Insights & Articles

The start of a new year is a natural time to reflect, reset, and plan ahead. For individuals, families, and businesses alike, clarity brings confidence. At McVeagh Fleming, our role is to provide that clarity through practical, considered legal advice that supports you at every stage of life and business.

Protecting assets has become an integral aspect of modern relationships, with the growing importance of prenuptial agreements for safeguarding individual interests. In June 2023, the New Zealand Supreme Court issued a significant ruling in the case of Sutton v Bell, which centered on Sections 44 and 26 of the Property (Relationships) Act 1976 ("PRA"). This decision marks a pivotal shift in the interpretation of key legal provisions governing property rights in relationships.

Succession, once a straightforward process, is now akin to navigating a minefield. With children seeking to cash in on their beneficial interests or shareholdings to fuel their own ventures, the need for careful consideration and expert advice has never been greater.

When was it over? When to call it quits? When did you say goodbye? Am I separated? What's in a date? In the midst of a relationship breakdown, when you and your former partner are separated is not often a front-of-mind question. However, your separation date can be important information in family law proceedings.

Can a Will be made from within the Covid-19 virus enforced bubble of self-isolation and social distancing? Extreme events call for extreme challenges and measures no more so than for making a Will right now when the testator is in isolation and no independent witnesses are in the room. Clearly an issue particularly for someone elderly or ill and delay is a concern.

Planning Ahead: Need to make a Will even if you don't think you do?" But I don't have any assets yet" is a common response when making a Will is suggested to twenty-somethings. There is a misconception, among young people in particular, that in order to make a Will, you should have already built up a sizeable asset base. While you may not own a home or have a large un-cracked nest egg, you will almost certainly have a number of assets to protect, including:

Before a deceased's last will can have the legal effect of distributing property to his or her heirs accordingly to its terms, it must be admitted to probate, that is accepted by the High Court as being valid.

The truism that charity begins at home might have been given a serious knock back going by the recent UK Supreme Court decision concerning an adult daughter's claim against her mother's estate in IIott v Mitson [2017] UKSC 17.

Gift duty was abolished from 1 October 2011 and while the legislative change itself is simple, it has surprisingly complex consequences. The abolition of gift duty has made it possible for individuals to gift assets directly to a trust and it is likely this practice will supplant the former method of selling property to a trust with a gift back.