What does it mean to contest a will? The answer depends on why you are unhappy about it. This article explains the five most common reasons to contest a will in New Zealand: The will-maker failed to make adequate provision for a family member’s proper maintenance and support, in breach of a moral duty to… Continue reading Contesting a Will in New Zealand
Resources
Will Contests Between Siblings – Who Gets What?
When a parent passes away, disputes about how the estate is to be divided can arise between their children. Siblings are often unhappy about the share given to them under the will or about the fact they have been cut out entirely. What can be done about this? Are siblings stuck with the terms of… Continue reading Will Contests Between Siblings – Who Gets What?
Equal Sharing of Relationship Property
If spouses, civil union partners, or people in a de facto relationship (each a Partner) separate, how is their property to be divided after separation? Who gets what? One of the fundamental principles of the Property (Relationships) Act 1976 (Act) is that Partners are entitled to an equal share of their relationship property. This article… Continue reading Equal Sharing of Relationship Property
Contracting Out of the Property (Relationships) Act 1976
The Property (Relationships) Act 1976 (Act) sets out how the property of spouses, civil union partners, and parties to a de facto relationship (Partner) is to be divided when they separate or one of them dies. One of the key presumptions is that relationship property will be divided equally. However, Partners are not stuck with… Continue reading Contracting Out of the Property (Relationships) Act 1976
Unit Titles – Pre-Settlement Disclosure and Additional Disclosure Statements
In addition to pre-contract disclosure statements, the Unit Titles Act 2010 (Act) contains further requirements as to disclosure regarding any given unit. This disclosure comes in the form of a pre-settlement disclosure statement and an additional disclosure statement. Pre-settlement disclosure statement In the sale and purchase of a unit, section 147 of the Act states… Continue reading Unit Titles – Pre-Settlement Disclosure and Additional Disclosure Statements
Due Diligence When Buying a Unit Title
Conducting due diligence on a unit title is different to the due diligence that is carried out on other estates of property. This is because of the statutory disclosure obligations under the Unit Titles Act 2010 (Act) and the additional considerations that purchasers should be aware of when purchasing unit titles. Statutory Disclosure The Act… Continue reading Due Diligence When Buying a Unit Title
Transferring Trust Property to New and Continuing Trustees
When a new trustee of a trust is appointed, or an existing trustee retires or is removed, the trust’s property must be transferred from the existing trustee(s) to the continuing and new trustee(s). In other words, the trust property must be divested from the old trustee and vested in the new trustee(s). Nature of Trust… Continue reading Transferring Trust Property to New and Continuing Trustees
Relationship Property on the Death of a Partner or Spouse
When two people are married, civil union partners, or de facto partners, and one spouse or partner dies, the question arises of how to deal with their relationship property. The term “relationship property” is defined in section 8 of the Property (Relationships) Act 1976 (PRA) and includes the family home, family chattels, and other jointly… Continue reading Relationship Property on the Death of a Partner or Spouse
What Is a Will?
A will records the final instructions of a natural person (the will-maker) for disposing of their property when they die. It may also include the appointment of a testamentary guardian. A will is only valid if it complies with section 11 of the Wills Act 2007 (Wills Act) or is made by court order. A… Continue reading What Is a Will?
Do I Need a Will?
You should have a will if any of the following applies to you: You have more than $15,000 in your Kiwisaver or in your bank accounts. You own an asset worth more than $15,000. You are the sole owner of land or own land as tenants in common. You have dependent children. You have powers… Continue reading Do I Need a Will?