Where there’s a Will, there’s a way!

As adults, there’s a few things we need to have sorted out – and a Will is one of them. Death can be a confronting subject for a lot of us. This is totally understandable, but having an up-to-date Will in place can be one of the best ways to care for those you leave behind.

What is a Will?

Simply put, a Will is a document that says what should happen to your ‘estate’ (everything you leave behind) in the event of your death.

Usually someone is named as the ‘Executor’ of a Will. This person is responsible for ensuring that your wishes are carried out, and what you leave behind ends up in the right hands. This could be a friend, family member, or professional that you appoint.

Passing away without a Will is called dying ‘intestate’.

Why is it important?

Many people think that their assets would just go straight to their next of kin without delay, so there’s no need for a Will. Unfortunately, this isn’t the case. Dying without a Will leaves a drawn-out and costly mess for the people you leave behind, at an already very difficult time.

“I don’t have any assets, so I don’t need a Will.”

This is a common misconception that we hear from a lot of people. They forget about things like their KiwiSaver, cash savings, car, or valuable items like jewellery. All of which needs to be included in a Will. More importantly, if you have children, or pets, you need to make it clear who you wish to look after them. If you have Life Insurance (that you are the sole owner of), this will also form part of your estate.

What happens if you die without a Will?

If you have over $15,000 worth of assets, everything in your name, including your bank accounts, is frozen by the court.

Even if there are no disagreements between who gets what, all your assets can remain frozen for at least six months. Your family will need to pay legal and court fees to get it all sorted out. If you have people who may rely on the money in your bank account (for example, a partner or children) having a Will is essential so there’s no hold up in them accessing the money.

How to set up a Will

Making a Will is just a necessary part of being an adult, and as you experience changes through life.

If you get married, a Will signed before marriage is deemed invalid and you will need to write a new Will. Other times to update this would be after having children or getting divorced.

Getting it sorted now could mean a lot less complication for your loved ones in the future.

If you have a complex financial or family situation (i.e., a blended family), Family Trust, Investment properties, a business you will need to engage a Lawyer to help draft your Will.

 However, if you have a pretty simple set of circumstances, you may be able to do it online from the comfort of your own home!

SimpleWills is an NZ business and has an online tool offering an easy, cost-effective, and legally binding way for you to create your Will the way you want. 

If you already have a Will in place, please encourage your family and friends to do the same by sharing this information with them.

Follow the button above or the link here and you can complete a SimpleWill for $149.