Setting your personal affairs in order

It is a new year, and perhaps you have decided it is time to put your personal legal affairs in order. Here are some points to consider:

Will:

Your will determines how your personal assets (estate) are distributed on your death. Without one, your estate will be distributed in line with legislative provisions, and the outcomes may not align with your wishes.

If you have decided to put a will in place, now is a good time to consider who you would like to act as your executor and among whom you would like to distribute your estate.

If you have executed a will some time ago, you may want to consider whether your executors are still fit to act and whether your intentions have changed.

If you have a will in place and are getting married, you should be aware that, unless your marriage is contemplated in your will, your current will becomes invalid upon marriage, and a new will is required. Enduring Power of Attorney (EPA):

An EPA is executed with respect to your personal care and welfare or your property. It allows you to nominate a person, or persons, to make decisions on your behalf if you become mentally incapable. Without an EPA, family members will need to apply to the Family Court to make decisions on your behalf; this can be a costly process.

If you do not have EPA’s in place, it is better to execute them sooner rather than later. An EPA is relevant at any age; you may be involved in an accident, or become unexpectedly ill and family members will need to make decisions on your behalf.

As you age, it is important to execute an EPA before your capacity, that is, your ability to make decisions and understand the implications of those decisions, becomes an issue. If your capacity is an issue at the time you sign your EPA, it may be vulnerable to contest by disgruntled family members.

If you have any questions or concerns, our approachable team in Silverdale are happy to assist. Please contact us on 09 486 3058.

Patricia Parker Solicitor SIMPSON WESTERN

Nita Wong

Your Local Design and Build Consultant

nita@maddrenhomes.co.nz nita@maddrenhomes.co.nz

(021) 730238

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