GRA Blogs

Articles by The Professional Trustee Team

The Professional Trustee Team

Necessity of Wills and Memorandom of Wishes

Now there's always at least 3 sides to a story but if the article in the New Zealand Herald is anything to go by, it would appear a family home and its contents were sold without potential beneficiaries being told. 

The facts as reported are something like this:  

  • Mrs Haworth gives the Public Trust an enduring Power of Attorney in 2010. This means the Public Trust are put in charge of all her affairs.
  • Mrs Haworth moves into a rest home and a couple of years later, the Public Trust make a decision to sell the family home.
  • The family beneficiaries, being Mrs Haworth's daughters, were not told the home had been placed on the market for sale.
  • The daughters have yet to be informed by the Public Trust of the sale price of the home and the distribution of those proceeds.

What does the above story teach us? Easy Peasey.  Ensure you personally take steps to let others know what you want to happen with your assets and the assets that may be in your trust. Do this via your Will and a Memorandum of Wishes. Put these documents in place – NOW. Don't leave what happens to others. If you do that, you could well end up not having your wishes followed and hurting those you love and leave behind.

If you need help with these matters, please contact Trustee Services by calling (09) 522 7955 or emailing [email protected]

The Professional Trustee Team
The Professional Trustee Team
© Gilligan Rowe & Associates LP

Did you like this article? Subscribe to our newsletter to receive tips, updates and useful information to help you protect your assets and grow your net worth. We're expert accountants providing expert advice to clients in NZ and around the world.

Disclaimer: This article is intended to provide only a summary of the issues associated with the topics covered. It does not purport to be comprehensive nor to provide specific advice. No person should act in reliance on any statement contained within this article without first obtaining specific professional advice. If you require any further information or advice on any matter covered within this article, please contact the author.
I attended the GRA function last night - it was excellent, and goodness your knowledge is like an encyclopaedia! Phenomenal. We have already had an initial free consult with John Rowe, have attended one of Matthew's info evenings, and are already booked for Property School. I've read Tax Structures and am reading Property 101. We are very interested in moving to you for accounting also - our current accountant is lovely, and his fees are very low, but the more I'm learning, the more I'm realising this sweet man has oftentimes not steered us in the best directions, and definitely never asset structured us properly - and that is all in the plans to get sorted thx to getting to know GRA. - Tat & Trip - June 2016

Seminars and workshops for property investors, business owners and anyone seeking to create and protect their wealth.

View all our upcoming events
Learn More

GRA logo

Gilligan Rowe and Associates is a chartered accounting firm specialising in property, asset planning, legal structures, taxation and compliance.

We help new, small and medium property investors become long-term successful investors through our education programmes and property portfolio planning advice. With our deep knowledge and experience, we have assisted hundreds of clients build wealth through property investment.

Learn More
GRA Senior Partners