Changes to the Protection of Personal Property Rights Act (PPPR ACT) came into force earlier in April this year (2017) which have resulted among other things for the requirement to use new regulated forms for Enduring Powers of Attorney. These forms are in the format of a pre-populated questionnaire. They are far more wide ranging and extensive than the previous one to two page document used for this purpose. They will involve substantially more thought and time to complete and consequently will cost more to prepare. All prior forms are still acceptable so if you already have EPA’s in place there is no need to change these provided all details are up to date.
Probate Changes at the High Court
As from 4 June 2013, the High Court Rules for Probate applications will change.
All applications for Probate and Letters of Administration are to be filed and all caveats are to be lodged in the Wellington Registry, regardless of the place of residence of the deceased as at date of death. This means that the place of residence of the deceased at date of death will no longer be a relevant matter.
The prescribed forms under which applications are brought have been amended accordingly.
Abolition of Gift Duty
Gift duty was abolished on 1st October 2011. This will impact clients who have existing gifting programmes or who are thinking of gifting assets to a Family Trust. There are significant issues involving rest home subsidies which need to be considered before you make a decision to make any gifts in excess of $27,000.00. We recommend that you seek professional advice before making any gifting decisions. We are happy to discuss your situation with you without any obligation or cost.