Busting some of the myths regarding Wills
There are a number of common assumptions made about access to a person's Will and what happens after the Will-maker has died. Television and movies often contain scenes in which, after a person's death, the estate lawyer and all the beneficiaries get together for a formal reading of the Will. While there's nothing to prevent this from happening, there's no requirement to do so and it rarely happens in New Zealand. Usually the estate lawyers write to each of the beneficiaries named in the Will to advise them of their entitlements.
Many trusts may require registration with the United States' IRS under the FATCA regime
The US Foreign Account Tax Compliance Act (FATCA) has been in force in New Zealand since June 2014. FATCA is a complex piece of legislation established to prevent tax evasion by requiring foreign financial institutions to register and report to the IRS in relation to any accounts held on behalf of US citizens.
Read more…Often people agree to accept the appointment as an attorney under an Enduring Power of Attorney (EPA) without really understanding what's involved and what will be expected of them. Read more…
The new weapon of trust law?
The widely publicised separation and property dispute of Sally Ridge and Adam Parore saw the High Court consider the concept of a common intention constructive trust. While well-established in Australia and England, this concept is relatively new in the context of New Zealand trust law. Read more…
The law requires all trustees to act independently and impartially. The term 'independent trustee' is used to describe a trustee who does not benefit from the assets of the trust. Read more…
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