Craig Paddon has practised law for 30 years, and gives practical legal advice in property law, trusts and estate-planning, and elder law. Shirley Welsh has recently joined the practice and specialises in elder law. Let them help you:
SET UP A FAMILY TRUST
A trust can still offer certain advantages that you should consider, especially in the case of ‘‘blended’’ families where there can be many competing interests. A trust can offer flexible solutions when it comes to distributing and protecting your assets and is not contestable in the same way that a will can be.
DRAW UP A LEGALLY BINDING WILL
A well-drafted will can reduce emotional and financial strain on your loved ones after you die and reduces the likelihood of disputes over your estate. If you die without a will, the law usually determines how your property is distributed, but this may not align with your wishes. The process can also be more time-consuming, costly, and complicated than if you had a will.
DETERMINE WHETHER YOU ARE ELIGIBLE FOR A REST-HOME SUBSIDY AND ASSIST YOU TO PLAN AHEAD
Your assets and income have the potential to significantly affect the outcome of a residential-care subsidy application. When considering subsidy applications, the Ministry of Social Development conducts a financial means assessment of your assets and income to determine whether you qualify under its eligibility thresholds. It has gifting thresholds to prevent people giving away assets to qualify under the asset thresholds for the subsidy, therefore it is critical that you plan well ahead.
PREPARE AN ENDURING POWER OF ATTORNEY; APPLY FOR THE APPOINTMENT OF A WELFARE GUARDIAN OR PROPERTY MANAGER OR FOR A PERSONAL ORDER
People sometimes need help to manage their health, property, or other parts of their life because they are temporarily or permanently physically or mentally ill or intellectually disabled.
There are three ways to make sure that they are looked after: 1. a person who has the capacity to do so, can grant another person an enduring power of attorney to look after their personal affairs or property in case they become unable to manage their own affairs; 2. the person or another person can ask the Family Court to appoint someone to act for them as a welfare guardian or property manager; and 3. the person or another person can also ask the Family Court to make a one-off Personal Order.
CREATE A LIVING WILL
If, due to illness or injury, you are unable to communicate, a living will provides a record of what medical treatment you would prefer. A living will does not have to be followed, however, it helps family members and doctors make difficult decisions about whether to provide, or continue to provide, you with medical care, or to allow you to die if you are terminally ill.
Let Craig Paddon Lawyer offer you protection and reassurance as you enter the next phase of your life.
Wednesday, 24 July 2019
