Radhe Nand presents to Manurewa Seniors Network

A few weeks ago, Radhe Nand, Director at Patel Nand Legal, was invited to speak at the Manurewa Seniors Network. His presentation focused on helping attendees understand the importance of planning ahead when it comes to managing personal affairs, assets and future decision-making. The session covered key topics including wills, family trusts and enduring powers of attorney. Below is a summary of the key points discussed. 

Wills: Why They Matter

A will is a legal document that sets out how your assets should be distributed after your death. It allows you to choose who inherits your property, money and other belongings, and can also include your preferences for funeral arrangements. Having a valid will simplifies the legal process and reduces stress for your family.

Without a will, your estate is distributed according to the Administration Act 1969. This may result in outcomes that do not reflect your wishes. For example, your spouse or children may not receive what you intended, and the process can be more complex and costly.

Family trusts: Protecting Assets and Planning Ahead

A family trust is a legal structure used to hold and manage assets for the benefit of selected individuals. Trusts are often established to protect assets from creditors or relationship property claims, to provide for children or vulnerable family members, and to assist with long-term estate planning.

While trusts offer flexibility and protection, they also come with responsibilities. Trustees have ongoing legal duties, and trusts must be properly managed to remain effective. It is important to seek legal and financial advice before setting up a trust to ensure it is the right option for your circumstances.

Enduring Powers of Attorney: Making Sure Someone You Trust Can Step In

Enduring powers of attorney (EPOAs) are legal documents that allow you to appoint someone to make decisions on your behalf if you lose mental capacity. There are two types of EPOAs in New Zealand:

• A property EPOA, which covers financial and property matters
• A personal care and welfare EPOA, which covers decisions about your health and wellbeing

Having EPOAs in place ensures that someone you trust can act for you if needed, avoiding the need for court intervention and providing clarity for your family during difficult times.

Taking Action Now to Protect What Matters

Planning ahead is one of the most important things you can do to protect your assets and support your loved ones. Whether it’s preparing a will, establishing a trust or putting EPOAs in place, these steps help ensure your wishes are respected and your affairs are managed smoothly.

Patel Nand Legal offers expert advice on all aspects of estate planning, Enduring Powers of Attorneys and a large range of other legal services. Our team can help you understand your options and guide you through the process with care and professionalism. Whether you are just starting to think about your future or need to update existing documents, we are here to help.

Contact:
Lawyers@patelnand.co.nz or (09) 522 2757