DO I NEED A WILL?
If you die without a valid Will, the law decides who receives your estate — not you.
Even if you think you don’t own much, you may still have personal possessions with sentimental value, KiwiSaver investments, life insurance proceeds, or children or dependants who need to be provided for.
A Will is a legal document that sets out how your assets are to be administered and distributed after your death, and generally anyone over the age of 18 who is of sound mind can make one.
If you die without a Will, known as dying intestate, or if your Will is invalid, the Administration Act 1969 (“the Act”) determines how your assets will be dealt with. The Act sets out who is entitled to your estate, and in what shares and order. This means you do not have control over how your estate is distributed. The process of administering your estate can be more complicated and time-consuming and there may be an increased risk of family disputes.
For example, where a person dies leaving a spouse or partner and children, the Act provides for the spouse or partner to receive personal chattels, a prescribed amount from the estate, and a share of the remaining assets, with the balance passing to the children.
The precise outcome will depend on the circumstances and the law applying at the time, and these rules may not reflect what you would have wanted.
A Will allows you to make specific gifts to named people, such as jewellery or other sentimental items, and to set out how household chattels, vehicles, and other personal belongings are to be dealt with.
Your Will can also record who you would like to appoint as guardians for your children.
Having a Will gives you peace of mind that the things that matter most — including the care of your children and the distribution of your assets — are dealt with according to your wishes.
WHAT NEXT
The best next step is to complete our Will Instruction Form or arrange a meeting with a trusted legal professional so your Will properly reflects your wishes and circumstances.
Young Hunter has a team of experienced solicitors and legal executives who would be happy to talk through your circumstances and help you take the next step with confidence.
To get started, please complete our Will Instruction Form or contact Liz Robb or one of her colleagues in the Commercial Team to arrange a meeting.
