Necessity of Wills and Memorandom of Wishes
3047POSTED:
GRA Blogs
Articles by The Professional Trustee Team
Now there's always at least 3 sides to a story but if the article in the New Zealand Herald is anything to go by, it would appear a family home and its contents were sold without potential beneficiaries being told.
The facts as reported are something like this:
- Mrs Haworth gives the Public Trust an enduring Power of Attorney in 2010. This means the Public Trust are put in charge of all her affairs.
- Mrs Haworth moves into a rest home and a couple of years later, the Public Trust make a decision to sell the family home.
- The family beneficiaries, being Mrs Haworth's daughters, were not told the home had been placed on the market for sale.
- The daughters have yet to be informed by the Public Trust of the sale price of the home and the distribution of those proceeds.
What does the above story teach us? Easy Peasey. Ensure you personally take steps to let others know what you want to happen with your assets and the assets that may be in your trust. Do this via your Will and a Memorandum of Wishes. Put these documents in place – NOW. Don't leave what happens to others. If you do that, you could well end up not having your wishes followed and hurting those you love and leave behind.
If you need help with these matters, please contact Trustee Services by calling (09) 522 7955 or emailing info@gra.co.nz.
The Professional Trustee Team
© Gilligan Rowe & Associates LP
Did you like this article? Subscribe to our newsletter to receive tips, updates and useful information to help you protect your assets and grow your net worth. We're expert accountants providing expert advice to clients in NZ and around the world.
Did you like this article? Subscribe to our newsletter to receive tips, updates and useful information to help you protect your assets and grow your net worth. We're expert accountants providing expert advice to clients in NZ and around the world.
Disclaimer: This article is intended to provide only a summary of the issues associated with the topics covered. It does not purport to be comprehensive nor to provide specific advice. No person should act in reliance on any statement contained within this article without first obtaining specific professional advice. If you require any further information or advice on any matter covered within this article, please contact the author.
Comments
Testimonials
We started not knowing what we can do, how to do it and most importantly - how to get there. By doing this journey we changed along the way. The knowledge is overwhelming and its exciting to scratch the surface. We now have a better understanding along side a team of experts to achieve our goals. Thanks GRA for sharing your knowledge (and time) to help us join the GRA family. We look forward to our future with GRA as we grow and develop to reach our goals - Julia and Simon, June 2018
Gilligan Rowe and Associates is a chartered accounting firm specialising in property, asset planning, legal structures, taxation and compliance.
We help new, small and medium property investors become long-term successful investors through our education programmes and property portfolio planning advice. With our deep knowledge and experience, we have assisted hundreds of clients build wealth through property investment.
Learn More
Free Resources, Tools & Downloads
