Wills

We understand why many people put off making or reviewing their Will.  We get it, it’s sobering to think about your own death and what the picture for everyone else looks like, without you in it.

Estate planning is about preparing for the unexpected and ensuring that you are the one making the choices as to what happens with your personal effects and assets.

Most people have assets and someone needs to receive them, but who will it be?

These assets may include a KiwiSaver Account, Bank Savings, Vehicles, Shares, Life Insurance Policies, a Family Home and/or Rental property. Depending on the nature and value of the assets, your loved ones may need legal assistance to work through the administration process of dealing with what you leave behind. Preparing or updating a Will now may save your family significant stress and costs.

What happens if I don’t have a Will?

If you die without a Will, you are deemed to have died Intestate. In that situation, no matter what your intentions would have been, or what your family members expectations are, the Law determines who is entitled to benefit from your Estate based on your personal circumstances at the time of your death.

By way of example, under the current legislation your Partner and Children may have to share your Estate, would that be ok? and what if your children are minors (under 18)? And what if your partner is not their parent, how would that work?  There are a few scenarios, arising from the legislation, which may be unthinkable to you, but the law is the law.

So how does a Will help?

A Will is the legal document that records your instructions as to what happens with your personal effects and assets after your death.  You choose whom you want to leave in charge to administer your Estate (your Executor/s).  It can record your funeral wishes, specific gifts of any items or cash legacy payments you may wish to make to friends or charities, your instructions concerning guardianship of children and ultimately to whom you wish to leave the rest of your Estate (the residue).  A properly prepared Will provides clarity and assurance for your loved ones and reduces the risk of uncertainty, expense and conflict.

Most importantly, it allows you to make the choices.

What if I already have a Will in place – what should I do?

We recommend that your Will should be reviewed regularly at least every 10 years or whenever there is a significant life event, such as marriage, separation, divorce, entering a de facto relationship, having a child, the death of a family member, or a significant change in your financial circumstances, each of these events should trigger consideration to alter the instructions in your Will.

If you already have a Will in place, we suggest that you consider:

1. When was the last time you updated your Will?
2. Have your circumstances changed since it was prepared?
3. Are your Executors still the most appropriate people for the role?
4. Are the Beneficiaries still the people you wish to inherit?
5. Has anyone named in your Will lost mental capacity or died?
6. Have you married, separated, divorced, entered a de facto relationship, or remarried since you made your Will?
7. Have you had children, or more children, since your Will was prepared?
8. Are you still happy with your choice of guardianship for your children?
9. Do you have children who may need additional support if you were no longer here?
10. Have you entered into a Contracting Out Agreement, sometimes known as a pre-nup? Are you still in that relationship, and was the agreement made before or after your Will?
11. If your children are over 18, do they have Wills of their own?
12. If your Will is not held by Hamish.Fletcher Lawyers, do you know which law firm holds it?

Our Trusts & Estate Team can provide you with the advice needed and help you to plan ahead.

Jennie, Tracey, Natalie, Yolanda, Peita and Angela