As life moved forward, Luke’s family grew. He now had two children, including Mildred, whom he had adopted. It became important to Luke that both Mildred and his other daughter, Isabelle, were treated equally in his estate planning, so he contacted his lawyer.
Luke updated his will to reflect the new addition to his family. He ensured that his adopted child would be provided for on the same terms as his biological child, leaving no room for uncertainty. At the same time, Luke recognised that several antique items he had inherited from his late mother held special meaning for Sally and should ultimately pass to her. His will therefore specifically gifts those items to his daughter, Isabelle.
Luke appointed his brother and sister as executors and trustees, giving them responsibility for administering the estate. He also provided that the remainder of his estate be held on trust and shared equally between his two children when they reach the age of 18.
Luke also took practical steps to ensure his affairs were in order. He kept a copy of his will, his insurance policies, and a list of his bank accounts together in a secure drawer and made sure his brother and sister knew exactly where to find these important documents if anything were to happen to him. He also ensured they were aware that the original will is held securely at the Edmonds Judd office.
With everything clearly documented and the right people appointed, Luke now has peace of mind knowing his children will be looked after and his wishes will be carried out.
Georgia Willard
It felt like Bob’s life had been turned upside down. Not only had his father, Steve, passed away recently leaving him upset and overwhelmed, but his burger bar business was also struggling. Bob had put all his life savings into his burger bar, which he opened 6 months prior. Further adding to the stress, Bob currently did not have a home. He had been couch-surfing at friends places while he saved up enough to rent a place of his own.
After a few difficult months, Steve’s estate was finally settled. As one of the beneficiaries, Bob received a substantial inheritance. Though the money offered some relief, Bob knew he needed to use it wisely. His first step: finding a home. He realised that in order to take care of his business and himself, he needed a stable place to live and rest, putting him in a better frame of mind to make smart business decisions.
As Bob now had more funds than he had expected to receive from years of working, he decided this was the right time to buy a property rather than rent. He browsed listings on local real estate websites and soon found a small, tidy place in a quiet neighbourhood—within his budget and close to his burger bar.
He decided to call his lawyer and ask for the things he should consider before making an offer. His lawyer guided him through several key considerations:
- Conditions in the Sale and Purchase Agreement: He needed to decide whether he wanted to include conditions in the agreement. He already had the funds available for the purchase so he did not need to make it conditional on finance. Bob did not realise that he could also include other conditions such as a LIM report, builders report, and toxicology report. Bob decided to include each of these as it was better to make sure there were no big issues before being locked in a deal.
- KiwiSaver: If Bob has KiwiSaver funds, he would need to fill out an application to withdraw the funds from his provider. He would need a solicitor to witness him signing this as it could not be left until the last minute.
- Insurance: The lawyer stressed to Bob the importance of checking he could obtain insurance cover for the property prior to going unconditional. Also, if there were any issues under the builders report / LIM report / toxicology report, he would need to disclose said issues with his insurer.
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- Relationship Property: Bob had not had the time to date with everything going on but was made aware to obtain advice in this regard once he had a partner in the future.
Bob took all the advice into consideration and obtained all recommended reports. Within weeks, his purchase when unconditional, and weeks after, settled.
Bob was beyond happy, he now felt as though he had the stability he had been searching for. This feeling lasted only a few minutes though as Bob was about to receive a call in relation to his business that would change everything…
Macayla Brdanovic
