Insights & Articles

Most of us recognise the importance of certain life admin tasks: you need a valid passport to travel, house insurance for your mortgage, and a driver’s licence to get behind the wheel. In the same way, having a Will isn’t optional; it’s essential. Yet many people still put it off, thinking they’re too young, too busy, or that everything will “automatically” go to their loved ones anyway. Unfortunately, that isn’t always how things work.

Choosing the right executor is one of the most important decisions you will make when preparing your Will. The person you appoint can significantly influence how smoothly the estate administration process unfolds. Who you choose truly shapes the course of the administration and the experience for your loved ones.

It is easy to assume that if something happens to you or a loved one, your family will simply sort everything out. But if you die without a valid will in New Zealand, the law decides how your estate is dealt with. This is known as dying intestate. For many families, this can create added stress, delay, and uncertainty at an already difficult time. Instead of your wishes guiding what happens, legal rules determine who can manage your estate and who may receive your assets.

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.

With recent changes in tax regulations, increased compliance obligations, and rising administrative costs, what used to be relatively simple is suddenly complicated, time-consuming, and expensive. Is it time to simplify your life and wind the damn thing up?

Countless families across New Zealand place their most valuable assets, such as their property, into a discretionary family trust. However, when a couple separate and each party is a trustee to the same family trust, conflict and disagreement will often arise as to the management and enjoyment of trust assets. Disagreements on internal trust matters have the possibility of turning into time-consuming, expensive and public proceedings in court. Mediation is an alternative solution for settling trust disputes and may be a more advantageous option for parties.

The Trusts Act 2019 ("the Act") outlines the obligations of trustees in managing family trusts. Information disclosure requirements to beneficiaries are significantly more demanding than previously applied.

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.

As you may be aware, the Trusts Act ("Act") has received Royal Assent and will come into effect on 30 January 2021. Amongst other things the Act codifies the duties of trustees and requires greater transparency with beneficiaries. It will affect your current trust arrangements. You should consider reviewing, updating and making structural changes to your Trust if necessary, in order to future proof your Trust. The following is a summary of the key changes and how they may affect you.