Wills and EPAs

For people who are responsible for farms and other major assets, it is important to ensure you have a current will and Enduring Powers of Attorney (EPAs). If you don’t have these and you die unexpectedly, lose mental capacity, or are unable to attend to your personal affairs for a period, it could lead to not only farming operations being disrupted, but also family uncertainty and having to spend time and money on sorting things out.

Will: Your will sets out your instructions about the distribution of your property to your family after you die. Even if you have a will, it is good practice to regularly review it, so it reflects your current situation and wishes.

If you don’t have a will, there is legislation that decides how your estate is divided up; this arrangement may not be what you would wish. To prevent this, it’s optimal (and much easier) to ensure you have a valid will that reflects your wishes. Your family will thank you for it.

EPA: An EPA is a legal document that allows a trusted person (your attorney) to manage your affairs and personal care. There are two forms of EPA – one covering property affairs and the other about your personal wellbeing. An EPA for personal care only applies if you lose mental capacity, while an EPA for property can also apply while you have capacity.

For a property EPA, your attorney could be a trusted friend or relative, or you could appoint a trustee company to manage your property matters.

For a personal care and welfare EPA, you can only appoint a person as your attorney.

We can help you set up EPAs and a will or, if you already have them, review them so they reflect your current situation.

DISCLAIMER: All the information published is true and accurate to the best of the authors’ knowledge. It should not be a substitute for legal advice. No liability is assumed by the authors or publisher for losses suffered by any person or organisation relying directly or indirectly on this article. Views expressed are those of individual authors, and do not necessarily reflect the view of this firm. Articles appearing in this newsletter may be reproduced with prior approval from the editor and credit given to the source. Copyright, NZ LAW Limited, 2019. Editor: Adrienne Olsen. E-mail: adrienne@adroite.co.nz. Ph: 029 286 3650 or 04 496 5513.