PAGE 5 TrusteSpeaking RETURN TO FRONT PAGE ISSUE 39 Spring 2024 DISCLAIMER: All the information published in Trust eSpeaking is true and accurate to the best of the authors’ knowledge. It should not be a substitute for legal advice. No liability is assumed by the authors or publisher for losses suffered by any person or organisation relying directly or indirectly on this newsletter. Views expressed are those of individual authors, and do not necessarily reflect the view of this firm. Articles appearing in Trust eSpeaking may be reproduced with prior approval from the editor and credit given to the source. © NZ LAW Limited, 2024. Editor: Adrienne Olsen, Adroite Communications. E: adrienne@adroite.co.nz. M: 029 286 3650. The next edition of Trust eSpeaking will be published in Autumn 2025. Click here to Unsubscribe. If some of the beneficiaries live overseas, the estate can pay these taxes so that each beneficiary receives the same amount. A will needs to state this clearly, otherwise the default position is for the beneficiary to pay tax on their share of the estate. Some overseas countries have deadlines for inheritance tax payments. Payment is sometimes required before the beneficiary has received their inheritance. A will can provide for an executor to advance funds in that case, so that the beneficiary is not out of pocket while waiting for their inheritance. Be proactive Preparing wills in New Zealand is becoming complicated as more of us live and travel overseas, and acquire international assets. When considering the provisions in your will, or when reviewing your current will, it’s essential to list your overseas assets, where they are located, and whether overseas lawyers and accountants will be needed. If you need advice about your will and where your assets are located, please don’t hesitate to contact us. We are happy to help. + Will-making when you have overseas assets The plight of stepchildren CONTINUED FROM PAGE 4 CONTINUED FROM PAGE 3 Further, the law reform project has stalled, leaving things in a rather unsatisfactory position for stepchildren who are more and more commonly in this situation. This situation for stepchildren highlights the continued importance of having proper estate planning arrangements in place – particularly for blended families. There can be a significant financial and emotional cost when these things are not discussed and addressed while both parents and stepparents are alive and capable. +
RkJQdWJsaXNoZXIy NzI2Nzk=