Source: Radio New Zealand
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Re my joint family home and joint savings. I believed these are owned by (me) the surviving partner?
Nothing is in my partner’s name only. I invited my partner’s far-flung adult children and adult grandchildren to the funeral weekend.
My own grandchild overheard them talking about a legal claim to force me to sell my home for their benefit.
My partner and I registered it as our joint family home when we built it three decades ago and it took me more than two decades to care for my non working partner and pay off the mortgage.
I am fit and well and live in my home. My friends, children, grandchild and activities are nearby.
I am extremely upset by their claims as are my own children?
Can my “steps” legally force me to sell my home to provide money for them? My legal firm said this is “not possible” then changed their position.
This is a tricky question and we got into it a bit more on the podcast this week.
Michelle Pope, who is principal trustee at Public Trust, said usually assets held in joint names, as in your family home and savings, will automatically pass to the surviving joint owner.
“However, it’s important to confirm whether the property is legally owned jointly or in equal/unequal shares.
“If it’s jointly owned, it will in most cases pass directly to the surviving owner through what’s called ‘survivorship’ in legal language and will not form part of the deceased person’s estate.
“If not, the deceased’s share will need to be administered as part of their estate, which can add complexity.”
As for whether your stepchildren could force a sale, she said probably not.
But your partner’s estate could make a claim to claw back assets that could then be subject to a claim from the stepchildren.
“An example could include if they believe they are not adequately provided for in their father’s will. If successful, selling assets might be an outcome of any legal decision.”
Pope said because your partner had a will, there would be more clarity about what was intended to happen.
“Having a will can help reduce the risk of legal disputes and give clarity for families but cannot prevent claims being made.
“Blended families are increasingly common and estate planning in these situations can be complex.
“We strongly recommend people seek professional advice to explore options and ensure your estate plan reflects your intentions.”
How do I find a financial adviser who will give me truly independent financial advice?
I’m reasonably happy with my financial plans but it’s always good to check with an expert.
However I know many advisers are remunerated through commissions and therefore are only going to recommend products or providers that pay them.
My current investment plans mainly revolve around low fees broad market index funds so I’m worried by seeking financial advice someone will try to steer me away from this and towards higher fee actively managed products because of commission. I want truly objective advice and to not be suspicious of what’s in it for the adviser.
You’re right that many financial advisers are paid by the organisations that they place their clients with.
Historically, I think that’s been because people have been really reluctant to pay an upfront fee – and the advisers need to be paid somehow.
If you want to avoid that, you could look for an adviser who is going to charge you a fee instead. You might pay by the hour for their time, or a set amount for a financial plan or ongoing monitoring and advice.
But all advisers are bound by rules including the need to disclose how they are paid and by whom as part of their advice process.
Nick Hakes, who is chief executive of Financial Advice NZ, which represents advisers, said they would need to explain how they charged, what they were paid and the scope of their advice.
“My encouragement to any client seeking a financial adviser is to go with a whole list of questions so not just about how they might be remunerated but have they helped someone in similar circumstances to you? And how did they help? Remuneration method is just one of a series of questions which all client should be asking financial advisers.”
He said Financial Advice NZ had a directory online that listed all the members of the professional body. That could be a good place to start to look through your options and see who might be a good fit.
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