What is a Will?
A Will is the legal way to ensure that your wishes are respected when you’re gone. Your assets will be distributed as per your instructions.
You can look after your loved ones in your absence, support your favourite charities with gifts and bequests, and pass on any property and heirlooms to your family and friends. You can also record your funeral wishes and appoint legal guardians for your children if necessary.
One of the most important aspects of a Will is naming your executor and trustee. This is the person who you trust to apply to the High Court for probate, and to carry out your final wishes including collecting and distributing your assets, paying any debts, and dealing with any disputes.
If you die without a Will
In legal terms, this is dying intestate. It’s much more complex than simply leaving everything to your next of kin. Without a Will, the law, through the Administration Act 1969 (along with other applicable legislation) decides how your estate is distributed.
If you have children, your spouse or partner will not automatically inherit all your assets. Under Section 77 of the Administration Act 1969, your estate would be divided between multiple entitled parties. This depends on whether you are married, in a relationship, have children, parents or other blood relatives. Read more about how your estate is split here.
Without a Will, people left behind may face lengthy legal delays, significant costs and stress while they wait for the Court to appoint an administrator to distribute your assets. This means that people who you might have excluded can benefit from some or all of your assets.
We recommend working with one of our professionals, who will ensure your Will is written properly as per your wishes, and legally covers all your bases. If your situation is simple, we have launched an online Will writing tool which is cost effective and may suit your needs.
Is creating an online Will right for you?
Everyone’s situation is different. An online Will is completed without specialist consultation with one of our team, so if you’re unsure if an online Will is right for your circumstances give us a call to discuss if an online Will covers exactly what you need it to.
Before you get started, you need to read our important information to see if making an online Will is right for you. If it does you can then continue by paying just $120 and follow the simple step-by-step process.
Your options when preparing a Will
Wills fall into two main categories:
- a DIY, online Will
- A tailored Will
Online Wills
Trustees Executors has launched a convenient online Will tool. This is a good option when your requirements are really straightforward and you wouldn’t benefit from a personal consultation. This makes your Will cheaper to create. Once it’s ready, you can print, sign and get it witnessed.
Tailored Wills
This happens with one of our estate planning specialists who can help advise you on the best approach for your circumstances. Based on that, we offer three options:
- Standard
- Comprehensive
- Complex
An example of a Standard Will is when all of the estate passes equally to immediate family.
A Comprehensive Will might include blended families, many beneficiaries, funds held in trust and uneven distributions to the family.
A Complex Will might involve business assets, partnerships, companies, establishing trusts, life interests, right of residence, such as someone staying in your home for their lifetime before it passes to beneficiaries.
We’ve structured our fees based on these options. Complex Wills are all unique and fees would be discussed with you.
Important things to consider when writing your Will
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When should you prepare a Will in NZ?
You never know what is around the corner so there is no time like the present to start thinking about your Will. That said, everyone over the age of 18 with $15,000 in assets should have a Will. This will save any undue stress and legal issues should you pass away without a Will.
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When should you review your Will
You should review your Will whenever your personal circumstances or wishes change. For example:
- You change your relationship or financial situation
- You have children or grandchildren
- You want to change your beneficiaries
- Your children’s marital status has changed.
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How do I get a Will?
You can either contact one of our estate planning specialists here or view our online Wills page to see what might work best for you.
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The key things to consider when preparing your Will include
- Appointing an executor to manage your estate and carry out the distribution of your assets
- Directions regarding the way in which you would like your body laid to rest
- If you have children under the age of 18, who would you like to appoint as their guardian?
- Do you wish to make any specific gifts in your Will?
- How do you want to allocate the residue of your estate?
- Are you about to get married?
You can read more about these in detail here.
Why Choose Trustees Executors?
There is a lot to consider when writing your Will and it is important to get expert advice for your circumstances. Laws relating to relationship property, family and any promises of gifts can be complex and must be taken into consideration.
Trustees Executors is proud to be New Zealand’s longest serving and most experienced Trustee Company. Our experienced team have been providing personalised service to New Zealanders, to secure their financial future and manage and distribute their wealth since 1881.
