawyers, prepare a list of your assets, how you want to distribute them, your nominated executor, and any questions. After selecting your attorney, work closely with them to draft your will, set up any trusts, and ensure you understand all the legal implications.
