A Power of Attorney, Enduring Powers of Attorney and a Will are always important documents to have in place, but at times like this they take on a renewed significance.
A will is a legal document that records how you want your property and care for your dependants managed after you die. It is arguably the most important document you will ever sign.
The High Court case ofRauch & Ors v Maguire & Anor [2010] 2 NZLR 845 highlights two interesting distinctions. Firstly, the distinction between ownership of property as 'joint tenants' and ownership as 'tenants in common'. Secondly, the distinction between the duties of disclosure owed to beneficiaries by 'Executors' and by 'Trustees' of a deceased person's estate.
The way in which a property is owned - as 'joint tenants' or as 'tenants in common' can have a significant impact on the value of an estate. It is vital this is taken into consideration in estate planning.
If there's no Will, it is possible for the ex-spouse of a deceased person to apply to be Administrator of their estate and even to receive the entire estate if the marriage was never dissolved. Don't let this happen to you or a loved one!
Death and Wills! These are generally not topics typically associated with each other. However, when planning a wedding, it is wise to consider documents such as Wills and Contracting Out Agreements (commonly known as “pre-Nups”) as marriage imposes significant obligations in relation to property division and the allocation of assets.