Do you need a Will?
If you have assets, debts, children, a spouse, de facto partner or just generally have possessions
that you want to make the decisions about if you die, then you need a Will.
You may be surprised by the assets you own that will need to be dealt with when you die, such as:
1. A House and/or investment property;
2. Kiwisaver or other superannuation;
3. Life Insurance;
4. Money in bank accounts or investments;
5. Shares (including sharesies, employee share schemes, and other investments);
6. Vehicles; and
7. Furniture and household items.
These assets and any liabilities you still have on your death are your “estate” and your Will directs
what happens with them.
Most importantly a Will ensures that you decide: who takes the reigns in sorting your affairs; who
gets what; and can also appoint the guardian for your children.
What if you die without a Will?
If you die without a Will then you die “intestate” and instead of you making the decisions about
who gets what from your estate, it will be divided in accordance with the Administration Act.
Often that results in a division of your assets that you may not have wanted and can be difficult
for the family and loved ones you leave behind.
But you already have a Will so you don’t need to worry right… not so fast, you should review
your Will any time there are big changes in your life such as:
1. Entering a relationship;
2. Getting married;
3. Having children;
4. Ending a relationship;
5. Buying or selling big ticket items (such as houses or shares in a business).
These changes may impact the way you wish to divide up your estate. It is particularly important
that you revisit your Will if you marry or enter into a civil union, because doing so will automatically
revoke your pre-existing Will unless it was made in contemplation of that particular marriage or
civil union.
But do you need to see a lawyer?
We think you should.
Because of the importance of your Will, there are rules about what is required to make it valid.
Though you choose what to say in a Will, the law specifies how you should say it. If you do not
comply with the law, your Will, or parts of it, may be invalid.
There are also laws in New Zealand that determine who you owe obligations to when making your
Will, and in what priority. It is important to know and understand this or your Will may be
challenged by your surviving family members when it could have been avoided.
A lawyer can:
1. talk with you about your family and what your legal obligations are to the people that are
important to you. This may assist you to decide how you can best and most fairly provide
for your family and dependents;
2. express your wishes so they have the legal effect you intend, and ensure your Will is
properly drawn up and valid;
3. advise on the appointment of suitable executors; and
4. explain extra powers available to your executors and trustees that you might want to
include in your Will and advise on the appointment of suitable people to take on these
roles.
Important information required to draft your Will
When you see your lawyer, you should take along the following:
1. a list of your assets and debts;
2. the correct names of people, Trusts and/or charities you want to leave things to;
3. a list of any questions you have or want to ask; and
4. any relevant legal documentation, if the lawyer does not already hold it.
If you wish to make a bequest to a charitable organisation, such as the Wakatipu Community
Foundation, it can be helpful to firstly enquire with the charity to get the correct legal entity and
legal name of the charity to make the bequest to, together with any other relevant instructions or
guidance from the charity.
You can typically make a bequest to a charitable organisation of any amount, as may be
appropriate to your circumstances. This bequest will usually be in the form of a fixed sum of
money, but could also be a specified portion of your estate, or a particular asset / the proceeds
of the same.
We are here to help
If you or someone you know needs a Will, the team at AWS Legal are here to help, no matter how
big or small your estate may be. You are welcome to contact one of our friendly team for a no-
obligations discussion.
This Wills Month article has been written by Shauna Nicol (Succession, Trust and Estates Partner - AWS Legal) & Haydon Cunninghame (Property Law Partner - AWS Legal)
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