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Scoop
21 hours ago
- General
- Scoop
Can My Father's Partner Take His House?
Got questions? RNZ is launching a new podcast, No Stupid Questions with Susan Edmunds, next month. We'd love to hear more of your questions about money and the economy. You can send through written questions, like these ones, but - even better - you can drop us a voice memo to our email questions@ What happens if my father owns a house, but now has a partner for several years who moved in to the house and has put the power in her name to prove she's lived there for a certain time. If my father dies before her with no will, will she get the house or us kids? Justine Wood is a specialist trustee at Public Trust and helped me answer your question. Basically, when someone dies without a will, it's referred to as "dying intestate". That means specific legislation comes into play that determines who will get which bits of the person's estate. That means the partner may well be entitled to a share of the house. "Based on the family circumstances you've outlined, the partner may be entitled to receive the personal chattels, such as vehicles, furniture and jewellery, the first $155,000 of the estate and a third share of the remainder of the estate," she said. "This will depend on the couple meeting the legal criteria of having a de facto relationship at the time. The remaining two thirds of anything left would be distributed equally between his children. "Administering an estate when there is no will can be costly and take longer to sort out. Having a will helps your family understand what you'd like done with your estate after your gone - and it makes the process of managing your passing less stressful on loved ones." The Administration Act defines de facto relationship in line with the Property (Relationships) Act. This said a de facto relationship is a couple who are at least 18, living together as a couple and not married or in a civil union. Things that might be taken into account are the duration of the relationship, the nature and extent of common residence, whether there is a sexual relationship, the degree of financial interdependence and dependence, ownership of property, the degree of mutual commitment to a shared life, the care and support of children, performance of household duties and the reputation and public aspects of the relationship. It would make sense for your father to draw up a will. Even with a will, his partner may have rights under the Property (Relationships) Act - they may need to sign a contracting out agreement if he wants to ensure that the property is left to you. Are there any disadvantages in keeping KiwiSaver funds there in KiwiSaver after retirement age? Is it best to fill the forms now and take some, if not all? There really is no disadvantage to leaving your money in KiwiSaver once you're retired, if that's what makes the most sense for you at the moment. It would be a good idea to get some advice on the funds your money is invested in, though. Depending on how much you've got in your KiwiSaver, it might make sense to divide it up and invest it in a few different funds. You might have some in a conservative or even cash fund that you can tap into if you need it in the near term, for unexpected bills or things like that, some in a balanced fund for the medium term and then some money in a growth fund for the longer term. The growth fund will probably bump around a bit but should deliver better returns overall, which might help make your money last longer through your retirement.
Scoop
09-08-2025
- Business
- Scoop
What Happens If My Partner Dies Without A Will?
, Money Correspondent Got questions? RNZ is launching a new podcast, No Stupid Questions with Susan Edmunds, next month. We'd love to hear more of your questions about money and the economy. You can send through written questions, like these ones, but - even better - you can drop us a voice memo to our email questions@ What is the situation with joint property and joint bank accounts, when someone dies without a will? I have been living with my partner since the late 1980s. Our house, main bank accounts and one car are in both names. Our latest car - bought last year from joint bank accounts - could only be registered in his name, due to changes in NZTA rules. I have a separate bank account in my name, which has a small amount of inherited money. He also has a separate bank account with some money from his family and a few shares in his name, which were acquired through his work. Many years ago, I was told that if either of us died, then any assets in joint names would go to the surviving partner. We have not made wills, have no children, my parents have both died and his father has died, but recently, I saw that if someone has a spouse or partner, and parents, but no children, the spouse received the personal effects, $155,000 and two-thirds of what is left. The deceased person's parents get the remaining third. That means, if I die first, all I have goes to him, which is what I want, but if my partner dies before me, does his remaining parent inherit a third of our house (meaning I will need to sell it, as I do not have funds to buy her out in my 60s), plus a third of our two cars, a third of our joint bank account money, and a third of his KiwiSaver, private superannuation, bank accounts, insurance payouts and shares in his name? His mother is in residential care with dementia and already has enough funds to cover her care for decades. I am worried I may become homeless. What is the situation with joint property and joint bank accounts, when someone dies? As a starting point, it might be re-assuring to note that assets that you hold in a joint name would pass to you, so if you own your house jointly, it would be yours, if your partner died. I went to Public Trust principal trustee Michelle Pope for more detail to answer the rest of your question. She said, when someone died, their estate would be distributed according to the Administration Act. "In the writer's case, if they die first without a will, their entire estate would pass to their partner, as they have no children or surviving parents," she said. "Assets held in joint names, listed by the writer as the house, main bank accounts and a car, will automatically pass to the surviving partner. 