Blog

How will loved ones cope?

Death and taxes are the only certainties in life, or so the saying goes. And when the first one strikes, the second usually follows, one way or another. Luckily, New Zealanders are exempt from estate and inheritance taxes. But that doesn't mean they won't face potential problems when collecting the funds that have been left to them. How will your loved ones cope should tragedy strike and take you away from them unexpectedly? Will they be able to cover end-of-life expenses? Have you adequately arranged for beneficiaries to inherit a family home and other assets? If you want to ensure that your loved ones are granted the time needed to grieve without having to worry about money, there are steps you can take to make the process easier for them.

Are you prepared?

There are a couple of different options to consider when it comes to asset protection. Most people automatically assume that creating a last will is the best option. But this is not necessarily true. In some cases, this option will provide you with the protection you seek, especially if you have limited assets, a single beneficiary (a spouse or child, for example), and no other possible claimants for benefits (extended family members, creditors, and so on). But if you really want to preserve your main asset (your home) and other valuables for future inheritors, you really should look into the possibility of setting up a family trust.

Take care of family

Such legal protections go further than a will when it comes to ensuring that your wealth and assets go to the intended recipients. Whereas a will can be contested and get tied up in probate, leaving your loved ones waiting for the funds they desperately need to get by in your absence. When you set up a family home trust, you know that your property is going to be placed in the care of your loved ones. The same goes for any other assets or funds you protect with a trust.

So why not make it easy for them?

Our time on Earth is limited, and none of us know when tragedy could strike, ripping us away from our loved ones and leaving them to cope in the aftermath. But you can do a lot to ensure that the people you love the most are cared for in your absence. With proper planning, you can at least give them financial security and keep them in the family home when you are gone. By setting up trusts to protect your assets, you can help your family cope with your loss.

So why not start today and register with TrustUs.

After all, it's in your hands.