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Why do I need to make a will?
Research suggests that around half of adults in New Zealand do not have a will. Of those who have made a will at some point, we have no real idea of how many have kept it up to date after significant life events such as entering into a relationship (or ending one).
We appreciate that some people are uncomfortable about making plans for after they have passed, while for others there may be less of a cultural tradition of drawing up wills. Cost is also sometimes a concern.
We think that every adult should make a will, and that after doing so, they should consider from time-to-time whether it still reflects their current circumstances and intentions.
For most people, there is a sense of security and comfort that comes from knowing that proper arrangements are in place to take care of their loved ones. A will can also help reduce the chance of a dispute between family members about the estate.
What is a will?
Your will is simply a legal document that sets out what you want to have happen with your property when you die. It must also name who you want to carry out the instructions in your will and administer your estate. This person is known as the executor and is commonly a family member, close friend, your lawyer or another professional advisor. There can be more than one executor.
If you wish, your will can also name a testamentary guardian for your children. Testamentary guardians do not necessarily have the care of your children if you die but would have the legal authority to have input into decisions affecting their upbringing.
Because your will is a significant legal document, the Wills Act 2007 requires compliance with certain formalities regarding the form, content and manner of execution of wills. If the requirements of the Act are not followed, there is a risk that the will or parts of it might be invalid.
What if I die without a will?
Dying without a valid will is known as dying “intestate”. In the event of an intestacy, the Administration Act 1969 sets out how your estate is distributed. The Act specifies in detail who is to receive your property and in what proportions, and the order of priority as to who is entitled to apply to the High Court to be appointed as the administrator of the estate.
The important point to understand about intestacy is that if you die without a will, your property will be distributed in the manner that has been set out by Parliament. This may or may not match with what you want!
What value do we add to the process?
The content of the will in terms of how you deal with your property, who you appoint to administer your estate, and who you want to appoint as testamentary guardians for your children, is always a matter for you to ultimately decide.
As your lawyer, our role is to make sure that you are fully informed about the potential implications of your choices, to point out alternatives options that you might not have considered, and to ensure that once you have settled on what you want to have happen, your will is properly drawn up to give effect to your wishes and is resistant (so far as is possible) to future challenge.
Contact us today if you need to make a will, or review and update an existing will.