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W & K

Family Trusts

Messy Estate Management

Several years ago, a prominent Auckland Financial Adviser was rightfully criticised in court for his handling of a $1.4M estate. The will stipulated that the deceased’s wife (who was his second wife) should have a life income interest in the estate, and that the children of the man receive the balance of the estate upon the second wife’s death.

In this case, the adviser was an Executor, Trustee and the financial adviser for the estate. The second wife was also an Executor and Trustee.

Blending Families

So, you have been dating over a year. Things are going well, and you have decided that you both want to move in together. So, you think all you need to do is sell your house, and move into his or her place, book the moving truck and get on with it. Sadly, this is not the right answer for either of you.

Committing to Financial Togetherness

You have been two individuals, and then became a couple, finally making the commitment to marriage. If you think that now you are married you are financially committed together, you most likely are wrong. The chances are that during your time together before you married, you started intermingling your monies. You may well have triggered the Property Relationship Act.

Be prepared to be Forgetful

Most people at some stage of their lives can be forgetful. Sometimes they may be on a medication that has a side effect of forgetfulness. Often, we hear the expression that he or she is a bit forgetful nowadays, when people are talking about an old friend, parent or acquaintance.

Funding Tertiary Studies

Before your child gets to year 12 at school, if they want to do well academically, they need to get into the learning habit. It is the results from Year 12, that will determine their eligibility for university scholarships, what courses they may be eligible to apply for, and very importantly access to University hostels and flats. This is a year earlier in their lives than what most students realise and may come as a shock to parents.

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