Writing a Will is easy right? Just leave everything to my
spouse and then bury my body?
Do it yourself Will kits may make it seem easy but there are
many pitfalls throughout the process of making a Will which could
make your Will invalid or mean that your testamentary intentions
are not fulfilled.
By Rebecca Collins - 8 Oct 2013
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The Auckland Unitary Plan will be notified today. This will
trigger the formal submissions phase with submissions closing on 28
February 2014. The Plan will not be fully operative until
completion of the submissions and appeals process. If you own
property in Auckland or do business in Auckland the time to take
action is now.
By Kay Keam - 30 Sep 2013
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On 11 September 2013 the Law Commission presented their review
of the Law of Trusts, A Trust Act for New
Zealand, to Parliament. The review calls
for the adoption of a new Trusts Act and the subsequent repeal of
the current Trustee Act 1956. The new Trusts Act will not
serve as a mere update of the current Trustee Act 1956, but will
provide simplified procedures, outline the core characteristics of
trusts and strengthen the common understanding of trust law for
those using it. It will bind together and build upon all accepted
rules of trust law, whether found in legislation or case law.
By Catherine Atchison - 24 Sep 2013
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The High Court recently removed a beneficiary's stepmother and
solicitor as trustees of a trust. The removal was on the
grounds that they failed to act impartially and/or failed to take
into account the interest of all the beneficiaries. The recent
High Court decision of Thurston v Thurston reaffirms the
requirement of trustees to act impartially and in the interest of
all beneficiaries.
By Tony Johnson - 5 Sep 2013
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The practice of a couple gifting $27,000 per annum each to a
trust ($54,000 per couple) has existed for many years. This
was the limit that could be gifted before gift duty tax was imposed
prior to the abolition of gift duty on 1 October 2011. Gifting
the maximum allowed before the imposition of gift duty also ensured
that assets were transferred to a trust as efficiently as possible
to give best effect to asset protection and estate planning
schemes.
By Tara Grant - 23 Aug 2013 - 1 comment
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International re-insurers have been feeling the pinch from the
fallout of the Christchurch earthquake. They now see New Zealand as
a riskier bet and want to more accurately assess their future
liability in the event of further natural disasters. So, gone is
the golden era of open ended replacement insurance and in are the
days of Sum Insured policies. Replacement policies are based on the
size of the property. Sum Insured policies are for a specific
sum.
By Kay Keam - 7 Aug 2013 - 1 comment
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Well not quite. But the last few years have seen the rise
of a number of alternative sources of funding to challenge the
traditional banking model. One such source of funding is known
as crowd funding.
By Mike Worsnop - 19 Jul 2013
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Succession Planning is a critical issue facing many
SMEs. And when you stop to consider that something like 97% of
businesses fall into that category (based on figures published by
Statistics NZ), it's a critical issue for the New Zealand
economy.
By Mike Worsnop - 12 Jul 2013
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It's a question we regularly get asked by clients. And for good
reason - legal services is one of those bellwether industries.
By Mike Worsnop - 8 Jul 2013
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The role of trustees is becoming progressively more time
consuming and complex - and sometimes mistakes happen. So,
what happens if you, as trustee, have slipped up?
By Tony Johnson - 28 Jun 2013
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