Wills Month – is yours up to date?
Emma Marshall
28 August 2024
For some, creating a Will can feel like a very daunting prospect, especially for those who rarely engage with lawyers or do not feel comfortable discussing what should happen after they pass away. Others may not see their assets as worthy of a Will. And some people simply do not know what having an up-to-date Will means for them or their loved ones.
In fact, it is estimated that half of Kiwi adults do not have a Will at all.
This is why, every September, New Zealand shines a light on the importance of estate planning through Wills Month. Wills Month serves as a vital reminder for New Zealanders to update or create this all-important record to ensure their wishes are honoured after passing away.
Creating a Will is a straightforward process that provides significant benefits in terms of legal clarity, financial efficiency, and personal peace of mind for both the individual and their loved ones.
A Will ensures that everything you own now and in the future goes to the people and organisations you care most about. They are not just for those with significant assets, every adult (and in some instances, people under 18) should have a Will.
Younger adults in particular often think they have no need for a Will but overlook forgetting they have a Kiwisaver investment. In these situations, with no Will, a full intestacy application is required to liquidate and distribute this one asset.
Once you die, everything you own and everything you owe, is called your “Estate”, so it’s not just money you need to think about, but all your possessions and debt.
What happens if I die without a Will?
If you die intestate, which means you don’t have a Will in place when you die, the Administration Act 1969 will decide how your assets are to be divided amongst your family members by setting out an order of priority with rules and limitations around who will get what and how much. This could result in your loved ones not being taken care of as you would have wanted.
The process of administering an intestate estate can be more complicated and costly than when a Will is present. It can leave your loved ones with a situation that is complex, expensive, time consuming and stressful.
What can I include in my Will?
Your Will can include a wide range of instructions, for example:
- your funeral wishes and whether you want to be an organ donor
- appointing an executor who is the person responsible for applying to the High Court for Probate, collecting all your assets, paying all your debts, carrying out your wishes and distributing your property under your Will, and dealing with any disputes.
- appointing a Testamentary Guardian to care for your children.
- gifting of a specific item or amount of money to a charity, friend or family member.
- gifting of shares in a business.
- dealing with certain overseas assets and liabilities.
Wills Month acts as a timely reminder to get your Will in place or to update an existing one. Once you have a Will, it is important to review it regularly and update it when things change in your life. A change in your financial situation or your relationship status, a new addition to the family, or coming into possession of a family heirloom you want to leave to someone are all situations that warrant a Will update.
Get in Touch
Although discussing what is to happen after you die can be an awkward topic and something many of us do not want to think about, let alone plan for, the team at Pitt & Moore are here to make the process as smooth as possible with our personalised assistance and guidance.
To celebrate Wills Month, for every Will signed with us in September we are donating $50 to the Nelson Tasman Hospice.
Support your local hospice and start your Will with us today at the link below or contact us at Pitt & Moore on 03 5488349.
Disclaimer: The information contained in this publication is of a general nature and is not intended as legal advice. It is important that you seek legal advice that is specific to your circumstances.
