On 30 January 2021, the new Trusts Act 2019 will come into effect, replacing the Trustee Act 1956. It’s the first major update to Trust laws in more than 70 years
What do Peter Jackson’s film The Lord of the Rings: The Return of the King and the new Trusts Act 2019 have in common? They’re both around 17 years old!
Having an executor of your will is like having a manager of your affairs (your estate) after your death. Your executor is named in your will; it is his or her role to carry out the terms of your will.
With lengthening life expectancies, better health in later years, and increasing divorce rates, it’s not surprising we’re seeing more “twilight relationships” blossom.
Most people are now aware of the importance of having an enduring power of attorney (EPA). If you are unable to make decisions for yourself at any stage (either temporarily or longer term) it is important there is someone in place to act on your behalf. What happens to you, and your family situation, if you have no EPA?
In the last edition of Off the Record, we began exploring what can be a highly contentious issue: challenging a Will. As I outlined in Challenging a Will: Part 1, there are two main legal grounds on which someone can question a Will. The first, which we explored in Part 1, is that the Will’s legal validity is disputed.
When a marriage, civil union or de facto relationship breaks down, the couple will usually divide their property according to the Property (Relationships) Act 1976 (the PRA). However, these two people often hold property in a trust rather than personally.
Contributions by family members to the purchase of a property and how this is recorded can affect property ownership. We discuss how you can help your children and, at the same time, lessen the risks to you as parents.
