Services Offered by a North Shore Estate Lawyer
A Comprehensive Overview of a North Shore Estate Lawyer Services
Introduction
It is often assumed that an estate lawyer simply writes wills for people. While that is true, it is only a small part of the services that you can benefit with from a North Shore estate lawyer. The need for effective estate planning and administration is increasingly recognised as people want to safeguard their wealth and distribute their assets both during their lifetime and after their passing, making sure that their wishes are honoured.
However, their services go beyond simply preparing a will. We can see more below.
1. Drafting and Updating Wills
Some people know that a will is a very good idea. However, many others do not like to contemplate preparing a will, not wanting to confront their own mortality. However, this is not a good idea since if someone dies without making a will, their estate has to be dealt with by the courts and an appointed executor. That is both very expensive and may not be in accordance with their wishes.
Having a will, a legal document which states how a person wants assets to be distributed after death, can save argument, time, and cost. A North Shore estate lawyer will use their experience to guide people in drafting, reviewing, and updating a will that reflects their current circumstances wishes.
- Initial Consultation to learn about the client’s assets, family members, and unique wishes.
- Drafting the Will to fit the individual’s needs, including guardianship for minor children, specific bequests, and charitable gifts.
- Advice on legal validity to ensure the will meets the formal requirements under the Wills Act 2007.
- Review and update and life circumstances change, such as marriage, divorce, or the birth of children.
2. Estate Planning
Estate planning is more than drafting a will. North Shore estate lawyers will help clients create entities for managing assets, minimising tax liabilities, and ensuring that asset transitions between generations occur smoothly.
- Asset Protection is about structuring ownership to protect assets from creditors or relationship property claims. This is usually in the form of a family trust.
- Succession planning is essential if there are family businesses or farms. This is not simply transferring ownership but how and who will run the business.
- Tax advice to implement tax-efficient structures which can be especially important for overseas and cross-border assets.
- Enduring Powers of Attorney to appoint trusted people to make both financial and medical decisions if the client becomes incapacitated.
3. Creation and Management of Trusts
Trusts are commonly used in New Zealand mainly for asset protection but also managing assets for future generations. This might be a college fund for example or making assets available when (grand)children reach a certain age. Estate lawyers can advise on the suitability, setup, and ongoing management of trusts.
4. Estate Administration and Probate
When someone dies, their estate must be administered in accordance with their will. An estate lawyer will give guidance to executors and administrators through what can be a complex process. These tasks can include:
- Obtaining probate from the High Court to obtain legal authority to administer the estate.
- Intestacy, when there is no will, the lawyer will work with the client and court in accordance with the Administration Act 1969.
- Asset collection and distribution to identify any assets, liquidating them if necessary, settling any outstanding debts, and distributing assets to beneficiaries.
- Final Tax Returns are completed, and any outstanding tax is paid before the estate is distributed.
5. Contesting Wills and Estate Disputes
Contested or disputed wills are surprisingly common. An estate lawyer will explain the intentions and the interpretation of estate documents regarding the distribution of assets, and attest to the validity of the will.
If there are still arguments or claims, an estate lawyer can provide advice and representation to resolve such issues. Dispute resolution can be through negotiation, mediation, or litigation. It is important to remember that the longer the issues go unresolved, the higher the legal fees will be.
6. Enduring Powers of Attorney (EPA)
An Enduring Power of Attorney is a document that allows a trusted person or persons to make decisions on behalf of another if they become mentally incapable. An EPA is a very good idea. Estate lawyers can assist with writing these to cover:
- Personal care and welfare to make health and personal decisions.
- Property EPA to manage financial affairs.
7. Retirement Village and Rest Home Advice
As more people think about moving into retirement villages or rest homes it is essential to get sound legal advice. This can cover:
- Reviewing occupation right agreements.
- Advice on fees and refunds.
- Understanding their legal position as residents.
8. Relationship Property and Estate Planning
The Property (Relationships) Act 1976 can impact how an estate is distributed, particularly for married, de facto, or civil union partners. This becomes especially important for second marriages where there are children from previous relationships, on either side. Advice and support will be needed for:
- Contracting Out Agreements also known as a Section 21, or a pre-nup. This states how assets will be divided in the event of separation or death.
- Advice for blended families to ensure fair provision for children from previous relationships.
- Superannuation and KiwiSaver Issues to incorporate retirement savings into estate plans.
9. Cross-Border Estate Issues
Auckland’s North Shore has a diverse population where family members and assets can be spread across different countries. This can be very complicated so estate lawyers can:
- Advise on the recognition of overseas wills and managing the administration of assets.
- Addressing international tax implications for beneficiaries and estates.
- Coordination with overseas lawyers. In this case, finding a law firm that has partner agreements with overseas law firms can make life much easier. McVeagh Fleming in Albany, is part of a large multi-national legal alliance called Ally Law.
10. General Legal Advice and Education
An estate lawyer can also provide information and basic advice to help clients understand their options and obligations. This can be:
- Regular reviews to keep estate plans up to date as circumstances change.
- Workshops and seminars on wills, trusts, and estate planning.
- Updates about changes in New Zealand law that may affect their estates.
Conclusion
A North Shore estate lawyer can offer a broad range of services beyond simply drafting a will. They can help people and families manage their assets, plan for the future, and manage succession planning for businesses or farms. An estate lawyer will have worked with people in similar circumstances and so can advise the best ways to go about managing your assets both during your life, and after death.
This can simply be protecting your family’s future, managing the complexities of trusts, or resolve an inheritance dispute. Talk to an experienced North Shore estate lawyer like McVeagh Fleming.