Have you done your wills and EPAs?

[Edbear]

Well, this is the forum for non-motorcycle stuff, and I'm not selling anything as I don't make any money from this.

We had a session on wills, trusts and EPA's last Friday and it emphasised how important they are, well a will and an EPA, epsecially.

If you die without a will, the Govt. appoints the Public Trust as executor, which is fine, except it takes 10% of your estate in fees and of course takes a lot longer to have everything sorted, plus you can't guarantee that what you wanted to happen, does.

If you don't have an Enduring Power of Attorney, your next of kin is not automatically legally authorised to act in your behalf. They would have to apply to the Family Court which at present will take up to 3mths and of course, cost money. If more than one wants to have EPA in your behalf, the court may appoint someone you wouldn't want, or decide on a court-appointed official. Again, delays and costs.

A will can be challenged by anyone who can say they have had a relationship with you, including, say a long-term boarder or tenant! The cost of a challenge is borne by the estate, not the challenger, (Blame the current Govt. for that change...). A trust cannot be challenged as easily and is the most secure way to ensure your assets are protected and go where you want them to.

If anyone has questions about anything, feel free to contact me either by PM or the office, 09-913 1850/1867.

Our consultations a free of charge and as I said, I don't have to sell you anything.

[KATWYN]

Well considering the danger of our hobby, a biker forum is probably quite appropriate to remind people to protect themselves and their families by having a will and EPA before (although hopefully not) an accident may happen!

[imdying]

Yeah... when I got married... left all my tools to the onearmedbandit cause I'm a prick like that

[Cajun]

Have all three, family trust, wills, and epas did them all earlyer this year when upgraded the house.

[Drum]

I've been meaning to get this sorted. Can you recommend anyone in Wellers.

What about those do it yourself will kits? Are they any good?

[Joni]

Hmm yes.... I have not done anything since I came to NZ... better get my a into g

[Warr]

Yes got ours sorted before our SI adventure end of last year plus some life insurance to cover immediate costs like mortgage & funeral costs. The Will wasn't entirely straightforward being on 2nd marriage and wanting it to be fair for my children.

[jimevo]

If you die without a will, the Govt. appoints the Public Trust as executor, which is fine, except it takes 10% of your estate in fees

This statement is misleading...and it should not be used to advertise your service!

While the estate administration costs may quite possibly get up to 10% (perhaps even more), your reference on Public Trust is inappropriate.

Also, dying intestate does NOT automatically mean Public Trust is automatically appointed to adminster the deceased estate.

This topic is highly sophisicated and should be treated with care.

[Winston001]

If you die without a will, the Govt. appoints the Public Trust as executor, which is fine, except it takes 10% of your estate in fees and of course takes a lot longer to have everything sorted, plus you can't guarantee that what you wanted to happen, does.

No. Letters of Administration are applied for by the next of kin. Sometimes a trustee company such as Guardian Trust, Perpetual Trust, Trustees Executors or Public Trust is more appropriate. Fees will depend upon the complexity and size of the estate.

If you don't have an Enduring Power of Attorney, your next of kin is not automatically legally authorised to act in your behalf. They would have to apply to the Family Court which at present will take up to 3mths and of course, cost money. If more than one wants to have EPA in your behalf, the court may appoint someone you wouldn't want, or decide on a court-appointed official. Again, delays and costs.

Agreed. Everyone should have Enduring Powers of Attorney for Property and for Personal Care.

A will can be challenged by anyone who can say they have had a relationship with you, including, say a long-term boarder or tenant!

Agreed

The cost of a challenge is borne by the estate, not the challenger, (Blame the current Govt. for that change....

Not always - if the judge considers the case to be ill-founded or not properly run by a party, they can be ordered to pay costs. It is wrong to assume the estate will always be ordered to pay.

A trust cannot be challenged as easily and is the most secure way to ensure your assets are protected and go where you want them to.

Agreed. Trusts aren't a complete protection but they certainly help protect your assets.

Our consultations a free of charge and as I said, I don't have to sell you anything.

Sorry but this looks like blatant trolling for work. Your points are good but seeking work in this way is unprofessional.

[sunhuntin]

i should get one done, but i dont know anyone worthy enough to take care of my stuff! i do know i want the 500 to go to my boss, since he loves that bike as much as i do. already she will be left with him when i do tours in the future.

[Hitcher]

The last thing you want is the Public Trust administering your will, either by accident or design. By all means make a will, but don't get suckered into the "free" service that the Public Trust promotes. If your will is currently with the Public Trust, revoke it and make another one.

[Winston001]

The last thing you want is the Public Trust administering your will, either by accident or design. By all means make a will, but don't get suckered into the "free" service that the Public Trust promotes. If your will is currently with the Public Trust, revoke it and make another one.

You may very well say that but ethically I couldn't possibly comment........

[Joni]

The last thing you want is the Public Trust administering your will, either by accident or design. By all means make a will, but don't get suckered into the "free" service that the Public Trust promotes. If your will is currently with the Public Trust, revoke it and make another one.

Why?

I have to do something for myself, so am very interested why you say that....

[Hitcher]

Why?

I have to do something for myself, so am very interested why you say that....

Well, for starters, the PT's "free" service isn't. Yes, there's no charge for making a will, but it doesn't cost that much for a lawyer to craft something that meets your needs, and a lawyer will generally throw in an Enduring Power of Attorney agreement for nothing. If you're worried about cost, there are a bunch of DIY will kits that can be downloaded off the net and which are quite "legal" and proper (just make sure that your next of kin and any other beneficiaries are aware that you have one and where to find it).

The PT makes its money by administering estates i.e. the legal affairs and assets of dead people. It does this in a manner that works best for the PT, rather than for the beneficiaries of the dead person. I have seen too many examples of PT administered estates where the outcome would not have been what the dead person wished and, in some cases, not what they had communicated to their families as being their wish.

Despite what the PT may claim in its marketing, your word isn't always "law", and you should get sound legal advice when making a will to ensure that what you wish to do is possible or non-contestable.

[jimevo]

It is just too easy to criticise Public Trust on this matter...

What people must undertand is estate planning is not a precise science, there are a lot of factors to consider and there will never be a perfect Will or so-called an bullet-proof testamentary wish!

Yes Public Trust does charge fees to administer deceased estates, what about lawyers, do they not charge the estate if they were appointed as the executor/trustee?

Yes the next of kin or a family member can be appointed as the executor/trustee...but does the person what to do when the time comes?

What about these cases that lawyers ripping off the estate or incapacitated person few years back?

It's far too easy to criticise a trustee organisation...whether it is Public Trust, Guardian, or Perpectual...