What will happen when you die? Why should you make a will? We overview the key issues and options in Making a Will, including how to make a will for free.
Have you decided how you want your property and possessions to be distributed? Your “Will” provides your written instructions about what to do with your estate when you die, how you want your dependents (partner and / or children) cared for; and what parts of your estate will go to which beneficiaries.
Why is it important to incur the effort and expense of a Will? This is one of the most important documents that you’ll ever create and sign. If you die “intestate” (i.e. without a Will), then the Administration Act specifies how your estate will be distributed after your death, which may not be as you truly wished. Family and friends may then experience significant frustration, stress, delay and costs, especially in the event of a legal claim against your estate.
If you have possessions, property and dependents, then you should make a Will. You should then revise your Will upon any significant life change --- getting married, divorced, moving in with a partner, or having children. At a bare minimum, it is wise to revise your will every 5 years.
How do you make a Will? There are several different options:
- Buy a Do It Yourself “NZ Will Kit” for around $45 from Whitcoulls, and fill in the blanks on the template forms, without a lawyer, but there are risks (eg. omission, ambiguity) that go with doing so.
- Buy a do-it-yourself Will online from www.Do-it-yourself-Wills.co.nz who will email the selected Will to you for filling out at home.
- Contact the Public Trust online www.publictrust.co.nz/personal_services/wills for help. They will assist you by preparing your will for free, provided that you make the Public Trust your executor and trustee.
- See a lawyer for advice, taking with you:
- A detailed list of all your property (including land, houses, furniture, jewellery, bank accounts, shares, and life assurance policies)
- A detailed list of people and charities you wish to leave property to
- Any trust deed or relationship property agreement you’ve made
- Name of the “executor” (a responsible and trustworthy person)
- Decisions regarding payment of liabilities (mortgages, debts, overdrafts)
- Name of the preferred guardian(s) of your children under 18 years
- Name of a trusted and responsible person who will assume “enduring powers of attorney” to manage your care and your property in the event you become incapacitated through illness or accident.
To find about more about making a Will, refer to the excellent NZ Law Society brochure: http://www.lawsociety.org.nz/__data/assets/pdf_file/0008/3104/12MakingAWill.pdf
or contact the Public Trust on 0800 371 471 for a free copy of their Wills & Enduring Powers of Attorney Know How Guide.
Article Make a Will written by Kerry Burridge to provide high quality information for families in NZ.