Episode Transcript
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Speaker 1 (00:11):
Thank you.
Speaker 2 (00:13):
This is a master and Hakaui's pretty relevant advice there.
From five, a group from the late nineties into the
early two thousands, I'm sure a lot of listeners would
reminisce about the days on the rugby clubs of the
DJ's turning up and them, but that song being one
of the bangers there. As we catch up next with
Hillary Copeland al of Bannerman, Crookshank Pride the Lawyers, Good afternoon, Hi,
(00:36):
how are you going very well of what has been
an interesting couple of weeks. But look, there's a lot
on the table for people to consider at the moment.
This is something we're talking about today. It's all about well,
something that I don't know more often than not, unfortunately,
just gets put on the back burner, right.
Speaker 1 (00:53):
Yeah, So that was one of the reasons I thought
I'd better do this topic about that we've done this year,
and it's just timely. This time of year, I find
lots of people well, actually seems have been a bit
quiet in the last few weeks, as you mentioned, but
leading up to Christmas, everyone goes on a mad dash
to tick off those things off there to do list.
(01:14):
So I thought it was a timely to remind people
of the importance of having a will, and or if
you've already got one, checking its still relevant and whether
it needs updated.
Speaker 2 (01:25):
Just right back to the mayor basics. What actually is
the definition of a will?
Speaker 1 (01:30):
So the definition of a will, I guess the key
will is it's the document that sees what you want
to happen on your death in terms of your assets
and any other wishes you might have in terms of
funeral directions. So having a will gives you peace of
mind knowing that the people or charities or organizations in
(01:53):
some cases will be taken care of after you've gone.
And I guess I would also say a will can
relieve financial and emotional strain on your family, and it
helps people to just understand what your wishes were and
then those left behind can implement those. So ultimately, if
you do not have a will, your assets may not
(02:15):
pass as you wanted them to or to the people
you wanted them to.
Speaker 2 (02:19):
Yeah, a great point you bring up there, they won't
pass as you wish them to go. So what happens there.
Speaker 1 (02:24):
The law would kick And if you don't have a will,
so that's you. If you don't have a will. It's
I strongly, strongly encourage everyone to have one. If you don't,
there is the Administration Act KITS and you die what
we call and test it and there is a process.
But as I say, it's way easier for everyone involved
if you've done or you completed your will, and then
(02:48):
it means that you know you're not dictated by what
the law says. You can do what you want to.
And a lot of wills are very simple, and others
depending on what you own or your family dynamic or
how you own things. You know, that can make things
a bit more complex. But that is where we come
in and we're here to help you make that processes
(03:11):
through free and simple as possible.
Speaker 2 (03:13):
Now you hear about executives for people's wills and the likes,
there's a lot to go into picking the right people
to help you with your wishes in the future.
Speaker 1 (03:21):
Right, Yes, So you have trustees and executives, so that
is typically the people, well person or people. Sometimes it
can be an organization. So sometimes as a law firm
we might for for certain reasons be appointed at a
trustee and executive and those are the people that are
responsible for carrying out your wishes. As outlined in your will.
(03:44):
The other key one is for people with young children
as testametric guardians, so that you know, parents can appoint
someone who would help make important decisions for children if
both parents aren't there and there are I guess the
terminology sometimes I think, or even the you know, just
(04:04):
talking about world sort of, it's a bit of a
morbid topic of lease and it puts people off. But
I cannot stroop en us the amount of times I
have people sit at my desk in my office and
once we've done it, like sometimes if it's simple, it's
you know, it's very simple, painless exercise, and at the
end they're like, oh my gosh, I've been waiting for
(04:26):
years to do that. I wish you've made it so
simple and easy. Should have done it years ago. So
don't be scared by the whole process. It's it's relatively
simple and pain free. And in those more complex structures,
you know, in a farming situation or depending on what
structures and ownership entities you have, obviously we would work.
(04:49):
We work in with accountants and whoever else is necessary
to make sure we've got things set up the best
that we can to achieve you know the objectives that
the arties want to achieve.
Speaker 2 (05:02):
Now, when an individual passes, it's unfortunate how it does
get messy. But can the executives for a will, can
they be challenged by siblings and the lice?
Speaker 1 (05:12):
Yes, but that is where I mean. Yes, people always
talk about, you know, a very American way as people
talk about the reading of the will. That's quite an
American term that said, we sit down with people and
go through it. And people also talk about contesting a will,
and yes, unfortunately we do see that. But again that's
(05:34):
where I'm like, come and see us, get it sorted,
because that's my job is to advise you properly to
avoid exactly that situation. So get the right advice, you know,
and quite often nine times out of ten, in more,
when you've got significant assets, it would involve working with
(05:55):
your lawyer and I would always check in with the
accountant and get it set up right so we can
avoid any issues after, because the last thing you want
is family, you know, having a fallout after because something
hasn't been done properly.
Speaker 2 (06:09):
Because you hear the artists as well, Hilary about people
being told before the individual passes about what the will
will contain.
Speaker 1 (06:18):
Yeah, And I was just about to say that Andy,
I am, you know, in the old days. I don't
know what we call the old days, but you know
there's yeah. Back in the day people, and I'm talking
probably a few generations ago, everyone kept their cards quite
close to their chiest and didn't tell anyone. Those days
(06:39):
are gone. And I personally am a massive advocate for
openness and transparency and communication because let's front foot and
deal with it. So if there are going to be issues,
they can be dealt with. I've got personal experiences where
you know, people have told you know, people share that information,
(07:00):
and that's personal choice. And again it depends on the
family situation. Sometimes they are interesting dynamics that we need
to be mindful of, and I'm extremely mindful of that
because I don't want anyone to be upset or hurt
by anything that unrevels. So again, all of that is
part of that information gathering phase and setting up the
(07:23):
will so that we can address any issues if need be.
But look, the majority of wills can be pretty simple.
You know, in a very simple scenario, it's mum and
dad and then they leave everything to each other with
what we call a gift over to children, so if
mum and Dad are both no longer there, it all
goes to the children. So it can be very simple,
(07:44):
but there are more complex ones, which is even more
important that you get the right advice and get it sorted.
And the other thing is once you have one, making
sure you review it and it's necessary update it. So
any big event in your life, buying a property, entering
a relationship, ending a relationship, you know, is it still relevant.
(08:09):
The other thing as well is if you get married,
your will is null and voice. People are horrified when
I tell them that. So if you made a will
before you were married and then you get married, it's yes,
it's not relevant. You need to update it.
Speaker 2 (08:26):
So if anybody's listening to this and want to get
what's to, get in touch with the team of Bannamin,
Crookshank Pride the lawyers talk about will's Hillary, how do
they do it?
Speaker 1 (08:35):
They can pop into the office at five Fearfield Street
or otherwise on our websites which is cp Law dot
co dot nzed and there's a Gore office tamper with
all our details.
Speaker 2 (08:46):
Hillary Copeland always great to chat.
Speaker 1 (08:49):
Awesome, thanks and you have a good day.
Speaker 2 (08:53):
Hillary Copeland, I've Bannamin Crookshank Pride, the lawyers all about
Wills where there's a wild is away right, well, not
all everything is as it seems. Let the team at
Benaman Crooksheng Pride helps you out regarding law. Before the
end of the hour, Taylor Painter from bealf Young Farmers,
but up next from Environment South and then drive Bird