This is a specialisation of Wills & Estates practice area

Wills & Estates Practice Area: Estate Planning in New Zealand

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.

Conclusion

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.