GRA Blogs

Articles by The Professional Trustee Team

Necessity of Wills and Memorandom of Wishes

AUTHOR: The Professional Trustee Team

POSTED: 21 June 2012

Now there's always at least 3 sides to a story but if the article in the New Zealand Herald is anything to go by, it would appear a family home and its contents were sold without potential beneficiaries being told.

The facts as reported are something like this:

Mrs Haworth gives the Public Trust an enduring Power of Attorney in 2010. This means the Public Trust are put in charge of all her affairs.
Mrs Haworth moves into a rest home and a couple of years later, the Public Trust make a decision to sell the family home.
The family beneficiaries, being Mrs Haworth's daughters, were not told the home had been placed on the market for sale.
The daughters have yet to be informed by the Public Trust of the sale price of the home and the distribution of those proceeds.

What does the above story teach us? Easy Peasey. Ensure you personally take steps to let others know what you want to happen with your assets and the assets that may be in your trust. Do this via your Will and a Memorandum of Wishes. Put these documents in place – NOW. Don't leave what happens to others. If you do that, you could well end up not having your wishes followed and hurting those you love and leave behind.

If you need help with these matters, please contact Trustee Services by calling (09) 522 7955 or emailing [email protected].

Request a Meeting

The Professional Trustee Team

09 522-7955

[email protected]

© Gilligan Rowe & Associates LP

Did you like this article? Subscribe to our newsletter to receive tips, updates and useful information to help you protect your assets and grow your net worth. We're expert accountants providing expert advice to clients in NZ and around the world.

Disclaimer: This article is intended to provide only a summary of the issues associated with the topics covered. It does not purport to be comprehensive nor to provide specific advice. No person should act in reliance on any statement contained within this article without first obtaining specific professional advice. If you require any further information or advice on any matter covered within this article, please contact the author.

Comments

Testimonials

Just letting you know we got this house!! Super uber excited! Just wanted to say that there is no way in hell I could have got this over the line without your detailed and comprehensive help, you have been absolutely amazing. I have absorbed everything you’ve taken the time to teach me about analysing properties for development potential. Really amazing…. thank you!!

- Name withheld on request, November 2020

We can help

Here's how

Investing in residential property?

Put this at the top of your reading list.

If you're investing in residential property, seeking to maximise your ability to succeed and minimise risk, then this is a 'must read'.

Matthew Gilligan provides a fresh look at residential property investment from an experienced investor’s viewpoint. Written in easy to understand language and including many case studies, Matthew explains the ins and outs of successful property investment.