LES601: Wills, Trusts and Estates Law, and Practice assignment sample NZ

There are many reasons why wills, trusts, and estates law is important to understand. For one, it can help you plan for the future in case something happens. And secondly, it helps you avoid mistakes with your assets by making sure they go where they should go when you die or become incapacitated. It’s an area of law most people don’t know a lot about until there’s a need for them to learn more about it.

Wills, trusts, and estates law is a complex area of the law. It’s made up of many different parts, which can be confusing to understand. But don’t worry, we’re here to help. In this sample, we’ll give you an overview of wills, trusts, and estates law in New Zealand. We’ll also provide you with different types of assignments types like formative, individual, group, final exams, and so on to help you better understand the concepts.

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Buy assessments answers of (LES601) Wills, Trusts and Estates Law, and Practice units

Students who successfully complete this course will have the knowledge and skills needed to be professional writers. Here, we are describing some tasks. These are:

Assignment Task 1: Analyze the structure and common contents of simple wills and enduring powers of attorney, and the requirements for making a will and an enduring power of attorney

Making a will is an important legal step that can ensure your assets are distributed the way you want after your death. An enduring power of attorney is a document that allows you to appoint someone to make decisions about your affairs if you become incapacitated.

A will is a legal document that allows you to distribute your assets among your loved ones after your death. Wills can only be prepared by specially-trained lawyers called ‘commissioners for taking affidavits. To make a valid will, you need two witnesses who are not beneficiaries of the estate and who do not stand to gain from the will.

An enduring power of attorney is a document that allows you to appoint someone to make decisions about your affairs if you become incapacitated. The person you appoint is called an ‘attorney’. An enduring power of attorney can be made for any type of decision, including health care and financial decisions.

You can only make an enduring power of attorney if you have the mental capacity to do so.

Assignment Task 2: Examine the key elements of trust

A trust is a legal device that transfers the ownership of property from one person to another. In other words, you can transfer your assets into a trust and then get someone else to manage them for you. There are many potential benefits to this arrangement, but it’s important that you take the time to understand everything before jumping in. It’s also important to know what kind of trustee will be managing your account.

There are two main types of trusts: discretionary and fixed. A discretionary trust gives the trustee the power to decide who should receive the trust’s assets. A fixed trust, on the other hand, dictates exactly who will receive the assets.

When setting up a trust, you need to include a number of key elements, including the name of the trust, the trustee, the beneficiaries, and the purpose of the trust.

Assignment Task 3: Analyze and apply the legal principles and practices relevant to estate and asset planning

The estate planning process is not something that should be taken lightly. It can affect the lives of your loved ones for years to come, and it’s important that you take time to make an educated decision about how best to plan ahead for them.

There are many different factors to consider when estate planning, including how to best distribute your assets, who will manage them after you’re gone, and how to protect your loved ones from future financial hardship.

It’s also important to have a solid will in place. A will allows you to dictate exactly how you want your assets distributed after your death. Without a will, your assets will be distributed according to provincial law, which may not be what you want.

The estate planning process can be complex, but with the help of a lawyer, you can make sure that your loved ones are taken care of after you’re gone.

Assignment Task 4: Analyze and apply aspects of the legal and general administration of a deceased estate

A person’s estate refers to all their assets and liabilities. The final administration of the estate is managed by a Personal Representative, which may be an Executor or Administrator. There are many aspects that should be considered when administering an estate including whether or not there are creditor claims against the estate if there are beneficiaries named in the Will, and who has priority over other creditors.

You also need to know how to divide an estate among people with unequal amounts of assets. If one beneficiary is particularly wealthy then they would usually receive more money than somebody else who has slightly less.

When administering an estate, it’s also important to be aware of all the tax rules that may apply.

Assignment Task 5: Design effective communications to beneficiaries of an estate and a trust, as well as with personal representatives and trustees

The beneficiary of an estate or trust is the person who benefits from the assets that are left to them. It’s important for beneficiaries to understand their rights and responsibilities, as well as how they can assert those rights so that they can receive what was promised.

It’s also important to communicate effectively with personal representatives and trustees because your estate or trust may require frequent updates.

The estate and trust process can be complex, especially if there are a lot of assets involved. It’s important to take your time in order to make informed decisions that will help protect your beneficiaries in the long run.

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