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| Thread ID: 97764 | 2009-02-26 22:00:00 | Wills. | rob_on_guitar (4196) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 751707 | 2009-02-26 22:00:00 | I want to do a will, I think i queried about it last year but never followed up. Now i would like to leave my vast empire :lol: to my lil girl should anything happen to me. Now in saying that can I set it so she recieves it at a certain age? Say i left (For arguements sake) $100,00.00 to her in my will, I die today but i had set an age for her to recieve the money when she is 18. (17 years away on the 7th of next month) Where does the money sit til then? Does it get intrest while sitting there? Also do I just go to publictrust thingy place? |
rob_on_guitar (4196) | ||
| 751708 | 2009-02-26 22:10:00 | I told my kids that when they read our will, they will see "Being of sound mind, we spent the last $5 yesterday" Seriously though, you can do pretty much what you like and the Trustee will carry out your wishes as requested. Investing and dispersal all part of the job. Ken |
kenj (9738) | ||
| 751709 | 2009-02-26 22:18:00 | Would suggest you leave all/some of the assets you want your daughter to have in a trust Rob - that way, if you had a relationship down the line that turns sour, anything in that trust won't be able to be touched by vampiric ex-girlfriends/wives. A will is a good idea as a matter of course anyway. I've just seen this happen at my work with someone quite wealthy. Ask around for advice on lawyers in Hamilton, and get a few quotes; prices can vary a lot!! |
nofam (9009) | ||
| 751710 | 2009-02-26 22:21:00 | The only problem with the Public Trust as executor is they are required to follow the terms of the Will to the letter, whereas someone you appoint as executor can use common sense and negotiate a little if there are any unfairnesses or oversights in a Will. However I believe they are free, which may be a consideration.... But from memory, a solicitor doesn't charge a lot for a bog-standard will anyway. The tricky bit is choosing your executor so you can be sure that he/she will still be around in the unfortunate event that you're not... |
johcar (6283) | ||
| 751711 | 2009-02-26 22:27:00 | I want to do a will, I think i queried about it last year but never followed up.(snip) Now in saying that can I set it so she recieves it at a certain age? Yes. (snip) Where does the money sit til then? Does it get intrest while sitting there? It sits wherever you have chosen it to sit before you die, and is managed by your trustees according to the instructions in the will. If it is invested in a house, it stays that way, and if there is rent coming in from the house, it will go into a trust account to be managed by your trustee. Any surplus in that trust account at maturity will go to the light of your life, along with title to the house in her own right. If you have invested it in fixed deposits, it will continue to accumulate, managed by the trustee you have appointed, until maturity (the date when the capital vests in your daughter). Etc... Also do I just go to publictrust thingy place? You can go to the Public Trust to get a will made, and to set up the trustees that will come into effect when you fall off the twig. You could also go to a common or garden solicitor to do the same thing. You should check out fees etc with both before you make a decision, and make sure (if you go to a lawyer) that you check out their reputation/stability etc. You don't want to drop your daughter into a Renshaw Edwards situation. Some lawyers will write a will for nix as part of a property transaction etc. Here is the Public Trust http://www.publictrust.co.nz/ You may also wish to check out putting your property into a family trust. There are quite a few advantages and disadvantages, so check it out thoroughly before you jump. |
John H (8) | ||
| 751712 | 2009-02-26 22:40:00 | Hmmm, definitely something I will have to sit down and think about properly. Not that i have much, but I dont plan on being poor all my life. Thanks for that. |
rob_on_guitar (4196) | ||
| 751713 | 2009-02-26 23:12:00 | Hmmm, definitely something I will have to sit down and think about properly. Not that i have much, but I dont plan on being poor all my life. Thanks for that. Make a will and the sooner the better. A while back I made a will which was in favour of my now separated Wife and 4 of hers and one of mine. She left and now my will is in favour of my blood line daughter who was adopted by my sister. In the event she predeceases me all will be gifted to the SPCA. Mine made via Public Trust. You could seek advice from Citizens Advice. I have insurance payable when I snuff it. Along with other assets which can be sold to tidy up my estate. There is a certainty that you will die at some point. I have no idea when that will happen however. |
Sweep (90) | ||
| 751714 | 2009-02-26 23:16:00 | Yes, its been a weird morning thats made me think of wills! | rob_on_guitar (4196) | ||
| 751715 | 2009-02-26 23:26:00 | Yah never know Rob a meteorite might crash through the roof and take you out. My Dad has willed everything to the Methodist church myself, my brothers and sisters dont have a problem with it. I am going to spend up large in retirement (overseas holidays) so my kids get nothing as well. If you want money you gotta earn it I reckon. But of course you gotta look after kids below the age of 21 then they are on their own . |
prefect (6291) | ||
| 751716 | 2009-02-26 23:38:00 | A will can be contested. Any person whom thinks they have a legitimate claim can take it to Court if they want to. | Sweep (90) | ||
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