Back to Blog

Do I Need To Keep My Trust?

Have you been wondering if you need to keep your trust? Shelley is here to explain to you whether or not you need to! At Gallie Miles Lawyers, we are happy to answer any questions that you may have....

Trusts don't necessarily protect your assets from a relationship claim

Our Director, Kirsty is here to talk to you about trusts. She states that trusts don't necessarily protect your assets from a relationship property claim. Watch the video to find out why. If you would like some advice as to whether your trust is protecting your assets from a relationship property claim, contact us today....

What you need to know: Buying Property off the Plans

With residential land and housing in short supply, and an incredibly competitive housing market, buying a new home off the plans is becoming more and more common. Here we look at what you need to know and when to seek legal advice, so you don’t end up out of pocket....

What are the benefits of having a Will?

While creating a Will may be a cost that most try to avoid, it provides many benefits to the loved ones you leave behind.A common misconception is that if you die intestate (e.g. die without a will) everything you own will automatically go to your partner and/or children.  If you die intestate and hold assets over the value of $15,000.00 the estate will need to apply to the High Court for Letters of Administration to appoint a personal representative, otherwise known as an Administrato...

Rural Roundup

A trust settled during a relationship will be unlikely to protect the assets that have been transferred into that trust.It is a fairly common misperception that a family trust is an effective barrier to all relationship property claims by an ex-spouse or ex-partner of a beneficiary of a trust. Unfortunately, this is not always the case. A trust settled during a relationship will be unlikely to protect the assets that have been transferred into that trust during the relationship.A trust that was ...

De Facto Relationships

When it comes to dividing up relationship property, you may ask what constitutes a de facto relationship?A de facto relationship exists only when both parties are aged at least 18 and they are living together as a couple, but are not married to each other or in a civil union. These are the essential but not the only factors that go to determining whether a relationship is or has been de facto.When deciding, the court will consider all the relevant circumstances, which may include:the length of t...

The Difference Between an Asset and a Liability

In business, the more your assets outweigh your liabilities, the stronger the financial health of your business.An asset is something you buy as an investment because it has the potential to become more valuable in time by being sold for a higher price, or because it produces a regular income or it can even be both. An asset puts money in your pocket.On the other hand, a liability is something that drains money from your pockets. Most things we buy each day are liabilities, but the goal of inves...

The Difference Between a Settlor, a Trustee and a Beneficiary

Ever wondered who is involved in a trust? We are breaking down the roles for you to easily understand.SettlorA settlor is a person or company that creates the trust. There can be more than one settlor of a trust.TrusteesThe trustees are the people who manage the trust. The settlor can also be a trustee. It can also be a good idea to appoint an independent trustee who is not a relative. For example, professionals like a lawyer or accountant. BeneficiariesThe beneficiaries are the people who benef...

The Difference Between Relationship Property and Separate Property

When it comes to living together, being clear about what is relationship property and what is separate property is important.The difference between the two terms is that relationship property is all property acquired by either partner during the relationship. This includes your home, cars, household furniture, and appliances.Separate property can be property owned before the relationship, inheritances, and gifts from others, including from a trust.If you and your partner are to separate after li...

The Difference Between an Enduring Power of Attorney (Property) and an Enduring Power of Attorney (Personal Care & Welfare)

Do you know what an Enduring Power of Attorney is and what they do?First of all, let's mention what an attorney does. They are someone you give the power to make decisions if you're unable to.The key difference between the two is that an Enduring Power of Attorney for Property only grants the attorney the authority to handle property and financial matters.Whereas as an Enduring Power of Attorney for Personal Care & Welfare gives them the authority to make decisions about your lifestyle, medi...

What is Asset Protection?

Ever wondered what asset protection is and if you would ever need it?Asset protection is a way to protect yourselves and families against a financial loss from any unexpected claim. This might come about if you are sued, prosecuted, or as a result of a business failure.Assets that you can protect can include:PropertiesVehiclesStockCompany SharesIf you have any further questions, get in touch with one of the team today.CONTACT US ...

Property counteroffers – don’t get caught out

With a hot property market like New Zealand’s, it is common to see some back-and-forth negotiation on price, including making a counteroffer. In this blog we drill down into a recent High Court case, which saw a seller sign a counteroffer for $200,000 less than they were prepared to accept for their property, and which the Court ruled was legally binding....

Relationship Property and Trusts

How much can you really trust your trust? Is your trust still protecting your assets including your family farm and business?Many of you will be aware that there have been recent changes to New Zealand trust law. But are you aware of the risks your trust may face with respect to a relationship property claim? There is a common misconception that if you have a family trust owning assets, such as the family farm, it will protect those assets from a relationship property claim. Unfortunat...

What happens if I die without a Will?

There is a common misconception in New Zealand that if you die without a Will, the government will take all of your assets.There is a common misconception in New Zealand that if you die without a Will, the government will take all of your assets. This is not quite the case. Take Morgan as an example.Morgan owns a large life style block, farming equipment, Kiwisaver and other small shares and investments. He has a rocky relationship with his parents but a wonderful wife, Kayla. Tragically Morgan ...

The Blended Family

“How do I make sure that, my assets are distribute in the way I intended when I die?"Blended families are becoming more and more common in New Zealand. This means we are often asked “how do I make sure  that, my assets are distribute in the way I intended when I die”? Take this scenario as an example:Georgia has two children (Aimee and Sam) with her former husband. Georgia meets Andrew who has one child (Chelsea). Together Georgia and Andrew get married, and buy a house (“the Family...