October 1, 2016 Indian Newslink Digital Edition

16
BUSINESSLINK
Where there is a Will,
there is no uncertainty
Farah Khan
farah.khan@xtra.co.nz
Everyone needs a Will.
A Will is a legal document
that expresses your
wishes as to how your
property is to be
distributed upon your death.
I have met many people who
believe that the making of a
Will means losing control of
their assets.
This is not correct.
Wills have absolutely no legal
effect until you pass away.
In your life time you can
change your Will as many times
as you like without having to be
accountable to either the beneficiaries
or anybody else.
Inheritance not automatic
Your Will gives you an opportunity
to decide exactly what
happens to all your belongings
after your death.
Most people think that their
partners and children would
automatically inherit all their
assets even if they have not executed
a Will.
If you have assets of a total
value of more than $16,000,
then, your loved ones must apply
for Letters of Administration
from the High Court before
any of your assets can be
distributed.
This is not only a long and
cumbersome but also an expensive
process and often the cause
for many family disputes.
Differences of opinion is the
last thing a grieving family
needs.
In many communities, it is
customary to leave assets to
male offspring/s.
No bias allowed
The law in New Zealand does
not accept such a practice but
states that children are to be
equally provided for and that
there should be no gender bias.
However, there is no reason
why your wishes should not be
honoured.
Therefore, I urge people to
make a Will today.
If you have your wishes
properly documented, at
the least you have some comfort
in knowing that your loved
ones are clear about your final
wishes.
If Wills are so important then
why is it not very popular?
I often hear three reasons for
apathy among people regarding
Wills.
It is too expensive: It does not
cost more than a few hundred
dollars to make a Will which
could be very high in value.
I do not like to talk about death:
No one can avoid death – it is
inevitable and hence there is
nothing wrong in discussing
about death. It would be wise to
organise your affairs while you
can still so, rather than leave
your loved ones in a lurch to
deal with the mess when you
are gone.
They will not be impressed
with what you have put them
through.
I do not have time now. I will
do it later: Death waits for no
one. There is no time like the
present, because no one has
seen tomorrow. Your Will is important
and you need to make
time to execute it.
I hope you are now convinced
of the importance of a Will
and would do the needful for
the safety and security of your
loved ones after you have left
this world.
As Leon Battista Alberti,
a 15th Century Italian
Renaissance Polymath said, “A
man can do all things, if he but
Wills them.”
Farah Khan is Partner & Notary
Public Practice Manager
at Khan & Associates Lawyers
and Notary Public based in
Papatoetoe, Auckland. She
can be contacted on (09)
2789361.
New
legislation
to
improve
land
transport
Kanwaljit Singh Bakshi
The National Party came
in to government (in
November 2008) promising
that we will improve
quality of our regulations by
amending and updating legislation
to strengthen public safety,
facilitate business growth
and increase productivity of our
economy.
Recently, the National party
government introduced the
‘Land Transport Amendment
Bill’ to Parliament.
The Bill aims to fulfil our
OCTOBER 1, 2016
promises and strengthen the
legislation relating to alcohol
interlocks, the framework for
managing public transport fare
evasion and create more effective
deterrents to reduce the incidence
of fleeing drivers.
Important changes
The Bill will also make changes
to heavy vehicle regulation
and a regulatory process for
small passenger services.
It will make practical, minor
amendments to ensure that
Land Transport Act 1998 operates
as intended by Parliament.
The Bill will enable better
innovative, small passenger
services to deliver benefits
to consumers while managing
safety risks.
It will introduce mandatory
alcohol interlock sentences for
repeat offenders and first time
drink-drive offenders with high
alcohol levels.
It will create more effective
deterrents to reduce the numbers
of fleeing drivers.
It will strengthen the framework
for managing evasion of
public transport fares.
The legislation is part of ongoing
efforts to create better, more
effective regulation that works
for New Zealand.
Kanwaljit Singh Bakshi has
been a Member of Parliament
on National List from November
2008. He is also Chairman
of Parliament’s Select Committee
on Law & Order.
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