A well-planned estate plan (will or trust) in New Zealand will save you lots of money and headaches. When you’re living, you are able to avoid the need to be appointed a conservator- the situation arises if you are unable to make your own decisions. Making this arrangement by drafting an estate plan or trust ensures that your assets are secure and protected from your own hands.
If you die the estate of your loved ones could be subject to probate, which is an expensive and lengthy procedure in New Zealand. Probation may take years and the expenses are high. Keep in mind that your home is valued at its net value in probate and not at the equity value. The bigger your property, the more costly probate will become. That is why consult family trust Will advisors for your estate planning.
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The worst part is that the probate process can be triggered as you or someone you love are trying to manage the loss. Furthermore to this, your estate could also be subject to Federal Estate Tax, at rates as high as 45%.
A Revocable Living Trust, sometimes called a Living Trust, generally takes your estate out of probate and is managed privately. Probate in California is public and everyone can view what’s included in the will. This isn’t the case for living trusts. In the case of a living trust “administration” of living, trusts are similar to the probate process used in Wills.