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Thread ID: 92435	2008-08-10 09:06:00	Will's	beetle (243)	PC World Chat

Post ID	Timestamp	Content	User
696305	2008-08-10 09:06:00	Ok a very wide open and broad question for all to consider and reply to . . . . . . . :stare: Do you have a will written for yourself, that is legal ? have you shared this with your partner? do they know and agree with it? And if you do have one . . . . . what things do you have in it? eg special gifts? who gets what etc, the house, car, books or something else? can you say who doesnt get something? or just not give them anything at all? how much should you really put in one? or just a broad sweep of i leave this to person and they can distribute how they like? recently went to my dads will reading . . . . . . . . . . . . . and been trying to write my own for months . . . and have no idea what to put in it . . . . or what not to put in it . . . . . . I want to be fair to my children, and it has to be legal, but theres lots of bits and bobs to consider . . . . . . . . and the wills ive seen recently are bland and souless, and have no consideration to what the repercusions are for the ones in the wing waiting . . . . . . . . :stare: beetle	beetle (243)
696306	2008-08-10 09:23:00	This may or may not be of any help - but the public trust (www.publictrust.co.nz) Site / people were doing , helping people with exactly that - will writing. Its a little outdated, last year, but could be a place to start / ask for advice	wainuitech (129)
696307	2008-08-10 10:50:00	The most important thing is to get a will soon! You may have heard of some of the horror stories that have resulted of dying without a will. Initially, if you can, keep it simple. I know some people have very complicated relationships but do the best you can. My wife and I have professionally written wills. It wasn't expensive. For now we have kept it very simple. We are the sole benficiaries for each other. Our four children are the sole equal beneficiaries if we were to die.	AvonBill (11358)
696308	2008-08-10 11:20:00	Oddly enough, my father won't get one. He's quite superstitious. He thinks that once he does a will, he'll kick the bucket. And he's been overseas three times in the past 8 years. Even one of our family relations said to get one (and he's been on a number of overseas cruises)	bob_doe_nz (92)
696309	2008-08-10 21:42:00	We did ours ourselves and had them witnessed by the neighbours. Simple. I die, husband gets everything, both dead, son gets everything. Except for one or two special gifts to the grandchild and brother etc. And named the executors............thats about it.	pctek (84)
696310	2008-08-10 22:03:00	Strange terminology in these matters - - when a will swings into gear, the wily willer is deceased so why should (an/some) executor(s) be needed?	R2x1 (4628)
696311	2008-08-10 22:23:00	Strange terminology in these matters - - when a will swings into gear, the wily willer is deceased so why should (an/some) executor(s) be needed? That's to make sure that he/she has definitely departed!!	Marnie (4574)
696312	2008-08-10 23:11:00	Beetle: The most important thing you must do is write yourself a will . Do not procrastinate . Do it now! People who die intestate cause so much trouble after their death as relatives fight over who gets what . It often results in court cases over many years and splits once loving families . :groan: Relatives even fight over what is in the will with the same results, but at least there is less room for relatives to fight if there is a well written water-tight will . What I would also strongly suggest is that you secure yourself a family trust . Read the Ross Holmes book on trusts and you will be convinced . Most of our illustrious parliamentarians have family trusts - our leader included - and so you can be assured that trusts will be around for a long time and will keep all their advantages - including tax . :thumbs: If you have your own business you would be a silly person if you did not protect your assets with a trust . The first thing creditors will ask if your business goes bust is, what assets do you have? Sell them and pay me!:horrified Later in life you may need to go into a nursing home for 24 hour care . You pay for that . When your money is exhausted you are told to sell your assets and only when that money is exhausted will the government help . So much for the taxes you paid for all those years . Those assets were to go to your children . Life can be tough . But a trust can avoid that . You need to set up the trust now . With a trust you gift your assets to the trust, but because you can only gift $27,000 each a year to avoid gift duty, it may take some years . If, for example, you only finished gifting your assets to the trust last year and you are put in a nursing home, you may have to sell the assets anyway as the government may say that you only formed a trust to get out of paying for your care . It has been done . Which is why you need to form your trust now . There needs to be at least five years from when you finished gifting your assets and when you need the government's help . What has this to do with wills? In your family trust you can include a memorandum of wishes . It is a document that records the settlor's wishes for the distribution of the trust after death or mental disability so that the trustees are aware of those wishes and can give them consideration . Your will can point to that memorandum and that memorandum can be changed by you (the settlor) at any time at no cost . I would strongly recommend that everyone secures a family trust now! Read Ross Holmes' book concerning trusts . If you need convincing, his book will do that . I'm certain it would be available in most libraries .	Roscoe (6288)
696313	2008-08-11 01:55:00	Beetle: The most important thing you must do is write yourself a will . Do not procrastinate . Do it now! People who die intestate cause so much trouble after their death as relatives fight over who gets what . It often results in court cases over many years and splits once loving families . :groan: Relatives even fight over what is in the will with the same results, but at least there is less room for relatives to fight if there is a well written water-tight will . What I would also strongly suggest is that you secure yourself a family trust . Read the Ross Holmes book on trusts and you will be convinced . Most of our illustrious parliamentarians have family trusts - our leader included - and so you can be assured that trusts will be around for a long time and will keep all their advantages - including tax . :thumbs: If you have your own business you would be a silly person if you did not protect your assets with a trust . The first thing creditors will ask if your business goes bust is, what assets do you have? Sell them and pay me!:horrified Later in life you may need to go into a nursing home for 24 hour care . You pay for that . When your money is exhausted you are told to sell your assets and only when that money is exhausted will the government help . So much for the taxes you paid for all those years . Those assets were to go to your children . Life can be tough . But a trust can avoid that . You need to set up the trust now . With a trust you gift your assets to the trust, but because you can only gift $27,000 each a year to avoid gift duty, it may take some years . If, for example, you only finished gifting your assets to the trust last year and you are put in a nursing home, you may have to sell the assets anyway as the government may say that you only formed a trust to get out of paying for your care . It has been done . Which is why you need to form your trust now . There needs to be at least five years from when you finished gifting your assets and when you need the government's help . What has this to do with wills? In your family trust you can include a memorandum of wishes . It is a document that records the settlor's wishes for the distribution of the trust after death or mental disability so that the trustees are aware of those wishes and can give them consideration . Your will can point to that memorandum and that memorandum can be changed by you (the settlor) at any time at no cost . I would strongly recommend that everyone secures a family trust now! Read Ross Holmes' book concerning trusts . If you need convincing, his book will do that . I'm certain it would be available in most libraries . How was that bridgecorp guy allegedly able to put millions into his trust in only a few years, if you can put only 27k in a year?	robbyp (2751)
696314	2008-08-11 02:16:00	How was that bridgecorp guy allegedly able to put millions into his trust in only a few years, if you can put only 27k in a year? You can gift as much as you like, but anything over 27k attracts gift duty. In his position he would not be too worried how much gift duty it cost him as long as he could put it where it can't be touched. In our case I can gift 27k and so can SWMBO so combined we gift 54k per year. Not very much per year when you are gifting an Auckland property, so it makes sense to start as soon as you can. But also be aware of what is termed a "sham trust" (that is, invalid) and if it can be proved that he formed the trust to defraud others out of their money (which, of course, he did) and if the authorities can prove that the trust has not been set up correctly, then it may be deemed invalid. Correct records need to be kept. With his income and the need to protect as much of his assets as he can as quickly as he can, I can't imagine that he would squabble over a few million in gift duty and set up fees.:rolleyes:	Roscoe (6288)
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