Wills & Trusts

Wills

A Will is a legal document that states how your assets should be distributed after your death.

Your Will identifies the beneficiaries of your property and other assets. A Will should be reviewed at least every three years or when personal circumstances change, such as marriage or remarriage, divorce or separation, birth of children, the acquisition or sale of a major asset.

In a will you can specify:

If there is no Will, your property and possessions will be distributed by the State according to the terms of the Administration Act 1969. This may take an extended time and you have no control on who receives your assets, as entitlement is specified by New Zealand law.

Every person over the age of 18 should make a Will, regardless of their assets.

Trusts

A trust is a legal arrangement in which a person or institution (the trustee) becomes the legal owner of the assets and holds the assets of an individual (the trustor) for the benefit of beneficiaries.

Since the new provisions of the Property (Relationships) Act 1976 came into force, many people are using trusts to safeguard their assets from unwanted claims. As part of estate planning, a trust can ensure that the assets are used for the benefit of beneficiaries.

Enduring Power of Attorney

An Enduring Power of Attorney is a legal document, which allows any individual, attorney or organisation to act on your behalf while you are still alive.

In the event of being incapacitated by, for example, a stroke, accident, mental illness or even temporarily being unavailable, the Enduring Power of Attorney can be invoked to allow decisions to be made on your behalf, by the person previously appointed by yourself.

Financial Matrix do not advise on wills and trusts, but recommend you discuss the implications of a will or trust with a lawyer or legal adviser.