Inheritance law is set for a major shakeup after 140 recommendations by the Law Commission. Should the recommendations make their way into the new simplified law, this could leave some who hope to inherit family wealth with a bitter taste. "The new law will be called the Inheritance Claims Against Estates Act or the Inheritance Act for short," says Phare, explaining that it will likely take years for the law to finally come into effect. Despite the long gestation period, the recommendations have already sparked controversy about how the new law could affect different claims. Hidden trustsTrusts, long used by wealthier individuals to protect their assets, also look set to feel the impact of the recommendations from the Law Commission.

Source: New Zealand Herald May 24, 2022 21:32 UTC