Personalised guidance a vital key in protection of assets.
This content was supplied by Holland Beckett and is being published by the New Zealand Herald as advertorial.
Rebecca Steens, a partner at Holland Beckett, is a highly regarded succession and estate planning lawyer. In this article she outlines the role of today’s advisor.
Making a Will, considering whether to set up a trust, and deciding who gets what is now more complex than ever. Families are more diverse, asset values have grown, and wealth is often spread across multiple properties, businesses, structures and jurisdictions.
At the same time, people want advice that is efficient, without losing the personal connection that makes advice effective. This is where the right advisors add real value, providing early, personalised guidance to protect both assets and relationships - and to prevent problems later on.
Effective estate planning looks ahead. Rather than assuming arrangements will always run smoothly, it anticipates change - illness, death, relationship breakdowns or shifting financial needs - and puts structure around decision‑making, exit options and expectations.
Rising property values and increasingly sophisticated investments have added complexity. Co‑ownership of assets is also common: siblings owning property together, parents and children investing jointly, or trusts holding assets alongside individuals. While these arrangements often work well initially, difficulties can emerge when circumstances shift. Planning for these moments in advance can significantly reduce risk.
Family dynamics are often what really determine estate outcomes. Second marriages, blended families, estranged relatives and children at different life stages can all influence how an estate plays out. Disputes frequently arise not because documents are missing, but because expectations were never fully understood or communicated. Taking the time to explore relationships, sensitivities and potential pressure points can make all the difference.
Good advisors ask the difficult questions. Choosing executors, trustees and attorneys under Enduring Powers of Attorney carries long‑term consequences, and these roles must be carefully considered in light of potential future scenarios. While technology can improve efficiency, Wills and Enduring Powers of Attorney must comply strictly with legal requirements, leaving little margin for error.
Estate planning trends have evolved. There was a time when almost everyone was advised to have a family trust, but that is no longer the default. A trust may be appropriate where asset protection, intergenerational transfers, estate claims, tax issues or residential care considerations are relevant. Trustees today are expected to be active, informed and accountable, and with higher asset values and greater scrutiny, their decisions are more likely to be challenged.
A good advisor will also consider tax in estate discussions, particularly where assets or family members are overseas. Cross‑border rules are increasingly tight and can quickly add complexity if not addressed early.
Estate planning remains deeply personal. At its heart, it is about people, relationships and trust, and getting things right for those who come after. Talking with an expert to review your succession plan early - and revisiting it as life changes - is one of the most effective ways to protect both your assets and the relationships that matter most.
Rebecca Steens has a background spanning both litigation and estate planning, helping clients navigate complex issues while proactively mitigating the risk of future disputes.