a day ago
Can My Father's Partner Take His House?
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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.
