Wills
Aug 5th 2008, 10:16 am
#1
Forum Regular
Thread Starter
Joined: May 2008
Posts: 39
Wills
I know this sounds a bit morbid but does anyone know if your UK Wills are legal when you are in NZ?
Do you need to write Wills in both countries and where would you be liable for inheritance tax?
We want to update all our affairs before we go and are not sure if we should be spending time and money dealing with this in the UK or in NZ or both.
Has anyone else looked into this?
Do you need to write Wills in both countries and where would you be liable for inheritance tax?
We want to update all our affairs before we go and are not sure if we should be spending time and money dealing with this in the UK or in NZ or both.
Has anyone else looked into this?
Aug 5th 2008, 10:29 am
#2
Enjoying retirement
Joined: Jun 2008
Location: Rural Taranaki
Posts: 320
Re: Wills
Well, the good news is that there is no inheritance tax in NZ.
Will you have property or money remaining in the UK?
Will you have property or money remaining in the UK?
Last edited by NakiMan; Aug 5th 2008 at 10:37 am.
Aug 5th 2008, 10:55 am
#3
Forum Regular
Thread Starter
Joined: May 2008
Posts: 39
Re: Wills
We'll have both, although most of our assests in the UK will be linked to the house.
We want to try to understand the implications for our children when writing the wills and the legalities of having an estate in the UK when living in NZ.
It's an easy thing to not bother about when you have everything else on the go with the move but we think it's also an easy thing to overlook completely and then you only ask the questions when it's too late to make the most appropriate arrangements.
We want to try to understand the implications for our children when writing the wills and the legalities of having an estate in the UK when living in NZ.
It's an easy thing to not bother about when you have everything else on the go with the move but we think it's also an easy thing to overlook completely and then you only ask the questions when it's too late to make the most appropriate arrangements.
Aug 6th 2008, 3:50 am
#4
Sleazy Dippin Doodle
Joined: May 2007
Location: wellington
Posts: 1,363
Re: Wills
I have answered a similar question on this site. I will go back and look for it and copy and paste it.
Aug 6th 2008, 4:17 am
#5
Sleazy Dippin Doodle
Joined: May 2007
Location: wellington
Posts: 1,363
Re: Wills
Most of these posts refer to public trust. Actually it is because i am more familiar with them (or at least them a few years ago) that my references refer to them. I am not actually endorsing them over Guardian Trust or any other Trustee & Executor Company.
[I]
My post from November 2007:
Go through Public Trust. They offer a free service providing you make them your Executor. Don't need to stick with them, but they can provide some quite valuable advice.
Disclaimer: I used to work for them many moons ago and the people I worked with would probably throttle me for suggesting i tell people to go there for free advice.
In case anyone was wondering, their Wills are in plain english and they won international awards years ago for having Wills which can actually be understood
And another c+P from same thread
Public Trust in particular is the oldest trustee company in NZ and it was set up, originally because of the high number of migrants who didn’t either the legal skills or someone they knew who they could do it. Not to mention the fact that they, like the other biggie trustees wind things up so quickly that they know what to do any can do it quickly. Also they can get a certificate of administration before probate. Or something like that. I can’t recall anymore. So, even if ya don't want them (or any company) to eventually be Executor and Trustee there is no harm in getting their knowledge. Hehe perhaps i am just a bit sneaky
I am, however, fully in favour of the suggesting that people go to a trustee company or solicitors with a strong estate history in the first instance unless you have been lucky enough to develop either an understanding of the various laws or if you have a strong relationship with a solicitor here.
Overseas fixed to the ground assets (eg a house, but not a boat) generally have to go through the probate system in the country they are in. However, my understanding is that probate issued in the former British colonies (that would be nz) are accepted in the UK in some form.
Guardian Trust has quite helpful information:
http://www.guardiantrust.co.nz/dirgz/guardian/nzgt.nsf/AttachmentsByTitle/AutoAttach0003/$FILE/estateman.pdf
[I]
My post from November 2007:
Go through Public Trust. They offer a free service providing you make them your Executor. Don't need to stick with them, but they can provide some quite valuable advice.
Disclaimer: I used to work for them many moons ago and the people I worked with would probably throttle me for suggesting i tell people to go there for free advice.
