Estate Planning & Asset Protection: Looking toward the future
We all desire a long, happy, healthy life—and we certainly hope this is the case for you. But life can throw curve balls… in this eventuality, good Estate Planning and Asset Protection come to the fore.
Estate Planning & Wills
At its most basic, Estate Planning is about deciding what happens to your assets in the event of your passing—most commonly formalised through drafting a Will. But here’s a surprising fact; Of the 30,000 kiwis aged 18 or older who pass away annually—approximately 50% do not leave a Will.
Without a Will, months—sometimes years—of time and expense can be expended into bringing your affairs into order. Not to mention the strain on relationships that can occur when a death—plus property, businesses and money—are put together in the same sentence. All of which could be avoided with some simple pre-planning.
At Fleur McDonald Legal, we can assist you in drafting a Will that reflects your intentions—ensuring your assets go to the right people in your world.
Unfortunately, sudden passing is not the only unforeseen challenge life can throw—incapacitation where you may not be able to manage your affairs is every family’s worst nightmare. An Enduring Power Of Attorney (EPA) is a legal document that appoints someone to manage your affairs on your behalf. An EPA can cover your welfare and property—or be restricted to one or the other.
Setting up an EPA does not need to be complicated or costly—but it does need to be right for you. It is too late to say ‘if only’ if the unforeseen happens.
Enduring Power of Attorney (EPA)
Family Trusts
You spend a lifetime working and acquiring assets with a view toward retirement. However, if there is one certainty in this life—it is; that even well-laid plans can be derailed.
A Family Trust is a legal arrangement that creates a buffer, protecting your assets over the long term from risk. Every Trust requires a Trustee/s (who own and manage the Trust—in this case, probably you), asset/s (often property but sometimes money), and beneficiaries (the people who receive the benefits from the assets held within the Trust—such as you children or grandchildren). As the name implies, beneficiaries may receive benefits from the assets held in the Trust—but do not control the assets themselves (unless they are also a Trustee).
A Trust also has another vital function—it separates the legal ownership of assets held in the Trust from the Trustee/s. This is particularly important for anyone at risk from financial liability—such as business owners or asset-rich individuals entering a relationship. The point is—do not lose the assets you’ve worked for due to something unforeseen.
Our team can provide the specialist advice you need to set up a Trust to protect your assets.
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