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Once a person is diagnosed with dementia, life changes quickly. The person with dementia may start having trouble looking after their wellbeing, their property and their finances, and need help with these tasks.
Fast forward, and they may be able to complete these tasks to varying degrees of success – or not manage them at all on their own.
The number of New Zealanders living with dementia is expected to almost triple to 170,000 by 2050*.
This World Alzheimer’s Month, Public Trust is calling on Kiwi to start the conversation with their loved ones about who might look after their financial affairs and wellbeing in the event of a dementia diagnosis, and to get their enduring powers of attorney (EPAs) sorted.
New research commissioned by Public Trust in its 150th year reveals 65% of parents and guardians with children aged under five in New Zealand do not have a will, highlighting a common misconception that people believe they don’t have assets worth protecting, or that they’re too young to need a will.
This Wills Week 2023, brought to you by Public Trust and running from 17 to 23 July, Public Trust is working hard to disprove these misconceptions and boost the number of New Zealanders with wills. The overall aim of Wills Week is to educate New Zealanders on the importance of protecting the things that matter for the people that matter and empower them with the confidence to write their will.
You might think you don’t have enough assets to leave in a will, but new research shows 85 percent of people want to leave a legacy that goes beyond money and assets and instead make sure they’re passing on things like values to live by, happiness and a good upbringing.
Wills Week 2023, brought to you by Public Trust, runs from 17 to 23 July and aims to show New Zealanders the importance of protecting their legacy and empower them with the confidence to write their will. Nearly 50% of New Zealanders over 18 have a will in place, and we are working hard to significantly boost that number.
Most young families are without adequate protection for their children, assets and legacies if parents die, new research reveals.
The research, commissioned by Public Trust in its 150th year, shows 65% of parents and guardians with children aged under five do not have a will.
This improves slightly in families with older children – among parents and guardians with school aged children, 54% do not have a will in place, and this decreases to 46% among parents and guardians with older children.
Glenys Talivai, Public Trust CEO, says the research findings are “concerning”.
New research shows a staggering 95 percent of Millennial homeowners received financial help to own their own home, closely followed by Gen Z homeowners with 79 percent receiving help.
Young people receiving financial assistance, in some cases called ‘early inheritance’, changes the face of what legacies look like further down the track.
It also contributes to increasing the wealth gap, with young people who are not able to receive financial support from their family less likely to be able to get onto the property ladder.
New research commissioned by Public Trust in its 150th year shows 39 percent of Kiwi say their biggest concern is having enough money for their own retirement.
“For most New Zealanders, their KiwiSaver investment will be a tool to help fund their retirement,” says David Callanan, Public Trust General Manager Corporate Trustee Services.
“I encourage everyone to check their KiwiSaver investment to ensure that they have the appropriate settings for their situation. This includes making sure your contribution rates are sufficient to help set you up for the lifestyle you’d like to enjoy in your retirement.”
The face of intergenerational wealth in New Zealand is changing, with new research released today revealing legacies are more likely linked to connection and values, than money or property for Kiwis.
Although 71 percent of people surveyed say they want to leave a financial legacy, there are more, 85 percent, who want to leave an emotional legacy.
One in five people (20 percent) feel they don’t have enough wealth to worry about protecting it and 39 percent say their biggest concern is having enough for their own retirement.
Public Trust employed some of the first women in the Public Service from 1892 — a year before women won the right to vote in New Zealand.
In 1892, Maud Harrap transferred from the Postal Department to the Public Trust Office as a short-hand typist and became the first woman on staff. Maud was joined later that year by Susan Dimant, and, in 1895, by Julia Skerrett and Emily Smythe, all as short-hand typists.
2023 marks a special anniversary for Public Trust, 150 years since it was established as the world’s first public trustee services organisation.
The Crown entity is now well-known for its provision of estate planning services, including wills and enduring powers of attorney (EPAs), but what is less known is that it was set up to protect some of our society’s most vulnerable people.
Late nineteenth century New Zealand society was haphazard; settlers lived dangerously and moved frequently around the country and beyond. Women and children were particularly vulnerable if widowed or orphaned, as appointed estate trustees had a habit of disappearing.
As we navigate the disruption COVID-19 has caused in New Zealand (and globally) our number one priority is to keep you safe whilst still providing quality service.
Learn how we are keeping you safe at our customer centres with COVID-19 in the community, and a note on the status of probate applications in the high court.
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June was International Pride Month, a month dedicated to recognise freedom, equality and most importantly to celebrate love.
Matthew Gamman is one of our Trustee’s based within Auckland, and as a proud member of our newly created Diversity and Inclusion working group, he is dedicated to ensuring Public Trust remains an equitable environment for all stakeholders and is championing the ideology of widespread inclusivity and education surrounding the rainbow community at Public Trust. Here is what he has to say about Pride at Public Trust and his mahi in this space.....
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Media Mentions
Tracey Boyes, principal trustee in the Rotorua customer centre, spoke to NZME reporter Michaela Pointon about the importance of having a will if you're in a blended family.
“If a parent dies without a will and they have a blended family, it can be significantly more complicated,” Boyes said.
This year's winners of the Walter William McLean Educational Trust scholarships were celebrated at an event in Gisborne.
Public Trust manages and administers the trust and was delighted to honour these five talented students and support them in their tertiary studies.
Read more (paywall)
Riva-Lee Habib, a student from Tolaga Bay Area School, has been awarded the prestigious Walter William McLean Educational Trust scholarship.
The scholarship, managed and distributed by Public Trust, offers financial support to students pursuing agriculture-related tertiary studies.
Riva-Lee will receive $5,000 to assist her in her Bachelor of Veterinary Nursing program at EIT (Eastern Institute of Technology) in Hawke's Bay next year.