In case anyone was wondering, their Wills are in plain english and they won international awards years ago for having Wills which can actually be understood
And another c+P from same thread
Public Trust in particular is the oldest trustee company in NZ and it was set up, originally because of the high number of migrants who didn’t either the legal skills or someone they knew who they could do it. Not to mention the fact that they, like the other biggie trustees wind things up so quickly that they know what to do any can do it quickly. Also they can get a certificate of administration before probate. Or something like that. I can’t recall anymore. So, even if ya don't want them (or any company) to eventually be Executor and Trustee there is no harm in getting their knowledge. Hehe perhaps i am just a bit sneaky
I am, however, fully in favour of the suggesting that people go to a trustee company or solicitors with a strong estate history in the first instance unless you have been lucky enough to develop either an understanding of the various laws or if you have a strong relationship with a solicitor here.
Overseas fixed to the ground assets (eg a house, but not a boat) generally have to go through the probate system in the country they are in. However, my understanding is that probate issued in the former British colonies (that would be nz
) are accepted in the UK in some form. Guardian Trust has quite helpful information:
http://www.guardiantrust.co.nz/dirgz/guardian/nzgt.nsf/AttachmentsByTitle/AutoAttach0003/$FILE/estateman.pdf
Last edited by Kiwiprincess; Aug 6th 2008 at 4:20 am.
Aug 6th 2008, 10:29 am
#6
Forum Regular
Thread Starter
Joined: May 2008
Posts: 39
Re: Wills
Thanks for the info, it's helpful.
We're coming to Welly in September!...
We're coming to Welly in September!...
Aug 6th 2008, 8:34 pm
#7
BE Enthusiast
Joined: Dec 2006
Location: New Zealand
Posts: 302
Re: Wills
We haven't made a will yet, and I have been wondering what would happen to our two little girls if anything happened to me and OH in NZ as we wouldn't have any family there, and only have in laws here who are getting on a bit in the UK. What have other folk done about their children should the unthinkable happen??? Any advice appreciated.
ta
Lou
xxxxx
ta
Lou
xxxxx
Aug 6th 2008, 9:40 pm
#8
Forum Regular
Joined: May 2008
Location: Bristol
Posts: 112
Re: Wills
We haven't made a will yet, and I have been wondering what would happen to our two little girls if anything happened to me and OH in NZ as we wouldn't have any family there, and only have in laws here who are getting on a bit in the UK. What have other folk done about their children should the unthinkable happen??? Any advice appreciated.
ta
Lou
xxxxx
ta
Lou
xxxxx
Hi Lou, I've had the same thought. How old are your girls? We couldn't decide who to leave our girls to in our wills in this country, let alone what if something happens whilst living over in NZ?! Nightmare...
Nic
Aug 7th 2008, 3:45 am
#9
lionheart
Joined: Apr 2008
Location: papamoa
Posts: 571
Re: Wills
We haven't made a will yet, and I have been wondering what would happen to our two little girls if anything happened to me and OH in NZ as we wouldn't have any family there, and only have in laws here who are getting on a bit in the UK. What have other folk done about their children should the unthinkable happen??? Any advice appreciated.
ta
Lou
xxxxx
ta
Lou
xxxxx
Our boys are now 23 and 19, but when they were younger we did make provisions for them to go to live with close friends should anything happen to either of us. I couldn't cope with the thought of the boys going into care and perhaps being split up. loosing both parents would be bad enough but then to be shipped off to total strangers, doesn't bare thinking about.
Our property and money to go into trust until boys old enough.
Pauline
Aug 7th 2008, 3:59 am
#10
Sleazy Dippin Doodle
Joined: May 2007
Location: wellington
Posts: 1,363
Re: Wills
Our property and money to go into trust until boys old enough.
That reminds me of something, in NZ that age is 20. They can access income and capital (in most cases unless you specify otherwise) but they can't actually receive it until 20.
The exception to that if the amount is very small (say, $2000). In that case often it can just be signed over to a responsible person.
Nothing stopping you making it older when they get their cash, but it won't be younger than 20.
That reminds me of something, in NZ that age is 20. They can access income and capital (in most cases unless you specify otherwise) but they can't actually receive it until 20.
The exception to that if the amount is very small (say, $2000). In that case often it can just be signed over to a responsible person.
Nothing stopping you making it older when they get their cash, but it won't be younger than 20.
Aug 7th 2008, 6:34 am
#11
BE Enthusiast
Joined: Dec 2006
Location: New Zealand
Posts: 302
Re: Wills
Our girls are 2 and 4. It is a nightmare isn't it. You don't like to think about these things, but being so far away, the last thing as Pauline said would be for them to go into care. I guess I'll have to have a chat with OH's parents and put them down, would much rather they be with them then strangers!! As we haven't got a will yet, may just wait and do it in NZ. Oh! So much to think about. But better safe then sorry!!!
Lou
xx
