Today: Saturday, 15 December 2018 19:52

financial security through sustainable planning

Estate Planning

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There are three main areas related to Estate Planning, these are:

  • Wills
  • Enduring Power of Attorneys
  • Trusts

Wills

Your Will sets out your wishes for providing for your loved ones, and how your affairs are to be managed after you are gone. You can specify...

  • who you'd like to provide for, including any gifts
  • guardians for children under 18
  • plans for your funeral
  • an executor and trustee to carry out your wishes

Your executor and trustee is responsible for estate administration. The job starts when you pass away, and ends when everything is complete.

Being executor and trustee for an estate is often a complex job. It is important that whomever you choose has the right skills.

Appointing a professional executor and trustee means they are experienced, independent and will manage things according to your wishes.

Enduring Power of Attorney

A power of attorney is a formal document giving someone the power to act for you if you lose the capacity to make decisions yourself.

There are two types of enduring power of attorney - one for your money and property affairs and the other for your personal care and welfare. You may wish to appoint different people to have enduring powers of attorney for these different areas.

Succession First is not an advisor in the field of Enduring Powers of Attorney. We have working relationships with trusted professionals in this field. Please make contact with us if you would like further information and an introduction to an expert in this field.

Trusts

The benefits of a Trust are as many and varied as the people who establish them.
Trusts in various forms have been providing asset protection for people for hundreds of years and
whilst evolving with changing business conditions, their basic reasons for existence have remained the same.

  • Protect your assets for the future
  • Protect your assets from loss to creditors /business failure/relationship breakdown
  • Reduce exposure to future new taxes (capital gains, estate duty?)
  • Retain control over the disposition of your assets after your death
  • Maximising tax efficiency

For expert and specialised advice on trusts visit www.nztrustees.co.nz or contact us and we will put you in touch with experts in this field. Succession First does not provide advice on trusts. We have working relationships with trusted professionals that are specialists in this field.