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 pass by survivorship. If not, the deceased's share will need to be administered as part of their estate, which can add complexity. "If the writer's partner dies first without a will and has a surviving parent, Section 77(3) of the Administration Act 1969 applies. In this scenario, the writer would receive all personal chattels (including the car solely owned by the partner), a prescribed amount of $155,000 plus interest and two-thirds of the remaining estate. "The surviving parent would receive the remaining one-third of the estate. For clarity, the assets owned solely by the partner would appear to be a bank account, some shares, KiwiSaver, private superannuation and insurance. "Given the house is owned jointly, the writer can expect that the house will pass to them by what's called 'survivorship' in legal language and will not form part of their partner's estate. "It goes without saying that I'd encourage the writer and their partner to create wills. A will that clearly outlines their wishes can help remove any uncertainty when a person dies and can make the estate administration process a lot easier for loved ones." Having separated earlier this year, I chose to move out of the family home where my ex still resides. She is paying the mortgage, refuses to pay the house insurance or rates etc. the roof is leaking and she refuses to agree to making repairs, the ceiling is now ruined and mouldy. Though she has indicated she wishes to buy me out, she has not shared any form of offer or plan. She now refuses to engage in any form of correspondence at all. My questions - how do I go about necessary repairs to the house and how do I get her to move out, so that the house can be sold? Online research seems to point to tenancy/landlord situations which don't apply in this case. Is it actually just time for a lawyer to sort this out? Yes, I think the best - and really only - way to deal with this is to go to a lawyer as soon as possible. Can you please answer some questions about the way supermarkets operate. If I deliberately deceive customers, it's called deception. If I deliberately load, unload prices to make you think you are getting a better deal when you are not, this is manipulation to enhance your profit. Surely both of the above are profiteering and fraudulent. Supermarkets - and all retailers - have rules they have to comply with, when it comes to discounting, and it is illegal for businesses to mislead shoppers about prices. You can complain to the Commerce Commission, if you think someone has got it wrong. There is a lot of focus on supermarket pricing at the moment and Consumer NZ has been vocal about the current regime not being effective enough. It is calling for tougher penalties and infringement notice powers.
Yahoo
29-06-2025
- Business
- Yahoo
Low-Income Earners Were Asked About People Making $75K-115K+ Who 'Still Say It's Not Enough.' The Reactions Spanned From Empathy To Eye-Rolls
A Reddit thread on r/NoStupidQuestions recently prompted a wide range of replies after someone asked how low-income earners feel about people who make $75,000 to $115,000 or more but 'still say it's not enough.' The original poster, who said they were once in the $30,000 to $50,000 income range and now earn above six figures, noted their lifestyle hasn't changed much despite the pay bump. They found it surprising that higher earners often still claim they're struggling financially. Don't Miss: GoSun's breakthrough rooftop EV charger already has 2,000+ units reserved — become an investor in this $41.3M clean energy brand today. Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Back a bold new approach to cancer treatment with high-growth potential. The replies poured in, offering everything from understanding to exasperation. Many pointed out that cost of living varies wildly by location. 'I'm making over in 100K in NYC but sometimes that feels like barely enough after retirement savings, emergency funds, student loans, rent etc.,' one person wrote. Others noted that if you live in a high-cost area like San Francisco or Boston, even six figures can feel tight. Another major theme was lifestyle creep. 'As you make more money, you start buying nicer stuff, eating at fancier places, or upgrading things you didn't need to upgrade,' one person said. All of this can quietly inflate your monthly budget. Still, others highlighted hidden expenses that don't show up in salary figures. Some higher earners support family members or face high health care and childcare costs. 'I make $90K and feel broke because half my paycheck goes to daycare,' one parent commented. Trending: This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, with minimum investments as low as $100. Not all replies were empathetic. Some users were openly dismissive of people earning over $75,000 who said they couldn't make ends meet. One wrote, 'Many people have literally no idea how to save money or no self control to do it. All my coworkers get DoorDash multiple times a week, go to the bar every weekend, have $800 car payments, and complain they are broke. If they got a 50k raise they'd still be broke.' Others blamed poor decision-making. "Yeah, there are two types of broke people. Those who are broke because of bad luck and the system against them, and those who are broke because of how they act. The former can be helped by getting a better-paying job, but the latter will always find a way to spend more than they make," one person said. In the end, the thread revealed just how complex the conversation around money can be. Income alone doesn't tell the full story. Context, cost of living, spending habits, and financial literacy all play major roles. While some commenters showed compassion for high earners feeling the squeeze, others found it hard to sympathize when they're scraping by on far less. See Next: $100k in assets? Maximize your retirement and cut down on taxes: Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation. Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's how you can earn passive income with just $ Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Low-Income Earners Were Asked About People Making $75K-115K+ Who 'Still Say It's Not Enough.' The Reactions Spanned From Empathy To Eye-Rolls originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Yahoo
29-06-2025
- Business
- Yahoo
Low-Income Earners Were Asked About People Making $75K-115K+ Who 'Still Say It's Not Enough.' The Reactions Spanned From Empathy To Eye-Rolls
