Published 20th February 2020 by Colette Mackenzie, Greg Kelly Law Ltd
Law Commission to review conflicting inheritance laws
In late 2019 the Law Commission reported back to the government on its review of the Property (Relationships) Act 1976 (PRA). Discussion on Part 8 of the PRA that deals with the division of relationship property on the death of a spouse or partner was specifically excluded from the scope of that review.
Acknowledging the issues that could arise by not addressing the division of property when a spouse/partner dies, in December last year the government asked the Law Commission to review the law of succession – that is, the law that governs who inherits a person’s property when they die.
Published 20th February 2020 by Chris Kelly, Greg Kelly Law Ltd
How many people should you name as attorneys?
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.
In your EPA, you should also take care to name appropriate people as your attorneys. Ideally you should name two people to manage your property, which also includes your finances and investments.
Published 20th February 2020 by Kimberly Lawrence, Greg Kelly Law Ltd
How much can a disinherited child expect?
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’. Exactly what constitutes ‘proper maintenance and support’ is the subject of considerable litigation, as well as extensive commentary in the media.
Since a trio of Court of Appeal decisions in the early 2000s, a general understanding has emerged that awards under the family protection legislation can be quantified by referring to a percentage of the relevant estate. It has long been said that a financially-stable adult child might expect to receive between 10%–20% of the estate of their deceased parent, depending on a number of factors including the size of the estate and the position of others under the will or those people who are entitled to make a claim. In many cases, the 10%–20% threshold has become an informal benchmark when assessing the position of a financially-stable adult child making a claim against a modest, but not insignificant, estate.
Published 9th April 2019 by Sarah White, Malley & Co
For better, for worse?
The law governing the division of property when a relationship ends is, after more than 40 years, set to change following the Law Commission’s comprehensive review of the Property (Relationships) Act 1976 (the PRA).
The Law Commission has identified changes that it believes should be made to ensure the regime better reflects the reasonable expectations of New Zealanders. We set out some of the proposals that may be relevant to you or your family.
Published 25th February 2019 by Colette Mackenzie, Greg Kelly Law Ltd
Helping your children – with care
Contributions by family members to the purchase of a property and how this is recorded can affect property ownership. We discuss how you can help your children and, at the same time, lessen the risks to you as parents.
New Zealand houses have never been more unaffordable: in the 1950s to 1980s a house cost two to three times the average household income. In the 1990s it was four times the average, and by the 2000s it was up to six times the average household income. When you add in the fact that households are now far more likely to have two incomes (compared with the single income norm of the 1950s), housing looks even less affordable.
Published 30th November 2018 by Alice Dombroski, Thomson Wilson
New Zealanders need to find time to sit down and make sure they have a will.
Published 5th October 2018 by Colette Mackenzie, Greg Kelly Law Ltd
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’.
Published 5th October 2018 by Chris Kelly, Greg Kelly Law Ltd
It has been estimated that there are between 300,000-500,000 trusts in this country. Trusts have been established for many different reasons, including estate planning, creditor protection, to ensure access to...
Published 5th October 2018 by Kimberly Lawrence, Greg Kelly Law Ltd
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...
Published 2nd July 2018 by Duncan King Law
What does it mean to have ‘mental capacity’ when it comes to signing a will or an important legal document? This has recently become a hot topic, with new case...