Holiday get-togethers are a time to celebrate and enjoy time with our families, whānau and loved ones. However, that also makes it an important opportunity to have a serious discussion about the future and about putting some plans in place to protect yourself and those you care about should the worst happen. While it might not be the most pleasant topic for discussion around the BBQ this Boxing Day, a clear and updated estate plan may well be the greatest gift you can offer your family.

Review your Will

Life can change quickly, and keeping our estate planning in line with our current circumstances is often more than we can achieve in the moment. That’s why it’s important to periodically review and update your Will. Before you can do that though, you need to consider what changes to make. Ask yourself if any of the following have happened recently and if so, your Will needs to be updated.

• Guardianship – Have you named guardians for your children and are they still willing and able to care for them? Are you still comfortable with your choice?
• Relationships and beneficiaries – Have you recently welcomed a new child or grandchild? Married, or started a long-term relationship? Perhaps you’ve gone through a separation or divorce? If your relationship status has changed, you’ll need to update the beneficiaries in your Will to ensure that your loved ones are taken care of.
• Assets and gifting – Have you come into an inheritance or bought a large asset such your first home? You may wish to leave a gift to someone important to you or to charity?

Making a Will allows you peace of mind and to provide for your loved ones. Find out more about making or updating your Will.

Put Enduring Powers of Attorney (EPAs) in Place

EPAs are just as important as having a Will. If you become ill or have a serious accident, EPAs will allow your loved ones to make medical and financial decisions on your behalf. Critically, this also allows them to access bank accounts, manage investments, pay bills, and deal with utility companies on your behalf. These are issues that can cause time-intensive and expensive delays for families, often requiring them to apply to Family Court before they can begin to manage your affairs.

Because of this, it’s important to appoint people you trust and to ensure that you haven’t changed your mind regarding your current attorneys – for example after a divorce.

Find out more about why all Kiwi adults should have Enduring Powers of Attorney.

Planning is the key to success and our experienced Private Wealth team can help you plan, build and protect your wealth. Make it a New Year’s resolution to take action!

Phone: 0800 878 783

Email: [email protected]