Need to set up a trust, make a will?  

For many of us, the start of a new year heralds a fresh start to tackle those things we’ve been meaning to do and haven’t got round to. 

If making a will or setting up a trust is on your list, there’s no better time to take control and get matters sorted. 

None of us want our family to have to go through the stress and cost of court proceedings that could be necessary if we don’t have formal documentation in place setting out our wishes. By having a few key documents in place, you can help reduce the stress on your family down the track because they will know what needs to be done when the time comes.

Here are some things to consider for your to-do list.

• An advance care plan
• This is a written record that includes your wishes, preferences, values, and goals that are relevant to your current and future health care and end of life.

• Make a will or update your will
• A will provides certainty about who gets what and sets out firm directions that must be followed by law when someone dies. 

• An enduring power of attorney for property and finance, and an enduring power of attorney for personal care and welfare
• These documents give legal authority for others to act for you when you are no longer able to make reasonable decisions yourself.

• Establish a family trust and transfer some or all your personal and/or business assets into the trust
• There are many reasons to set up a trust and it can be a valuable tool to protect your assets for future generations. As with all things that sound too good to be true however, there are certain obligations and duties that come with this, and they must be complied with to ensure the integrity of the trust.

They say there are only two certainties in life - death and taxes. A trust can help you manage both. All the individual parts work together to form a robust package so you can rest easy knowing you’ve covered all your bases. We have resources on our website to help you get started in our Wills, Trusts & Life Planning section https://aspiringlaw.co.nz/resources