Is your will up to date?
Don’t Put Off Making a Will
None of us particularly likes to think about what happens after we’re gone. It is one of those jobs that is easy to put off because there always seems to be something more immediate to deal with. But making a Will is one of the most important things you can do for the people you leave behind.
Your Will sets out what you want to happen to your assets and who you want to deal with your estate. It can provide clear instructions for your family and help avoid uncertainty, disputes and unnecessary stress at an already difficult time.
What happens if you don’t have a Will?
If you die without a Will, you are said to have died intestate. Your estate is then distributed according to the rules set out in New Zealand law, rather than according to your wishes. And your spouse or partner does not necessarily simply receive everything. For example, where there is a surviving spouse or partner and children, the estate is divided according to the statutory rules, with the spouse or partner receiving specified property and a prescribed amount, while the children may also be entitled to a share of the estate. The outcome can also be different depending on your family circumstances. This may be very different from what you would have wanted.
There can also be additional steps for your family to take. Without a Will naming an executor, someone will generally need to apply to the High Court for letters of administration so that they can legally deal with the estate. An administrator then has responsibility for dealing with the deceased's assets and debts and distributing the estate according to the law. That means more paperwork and potentially more time and expense for your loved ones at a time when they are already dealing with grief.
What about your home?
Your home is often your biggest asset, so it is particularly important to understand how it is owned.
For example, property owned as joint tenants will generally pass to the surviving joint tenant by survivorship, rather than under your Will. Property owned as tenants in common is treated differently, and your share forms part of your estate. So even if you think, "My partner will get the house anyway", it is worth checking exactly how the property is owned and whether that reflects what you intend.
Your Will should change as your life changes
Making a Will is not necessarily a once-and-done exercise. Marriage, separation, having children, buying or selling property, changes in your financial circumstances, the death of a beneficiary or executor, or changes to your family structure can all be reasons to review your Will.It is worth taking the time to make sure your Will still reflects your wishes and that the people you have appointed are still the right people to carry them out.
Don't put it off.
If you don't have a Will, or yours hasn't been reviewed for years, it might be time to talk to us. A little planning now can make things much easier for the people you leave behind.
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