The issue of climate change has been debated for decades. During that time, though, little has been done to concretely prepare either people or the world itself for the impacts that climate change is already having. To ensure that New Zealand’s economy does a better job of adapting to and mitigating the coming climate impacts, the government is now turning to the financial sector.
Estate planning is one of the most important things you can do today to take care of your family when you’re no longer able. Unfortunately, it’s also something many of us try to put off as long as possible. No one wants to think about, much less plan for, their own death or incapacitation. This is a problem, because it means that many people never get an estate plan, and many others never properly personalise it to their needs, goals, and their family’s overall situation.
In recent weeks, we have worked to put together a client service charter as a guide for ourselves, and to offer our clients an overview of what they can expect from their partnership with Trustees Executors. This marks the next phase in our journey to lay the foundation for our new service model, with the aim of providing exceptional service to every single one of our clients.
Enduring Powers of Attorney (EPAs) are essential tools for people of any age, in order to manage property and personal care and welfare in the event of an accident or serious illness. Despite this, the idea that a joint bank account can eliminate the need for an EPA remains a common misconception. After all, the problems associated with not having an EPA tend only to surface when it’s too late.
Over the past few months, we have spoken about some straightforward ways to improve your financial situation so that if you are hit by a crisis such as a job loss or economic recession, you will be able to adapt and recover quickly. As a part of this series we discussed the importance of having an emergency fund, ways to get rid of bad debt, and how to pick the best KiwiSaver for your goals.
What this means looking forward
We’re proud to administer the Philip Wylie Charitable Trust. The trust was established in 2016 under the terms of the will of the late Mr Philip Wylie – whose charitable vision was to help make a difference in people’s lives.
With New Zealand once again having active coronavirus cases in the community, it might be raising feelings of fear or nervousness around what will happen to the New Zealand economy. While this outbreak has not had a strong negative impact on the share market, there’s no denying that now is the time for making sure that you are prepared for whatever the future may bring. In this series we give you answers to things that you can control to get your finances organised and equipped to deal with whatever ups and downs life may bring.
The new Trusts Act 2019, which will come into force in January 2021, is set to significantly modernise trust law, and to clarify the role of trustees and advisers in setting up and running trusts. As the new law is set to replace a relatively old law – the Trustees Act of 1956 – trustees will be facing significant changes with respect to compliance requirements.