The Most Important Reasons To Have A Will

A Will, also called a testament, is a legal document in writing signed by you and two witnesses, where you make decisions about your estate after you die. According to the Public Trust, only 50% of New Zealand adults have a Will. Dying without one means that your estate will be distributed solely according to intestacy law and not according to your wishes.

Here are some of the most important reasons to have a Will:

To determine who will administer your estate: When you nominate an executor you choose the person who will be responsible for ensuring your estate is administered and distributed in accordance with your wishes.
To decide who gets your assets and property, and who does not: You can appoint beneficiaries for specific assets (e.g. your grandmothers watch), or for the residuary of your estate (everything remaining). Most commonly, people detail the people they wish to benefit in their Will, but it is becoming more common for people to detail people they wish to exclude from an inheritance as well. Make sure you talk to us if you wish to exclude someone from your Will, as this is quite a complex area of the law.
To choose who will take care of your minor children: You can nominate a guardian for your minor children in your Will. This is particularly relevant in the case of both parents’ death, since the guardian will be responsible for all your children’s daily needs. If you don’t nominate a guardian in your Will, a court will have to choose one for you.
To provide a home for your pets: You can detail in your Will someone to take care of your pets, and even leave them funds to assist with your pets care.
To leave instructions for your digital assets, which may include online accounts, social media, and cryptocurrencies. Sometimes these assets can be forgotten about, so providing specifically for these will ensure they are dealt with in your estate.
To donate to your favourite charity or cause: You are able to preserve your legacy by leaving a part of your estate to a charitable organisation. Often people do this if they have been involved or had experience with a particular charity (e.g. St John) and they wish to give back.
To provide instructions about your funeral wishes: You are able to detail matters such as: the type of funeral service and location; the music played during your service; the ability for your estate to cover any travel expenses for friends or family to attend your funeral; to make requests of your final resting place; or if you wish to be buried or cremated.

While you can draft your own Will, home made wills are often challenged and not completed as per the New Zealand High Court’s requirements. As such, they may raise difficulties and extra cost when probate is sought after you have passed. It is advisable to get a help of a lawyer experienced in Wills to draft your Will for you to ensure that it is legally valid and that you get all the related advice regarding your wishes.

Having your Will drafted, and keeping it updated when events in your life change your circumstances, will give your loved ones an easy map to follow after you pass. If you would like to talk to one of our friendly experts, please contact us.