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.
Most people are now aware of the importance of having an enduring power of attorney (EPA). If you are unable to make decisions for yourself at any stage (either temporarily or longer term) it is important there is someone in place to act on your behalf. What happens to you, and your family situation, if you have no EPA?
In the last edition of Off the Record, we began exploring what can be a highly contentious issue: challenging a Will. As I outlined in Challenging a Will: Part 1, there are two main legal grounds on which someone can question a Will. The first, which we explored in Part 1, is that the Will’s legal validity is disputed.
When a marriage, civil union or de facto relationship breaks down, the couple will usually divide their property according to the Property (Relationships) Act 1976 (the PRA). However, these two people often hold property in a trust rather than personally.
Death can bring more than mourning for those left behind. Too often it leads to animosity and arguing around the departed loved one’s Will – especially when its provisions come as a surprise.
New Zealand’s ageing population has created a boom for retirement villages, with record numbers being developed. For many looking to retire or slow down, retirement village living is attractive – and it’s not hard to see why. A new apartment or cottage in a secure, well-maintained environment, offering a lock-up-and-leave lifestyle, and providing resort-like facilities such as cafes, gyms, pools, bowling greens, libraries and men’s sheds can be very appealing.
While most people are aware they need a Will, and might have given clear directions as to how they wish their business duties to be dealt with after they pass, many don’t give a second thought to how their business would fare if they were suddenly mentally incapacitated.