No one likes thinking about what happens after they’re gone. But making a will is one of the most important things you can do to protect your loved ones and ensure your wishes are carried out. Without a will, the law decides who gets what, which can lead to a lengthy, costly process–sometimes dragging on for months. It can also cause disputes, especially in blended families or when large assets are involved.
A will makes everything simpler, ensuring your estate is settled quickly and giving your family one less thing to worry about. This guide covers everything from what a will includes to how to make it legally binding, so you can proceed with confidence….
1: What a Will Covers
A will is a legal document that outlines how you want your assets distributed after your death. It also allows you to:
- Name guardians for your children (if they are under 18).
- Appoint an executor to manage your estate.
- Specify funeral wishes or other personal requests.
If you pass away without a will (known as dying “intestate”), your estate will be divided according to New Zealand law, which may not align with your wishes. This can lead to unnecessary stress and disputes among your loved ones.
2: What to Include in Your Will
A well-prepared will should cover:
- Your Assets: Property, savings, investments, KiwiSaver, personal belongings, and sentimental items.
- Your Beneficiaries: The people or organisations (such as charities) you want to inherit your assets.
- Guardianship of Children: If you have minor children, you can specify who will take care of them.
- Your Executor: The person responsible for carrying out your wishes. This can be a trusted family member, friend, or a professional (such as a lawyer or trustee company).
- Funeral Wishes: While not legally binding, you can outline your preferences for burial, cremation, or specific funeral arrangements.
3: Choosing the Right Executor
Your executor plays a crucial role in managing your estate after your death. Their responsibilities include:
- Collecting and distributing assets.
- Paying any outstanding debts and taxes.
- Ensuring your wishes are followed as stated in your will.
Choose someone who is trustworthy, organised, and capable of handling financial and legal matters. If your estate is complex, consider appointing a professional executor, such as a lawyer or trustee company.
4: Making Your Will Legally Binding
For a will to be legally valid in New Zealand, it must:
- Be in writing.
- Be signed by you in the presence of two independent witnesses (who must also sign it).
- Clearly state your wishes in an unambiguous manner.
DIY wills (such as online templates) are available, but mistakes can make them invalid or open to legal disputes. It’s always best to seek professional legal advice to ensure your will meets legal requirements.
5: Keeping Your Will Up to Date
Life changes, and so should your will. Review and update it after major life events, such as:
- Getting married or divorced (marriage revokes a previous will unless stated otherwise).
- Having children or grandchildren.
- Buying or selling significant assets (such as a home or business).
- Losing a beneficiary or executor.
Even if your circumstances haven’t changed, it’s good practice to review your will every few years to ensure it still reflects your wishes.
6: Where to Store Your Will
A will should be kept safe and accessible to your executor. Some common storage options include:
- With your lawyer.
- In a secure home safe.
- With a trustee company or the Public Trust.
Inform your executor and key family members where your will is stored to avoid confusion later.
Moving Forward with Confidence
Making a will doesn’t have to be daunting. It’s about protecting your loved ones and making things easier for them during a difficult time. By taking the right steps now, you can have peace of mind knowing that your wishes will be honoured.
If you need legal advice or assistance in drafting your will, Corban Revell is here to help. Our experienced team provides clear, practical legal guidance to ensure your estate is managed exactly as you intend.
Take Control of Your Future Today
Contact Frank Chan today to get expert advice on making a will.