A Reddit thread on r/NoStupidQuestions recently prompted a wide range of replies after someone asked how low-income earners feel about people who make $75,000 to $115,000 or more but 'still say it's not enough.' The original poster, who said they were once in the $30,000 to $50,000 income range and now earn above six figures, noted their lifestyle hasn't changed much despite the pay bump. They found it surprising that higher earners often still claim they're struggling financially. Don't Miss: GoSun's breakthrough rooftop EV charger already has 2,000+ units reserved — become an investor in this $41.3M clean energy brand today. Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Back a bold new approach to cancer treatment with high-growth potential. The replies poured in, offering everything from understanding to exasperation. Many pointed out that cost of living varies wildly by location. 'I'm making over in 100K in NYC but sometimes that feels like barely enough after retirement savings, emergency funds, student loans, rent etc.,' one person wrote. Others noted that if you live in a high-cost area like San Francisco or Boston, even six figures can feel tight. Another major theme was lifestyle creep. 'As you make more money, you start buying nicer stuff, eating at fancier places, or upgrading things you didn't need to upgrade,' one person said. All of this can quietly inflate your monthly budget. Still, others highlighted hidden expenses that don't show up in salary figures. Some higher earners support family members or face high health care and childcare costs. 'I make $90K and feel broke because half my paycheck goes to daycare,' one parent commented. Trending: This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, with minimum investments as low as $100. Not all replies were empathetic. Some users were openly dismissive of people earning over $75,000 who said they couldn't make ends meet. One wrote, 'Many people have literally no idea how to save money or no self control to do it. All my coworkers get DoorDash multiple times a week, go to the bar every weekend, have $800 car payments, and complain they are broke. If they got a 50k raise they'd still be broke.' Others blamed poor decision-making. "Yeah, there are two types of broke people. Those who are broke because of bad luck and the system against them, and those who are broke because of how they act. The former can be helped by getting a better-paying job, but the latter will always find a way to spend more than they make," one person said. In the end, the thread revealed just how complex the conversation around money can be. Income alone doesn't tell the full story. Context, cost of living, spending habits, and financial literacy all play major roles. While some commenters showed compassion for high earners feeling the squeeze, others found it hard to sympathize when they're scraping by on far less. See Next: $100k in assets? Maximize your retirement and cut down on taxes: Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation. Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's how you can earn passive income with just $ Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Low-Income Earners Were Asked About People Making $75K-115K+ Who 'Still Say It's Not Enough.' The Reactions Spanned From Empathy To Eye-Rolls originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-06-2025
- Business
- Yahoo
Someone Asked, 'How Hard Would It Actually Be For A Millionaire To Start From 0 Again?' No Access To Old Networks, No LinkedIn, Nothing
'How hard would it actually be for a millionaire to start from 0 again?' That was the question posed on Reddit's r/NoStupidQuestions recently. The scenario: no money, no contacts, no LinkedIn. Just experience and mindset. Would it be enough? The post resonated widely and sparked hundreds of thoughtful responses from users across all walks of life. Most agreed that without connections, rebuilding wealth would be extremely difficult, even for someone who had done it before. 'Zero dollars, pretty easy for many of them. Zero rich friends and contacts, they're probably f***ed,' one user said without embellishing. Don't Miss: Peter Thiel turned $1,700 into $5 billion—now accredited investors are eyeing this software company with similar breakout potential. Learn how you can invest with $1,000 at just $0.30/share. Maximize saving for your retirement and cut down on taxes: Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation. Another top commenter wrote, 'The biggest assets are your contact list and your reputation. If I know people, I can ask them for work, get credit, find buyers. Without that, you're just another person.' One Redditor argued that while a rich person might crash on a friend's guest bed, poor people often have no such help. 'I was homeless for a brief but awful period... Within a month, I had exhausted all my options and was about to sleep on the sidewalk.' Many pointed out that millionaire status often comes from owning a home and maxing out retirement accounts, not from running a successful company. 'Millionaire at this point means HCOL homeowner,' one person said, referring to high-cost-of-living areas. Another added, 'I'm technically a millionaire—about $1.6M net worth. If I had to produce $1M in cash... I'd be permanently worse off.' People who took decades to save and invest wouldn't have the time or energy to start over. 'It took me 25 years with a high-paying job that let me save near 50%. I'd be dead before I could do it again,' one commenter said. Trending: Tired of Grid Failures and Charging Deserts? This Startup Has a Solar Fix and $25M+ in Sales — Now Raising at $3/Share Plenty of people stressed the importance of good fortune. To them, most millionaires did not start from zero. They had family support, education and safety nets. As someone noted, luck is a huge factor. Right place, right time, right idea. Without that, it's just wishful thinking. Even Mark Cuban, quoted by several Redditors, has said he believes he could become a millionaire again but not a billionaire. Becoming a billionaire often comes down to being in the right place at the right time and taking big risks that happened to pay off, more than it does to effort or ability. One person, who supposedly went bust at 23, losing all of their $1.5 million and recouping their wealth by 30, and more so, said, 'Ask any multimillionaire and they'll all tell you the same: The first million was the hardest to earn. What made it uniquely difficult is what they had to learn along the way. Everything after that is mostly copy and paste, while remembering past mistakes.' In the end, while millionaire experience might help someone avoid common mistakes, it's no substitute for capital, connections, and safety nets. Read Next: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Back a bold new approach to cancer treatment with high-growth potential. Many are using retirement income calculators to check if they're on pace — here's a breakdown on what's behind this 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Someone Asked, 'How Hard Would It Actually Be For A Millionaire To Start From 0 Again?' No Access To Old Networks, No LinkedIn, Nothing originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
