It can be difficult to contemplate and plan for the future. Often this is due to lack of time, a rapid changing environment or simply not knowing where to begin.
At Govett Quilliam we have developed an expertise via our Personal Planning Team in assisting clients to understand and organise their property and personal affairs to their best advantage.
The below article takes you through some common personal planning matters which need to be considered such as Wills, Enduring Powers of Attorney (EPA), Asset Protection, Family Trusts and Residential Care Subsidy Applications.
It is important that all persons have a modern Will which correctly records their wishes for the distribution of assets on their death. For most people a Will is their most important document. The law reflects this importance by prescribing strict signing and witness requirements as per the Wills Act 2007.
An Enduring Power of Attorney (EPA) gives to another person (an attorney) the authority to act on their behalf. There are two types – ‘personal care and welfare’ and ‘property’.
Enduring Powers of Attorney for Personal Care and Welfare
Enduring Powers of Attorney are important documents which ensure personal care and welfare and property are managed appropriately if the person unfortunately becomes mentally incapable as certified by an appropriate health practitioner.
An EPA for property can be valid while a person still has their mental capacity should the person appointing the attorney so elect.
Asset Protection and Family Trusts
Reviewing a person’s assets through professional, experienced legal professionals is important as it ensures they are held in the most appropriate legal structure to further protect and enhance your assets in accordance with your unique circumstances.
This includes the forming and reviewing of Trusts to ensure they still meet your individual requirements.
Residential Care Subsidy Applications & Loans
If a person is assessed as needing rest home care they may be entitled to receive a Rest Home Care Subsidy. The application form is comprehensive so you may need an experienced person to assist in the completion of the documentation required. This need is heightened where the applicant is involved with a trust.
If you do not qualify, GQ can assist you with making an application for a Residential Care Loan. This is an interest free Government loan and every two weeks the Ministry of Health pays your rest home directly. The loan is usually repaid when your property is sold or when you die.
If you require any further information on any of the above matters, please contact our Personal Planning Team (Wills, Estates and Trusts) via 06 768 3795 or download our free ‘Personal Planning’ e-booklet.