Manukau Estate Lawyers – What Do They Do?
Estate law is essential to help people manage and pass on their assets, property, and money. It means that their wishes can bet met after their death, and that their assets are distributed as they desire. If people do not use the New Zealand estate laws, then the distribution of their legacy will be determined by a schedule in the law. To make sure that your wishes are met, talk to Manukau estate lawyers for advice and assistance. In this article, we look at some of the implications of not doing so, and the benefits of estate planning.
What is Estate Planning?
Estate planning covers a range of different tools, documents, finance management, and your personal wishes for your legacy. This can include drafting a will, setting up a family trust or a charitable trust, enduring powers of attorney, advice on how to set out your preferences, and ultimately executing your will and guidance through the probate process. Manukau estate lawyers are the best people to contact about any of these topics.
The aim of estate planning is that your assets are distributed according to your wishes rather than according to the government schedule of estate distribution. This happens if someone dies intestate, or without having made a will.
Is it a Good Idea to See Manukau Estate Lawyers?
Some people think that they can use a template will to prepare their estate and its distribution. This might be the case for a small estate, however, for people with even modest assets, it is a good idea to get expert legal advice.
For example, a modest house is likely to be worth a million dollars. When you add a lifetime savings, KiwiSaver, any life assurance policies, and the total soon increases.
In other circumstances, tax might be an issue. Again, a competent estate lawyer in Manukau will be able to advise your best course of action.
Blended Families
Another situation where a will can get complicated is with blended families when you have remarried, and there are children from previous relationships. Do you give money to all the children, or just your own blood-related offspring? Do you give equal amounts? What are the chances of a challenge to your will by a child that feels aggrieved about the distribution?
All these are common questions in this situation. It is a difficult situation to understand and needs sound legal experience dealing with such circumstances.
You won’t be around for any challenges and ill will, but you can save your family members a lot of stress, anger, and cost by seeking professional advice on how to draft a will when there is a blended family.
Creating a Legacy
Many people want to leave something worthwhile after their passing. This could be a trust fund for children or grandchildren when they reach a particular age, an education fund, a charitable endowment or trust, an investment pool for entrepreneurs, an animal care foundation, or many more.
To ensure that this is correctly established, and subsequently managed properly, you definitely need legal advice and support.
Probate and Estate Administration
This comes into effect after your death. Your family will be going through a difficult time and be bombarded with requests for information from a range of agencies. On top of that, the extent of your estate will need to be pulled together. All of this at a time when they are confused, upset, and vulnerable.
An estate Lawyer in Manukau will be able to take care of the probate aspect for you. If your estate is worth more than $15,000, you need to apply for probate to the High Court. In effect, this proves the will is true. AN executor applies for probate. If your lawyer is an executor, then they can take care of this for you.
Once probate has been granted, then the executor can begin the work of tracing all of the elements of the estate, settling any debts, paying outstanding taxes, and then start the distribution process of the net assets.
This can be a complex process so having a lawyer as an executor makes a lot of sense. Besides, they will have experience on how people commonly hide assets, have access to other professionals with relevant skills like an accountant, and more.
In Conclusion
Manukau estate lawyers perform key tasks for families both before and after death. They can advise the best ways to set out your will, what other estate planning tools you might need, and see that your wishes are met.
After your death, they can carry out the complex tasks to track down all of the assets, settle any liabilities and then distribute the reaming estate.
If you live in the south Auckland area, one of the estate lawyers in Manukau you can contact is McVeagh Fleming.