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EstatePlanningNZ

Planning the Next Chapter: Navigating Retirement with Confidence

Enduring Powers of Attorney (EPA), Estate Planning, Retirement Planning, Senior Living, Succession Planning, Wills & Estates
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Waipa is becoming one of New Zealand’s most attractive retirement destinations, with new retirement villages reflecting a growing community preparing for the next chapter of life.

For Steve, this became personal when his grandmother started talking about leaving the family home she had lived in for over 40 years. It wasn’t just a house to her — it was where she raised her children, hosted countless Sunday dinners, and built a lifetime of memories. The idea of moving brought both practical questions and a deep sense of emotion for the whole family.

Steve noticed that while his grandmother was ready for a simpler lifestyle, she was unsure about what came next — whether to downsize, consider a retirement village, and whether her legal affairs were still in order.

Together, they discovered her Will hadn’t been reviewed in many years and no longer reflected changes in her family or her current wishes. It was a gentle reminder of how easily these documents can become out of date over time. They also spoke about Enduring Powers of Attorney, ensuring the right people could step in if needed, and the importance of carefully understanding retirement village agreements before making any decisions.

Taking the time to get everything in order gave Steve’s grandmother real peace of mind. It also reassured Steve and the rest of the family that her wishes were clear and would be respected.

With the right planning and legal guidance from the team at Edmonds Judd, what initially felt overwhelming became a clear, supported transition — allowing Steve’s grandmother to focus on enjoying her next chapter with confidence, comfort, and security.

 

Rachael Beattie

Considering Retirement Village Living

Estate Planning, Legal Guidance, Property Law, Retirement Planning, Succession Planning
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A few years on from her decision to take out a reverse equity mortgage, and having enjoyed the benefits of releasing some of the capital tied up in her home, Karen is now feeling less confident about living on her own. Many of her old friends have moved away from her neighbourhood, and she is finding that she would like more support close at hand. She has decided to investigate moving into a retirement village.

This option offers several advantages. Karen would no longer need to worry about home maintenance, security, insurance, or rates. She would have ready access to assistance should she suffer a fall or other medical event. And if she feels like company, there would be plenty of like-minded people nearby.

However, Karen has been warned that there can be significant financial implications when selling a home and buying into a retirement village. To fully understand her position, she meets with her solicitor.

Her solicitor explains that most — though not all — retirement villages operate under Occupation Right Agreements (ORAs). Under an ORA, Karen would pay a capital sum in exchange for the right to live in her chosen unit. She would not own the land or building itself, and her right to occupy the unit would be subject to certain terms and conditions.

These conditions often include payment of a regular weekly fee for as long as the unit is occupied. There is also usually a deferred management fee (sometimes called an exit fee), which is deducted from the original capital sum when Karen leaves the village — whether that is because she chooses to move elsewhere or upon her death. In addition, there will be village rules governing what residents can and cannot do within their units and the wider village.

Karen’s solicitor takes the time to carefully explain the legal and financial implications, including how the move may affect the estate she intends to leave to her family. Once Karen fully understands her options, she is in a position to decide whether a move to a retirement village is the right step for her.

 

Mandy Rasmussen

Blending Families, Protecting Futures

Blended Families, Contracting out agreements, De Facto Relationships, Estate, Estate & Inheritance Planning, Family Law, Family Protection Act, Legal Life Planning, Property & Asset Protection, Relationship Property, Storybook Series, Wills & Succession
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It had been eight long months since Sally separated from Luke, and things were looking up. She and Luke had amicably split, agreed on the division of relationship property, and settled child support issues. These were a weight off her shoulders, but single life had its challenges.

 

She noticed that she did not see the benefit of bulk grocery purchases or split utilities bills. Sure, child support helped, but things were still tough. She had heard of the “singles tax” but seeing it in action was another thing altogether.

At the recommendation of her colleague, Lucinda, Sally decided to get back into the dating scene. Luke fully supported her in this and even agreed to take the kids during his week so that she could meet with the rather dashing Emilio.

Emilio had a similar background. He was freshly divorced and had four children who split their time between their mother in Spain, and with Emilio in New Zealand.

 

The relationship was going well. So well in fact that Sally decided to approach Emilio about moving in together.

 

“Mi amor”, Emilio began. “I love the idea of moving in with you. I agree that we are ready for that step. However, I want to broach an issue with you. A rather uncomfortable issue”.

 

“What is it, Emilio?” Sally asked.

 

“You see, I have four children of my own. My Estate is more modest since the divorce, but I still have considerable assets. I want to protect my children’s future, and in order to do that, I must protect my assets from any potential claims made by you or your children” Emilio explained.

“Oh, I see” Sally said. “I don’t think that’s a bad idea. I too want to protect what I have. I wouldn’t want to split our collective property five ways between my one child and your four children – that doesn’t seem fair”.

 

The couple agreed that they would go and talk to a lawyer about their estate planning.

 

Their respective lawyers explained that with blended families, there could be overlapping claims under the Family Protection Act. If Emilio and Sally each continued into a de facto relationship, then the presumption of equal sharing would likely apply. At the same time, Emilio and Sally each had a moral responsibility to provide for their children.

 

Emilio and Sally decided to enter into a contracting out agreement, to protect their respective assets. They then agreed to sign their own Wills, which reflected the provision in the contracting out agreement that neither of them would make a claim against the other’s estate.

 

Emilio and Sally could relax into their life together, knowing that they had a succession plan that was tailored to their individual needs, so that they didn’t have to worry about any headaches down the road.

 

Jamie Graham

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