Trusts and Wills
Like anything in life planning for the future is crucial. Our Trusts and Wills service allows you to do that right now and before it is too late. It is better you have a say now while you can and you can determine your future and those valuables that you own.
Why are trusts important?
Family trusts are designed to protect our assets and benefit members of our family beyond our lifetime. When our assets are in a family trust we no longer have legal ownership of them – the assets are owned by the trustees, for the benefit of our family members.
People usually set up a family trust to get some benefit from no longer personally owning an asset. A family trust may be useful to:
People usually set up a family trust to get some benefit from no longer personally owning an asset. A family trust may be useful to:
- Protect selected assets against claims and creditors – for example, to protect a family home from the potential failure of a business venture.
- Set aside money for special reasons, such as a child or grandchild’s education.
- Ensure our children, not their partners, keep their inheritances.
- Manage the risk of unwanted claims on our estate when we die – such as from a former partner.
do i need a will and enduring power of attorney?
Every person over the age of 18 needs a will and an enduring power of attorney. This is absolutely crucial.
what happens if i don't have a will?
f something happens and you don’t have a will or an enduring power of attorney, decisions can’t be made until someone is chosen (usually by the courts) to do this. Not only that but there are other consequences especially from a financial point of view.
If you have no will the costs of administering your estate increase dramatically and any assets could be sold to pay the lawyers battling over your estate leaving nothing for any of your family.
Also the person chosen to make the decisions and the decisions that are made, may not be what you would have wanted. Do you really want to this to happen?
If you have no will the costs of administering your estate increase dramatically and any assets could be sold to pay the lawyers battling over your estate leaving nothing for any of your family.
Also the person chosen to make the decisions and the decisions that are made, may not be what you would have wanted. Do you really want to this to happen?
Do I have to keep my will updated?
Even if you have will or enduring power of attorney in place, it’s just as important to keep them up to date. Life brings constant change and things like marriage, divorce, births and deaths may all affect your wishes. If your Will is not current, your assets may not go the people you intended or even to the wrong people. You cannot let this happen.
Creating a Trust or a Will does considerable planning and thinking about the future. The Whutupōro team are experienced in helping people achieve peace of mind by ensuring that everything they want for the future is well planned and documented.
Do you want peace of mind that your future is planned in the event something unfortunate to happen? Or are you happy for anyone and everyone to take a piece of your valuable items? Don't delay any longer contact the Whutupōro team right now.
Do you want peace of mind that your future is planned in the event something unfortunate to happen? Or are you happy for anyone and everyone to take a piece of your valuable items? Don't delay any longer contact the Whutupōro team right now.
Trust Review
So you have a family trust, when was the last time you reviewed it? The robustness of Family Trusts is under ongoing scrutiny as a result of the Law Commission review on the law of Trusts. Our Trust Review service examines the setup of your trust, identifies any administration gaps, and ensures your Trust is compliant with legislation and that trustees are meeting their obligations.
We’ve developed a number of resources to help you to understand this sometimes complex topic. We provide this service to ensure your existing Trust reflects your current intentions using the simplest structure possible and also meets with statutory requirements. It’s about maximising benefits you may be entitled to and protecting your assets from relationship property, family and creditor claims while preserving value for future generations.
Benefits of having a Trust Review:
During your Trust Review we’ll provide recommendations for any changes and improvements to ensure your trust is aligned with your goals and intentions. Where applicable we will forward instructions to your lawyer for any necessary changes.
We’ve developed a number of resources to help you to understand this sometimes complex topic. We provide this service to ensure your existing Trust reflects your current intentions using the simplest structure possible and also meets with statutory requirements. It’s about maximising benefits you may be entitled to and protecting your assets from relationship property, family and creditor claims while preserving value for future generations.
Benefits of having a Trust Review:
- Gain an increased understanding of how your Trust operates
- Identify potential tax savings
- Highlight any areas of risk / concern
- Develop peace of mind that your Trust is working for you
- Ensure optimal tax structuring and asset protection for future major transactions
- Ensures your Trust is compliant with legislation and statutory requirements
- Avoid your Trust being deemed a sham
During your Trust Review we’ll provide recommendations for any changes and improvements to ensure your trust is aligned with your goals and intentions. Where applicable we will forward instructions to your lawyer for any necessary changes.