Wills & Estates: Estate Planning
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Understanding Estate Planning and when to get legal help
The Wills & Estates practice area focuses on helping people plan for the future regarding their assets and loved ones. In New Zealand, this is especially important as it ensures that your wishes are followed after you pass away.
What is Estate Planning?
Estate planning is the process of deciding what will happen to your belongings, money, and property when you are no longer here. This includes making a will, which is a legal document that outlines how you want your assets to be distributed.
Why is Estate Planning Important?
Having a clear estate plan can help avoid confusion and disputes among family members. For example, if you own a house and want it to go to your children, a will can specify this. Without a will, the law decides how your assets are divided, which may not reflect your wishes.
Key Components of Estate Planning
- Wills: A will is a document that states how you want your assets to be distributed after your death. For instance, you might want to leave your car to your niece and your savings to your partner.
- Trusts: A trust is a way to manage your assets during your lifetime and after your death. For example, you can set up a trust to provide for your children until they reach a certain age.
- Enduring Powers of Attorney: This allows you to appoint someone to make decisions on your behalf if you become unable to do so. For example, if you fall ill, your appointed person can manage your finances and health care decisions.
How to Get Started
To begin your estate planning, it’s wise to consult with a lawyer who specialises in Wills & Estates. They can guide you through the process, ensuring that your wishes are clearly documented and legally binding.
Estate planning is an essential part of preparing for the future. By taking the time to create a will and consider your options, you can ensure that your loved ones are taken care of according to your wishes. In New Zealand, having a solid estate plan can provide peace of mind for you and your family.
How to choose the right Estate Planning lawyer
- Look for a lawyer with experience in estate planning.
- Check their qualifications and professional memberships.
- Read client reviews and testimonials.
- Ask about their approach to communication and support.
Verified Wills & Estates Law firms
These law firms are experienced in helping Kiwis navigate Estate Planning in Wills & Estates matters.
Common questions about Estate Planning:
What is estate planning?
Estate planning involves preparing for the management and distribution of your assets after your death.
Why do I need a will?
A will ensures your assets are distributed according to your wishes and can help avoid family disputes.
What happens if I die without a will?
If you die without a will, your assets will be distributed according to New Zealand's intestacy laws, which may not reflect your wishes.
Can I change my will?
Yes, you can change your will at any time, as long as you are of sound mind and follow legal requirements.
What is a power of attorney?
A power of attorney allows someone to make decisions on your behalf if you become unable to do so.