Public Trust CEO Glenys Talivai featured on the Celebrate Good Lives podcast, talking about wills, enduring powers of attorney and funeral planning in a recent episode.
“The greatest gift you can give to your loved ones, is certainty about what you wanted," Talivai explained.
It’s also available wherever you usually get your podcasts, including Spotify, iheartradio or Apple Podcasts.
Hastings Trustee James Ross was interviewed by the Hastings Leader, and also featured online in the Hawke's Bay Today, about the importance of having a will.
"Nearly 50 per cent of New Zealanders over 18 have a will in place, and the Public Trust is working hard to significantly boost that number," the article explained.
"In July, the Public Trust celebrated Will Awareness Week by releasing commissioned research that shows leaving a legacy matters. The research revealed an increasing interest in and value placed on “emotional” legacy, which is less about finances and more about passing on values, taonga and heirlooms.
Public Trust CEO Glenys Talivai explained legacies can be many different things and go beyond money and assets — a legacy can also be about passing on family traditions and values, a favourite artwork passed through generations, or a sentimental jewellery item."
David Callanan, General Manager Corporate Trustee Services (CTS), was interviewed in the Spring issue of Informed Investor, talking about KiwiSaver, retirement savings, and investing over the long term.
Read the article here (the article with David in it is on page 27)
Public Trust was featured in the Korea Review print newspaper, and online version, sharing important information to the Korean community about wills and enduring powers of attorney (EPAs).
Sharesies podcast host Frances Cook interviewed Public Trust CEO Glenys Talivai about why you need to protect your KiwiSaver, shares and home, and what happens if you don’t.
Seven Sharp reporter Lucas De Jong speaks to Public Trust’s Catherine Simpson during Wills Week about the importance of having a will.
“Dying without a will can be messy and have consequences for loved ones.
Research this month from Public Trust ahead of its Wills Week (17 to 23 July) found 65 per cent of parents and guardians with children aged under 5 in New Zealand do not have a will.
The survey of just over 1000 people highlighted a common misconception that people believe they don’t have assets worth protecting, or that they’re too young to need a will.”
“New Zealanders are not leaving money to their children the way they used to - and many are not able to. Not only are times tough, but we're living longer and older people need the money for themselves.
As part of a study to ‘better understand and quantify New Zealander attitudes and actions around intergenerational wealth’, Public Trust commissioned a quantitative survey of more than 1000 Kiwis.”
“David Callanan, Public Trust general manager corporate trustee services, said in a release that the disconnect highlighted in the survey was a ‘surprising insight’.
“’As KiwiSaver accounts can only be used for retirement or a first home deposit in most instances, many people treat their accounts as set and forget for a long period,’ Callanan said.”
Financial journalist Mary Holm talks about our Intergenerational Wealth research on radio show Your Money With Mary Holm on RNZ with Jesse Mulligan.
Tune in to hear Brian Sagala and Public Trust chief executive Glenys Talivai discuss the importance of having a will in place.
“Nick Combs is a new senior portfolio manager in the Public Trust's investment team.
“He joins the 150-year-old Crown entity from his most recent role as Head of Investment Management at the Financial Markets Authority (FMA), where he had oversight responsibilities for managed investment schemes, including KiwiSaver schemes.”
“The ability to complete some of these processes using digital technology could significantly speed things up,” Glenys Talivai says. “We are aware the courts are looking to digitise more of their processes in general and are supportive of their work in this space.”
David Callanan, General Manager Corporate Trustee Services, spoke to The Project team about the dramatic increase in the number of KiwiSaver withdrawal applications in the last 2-3 months.
“At Public Trust we have a culture of care and one of our most important values is that we put people at the heart of everything we do. We take our culture work seriously and have worked with our people to articulate our values and our purpose and to put in place a framework that allows everyone to contribute to strengthening our culture.
“We’ve done a lot of work to build a diverse and inclusive workplace, where our people feel safe to speak up – to share their ideas, raise issues, contribute to improvements and most of all be confident to be uniquely themselves.”
“For 130 years, the team at Public Trust have helped thousands of Marlburians complete a will or Enduring Power of Attorney.”
“West Aucklanders are benefiting from Public Trust’s innovative and accessible NorthWest Customer Centre.”
“Providing a personal touch and accessible options for the Marlborough community is something Public Trust has been proud to do for this local community for over 130 years.”
“Public Trust has been helping Bay of Plenty locals for over 130 years, and the number of people in the region getting their will in place has increased 146 percent in the last three years.”
CEO Glenys Talivai explains to Pacific Media News radio about our new Samoan language brochure and the importance of having a will.
“Figures for March have yet to be released but David Callanan, general manager of Public Trust Corporate Trustee Services - a KiwiSaver supervisor in charge of approving hardship withdrawals for multiple schemes - said he had seen a 52 per cent increase in applications between March 2022 and March 2023.”
Listen in to Mark Leishman and Public Trust chief executive Glenys Talivai discuss the importance of good estate planning on RNZ Nights.
"Public Trust chief executive Glenys Talivai said if you suspect someone has been coerced into changing their will, seek independent legal advice or alert the lawyer or trustee organisation that made the will.”
Listen in to Rachel Smalley and Glenys on her First Light podcast/TodayFM radio show.
Listen to "View from the top" here with Glenys (at 53mins 50 secs).
“Leaving things until the last minute is a bad habit many of us are guilty of. Which is why the Public Trust is asking people to get in early…. We tend to think we all have plenty of time. It's often not until something happens or there's some sort of event, that we take action. Waiting for things to happen is tempting fate."
"Dementia cases are expected to double by 2050, yet very few New Zealanders have a plan should the time come when they can no longer manage their affairs.... Yet it’s estimated that only 17% of New Zealanders have an enduring power of attorney (EPA), based on data from Public Trust."
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