Selwyn Times: August 15, 2018

2
[Edition datE] 15
Your guide to all things Real Estate
in the Selwyn District
Homeownership:
should you make
a will?
If you have just bought your first home or
already own a property, then the answer to
this is yes.
Purchasing a home is one of the biggest
investments you may make during your
lifetime.
It is, therefore, necessary to decide who
will be the benefactor/s of your property
and belongings should you suddenly pass
away. To do this, you need to create a will.
A will states who receives what in the event
of your death.
Anyone over 18
years old can
create a will.
According to the Public Trust, over 50%
of New Zealanders do not have a will.
Young people, aged from 25 to 39 years,
who are financially independent, feature
highly in this area, and yet they are a group
more likely to indulge in adventurous
holidays and take part in risky extreme
sports. Accumulated assets of this age
group might include a bike, car, TV, house,
and furniture, along with a vast range of
electronic and digital gear.
With the arrival of a family, having a
will in place is even more essential and yet,
according to the survey taken in 2014, only
30% of 25-40 year-olds, with children, have
a will in place.
A will not only legally takes care of the
property, and the monetary side of things
but can also state who will take care of
children in the event of an untimely death.
What happens if there is no will
The lack of a will can create problems
over who will benefit from the estate - this
is especially important if there are children,
de facto relationships, children from
previous relationships, family members
with addictions, or where a
business is involved.
Where there is no will, the
estate goes into ‘intestacy’,
which means a court will
appoint an administrator,
who does the same job as
an executor, to manage the
estate. The administrator has
the authority to act on behalf
of the deceased and applies
to the High Court for letters
of administration (power to
administrate the estate).
The Administration Act
1969 provides a code to be
followed that ensures the
estate is administered in order of priority.
(Check out Wills at www.communitylaw.
org.nz)
Save time and money
Before meeting with your lawyer, and
to help save time and money, decide in
advance how you want to distribute your
will – determine who will receive what.
You can also create a DIY will online,
but if the distribution of your property is
complicated, you may need to contact a
lawyer for additional help.
For your will to be valid and legally
binding it must be signed in front of two
witnesses, who also must sign it. The
witnesses are not in any way responsible for
what is in the will or its execution.
Four steps to creating a will
1. Nominate an executor – the person
who will manage the distribution of your
property.
2. Choose how you want to be buried or
cremated, and how you want your funeral
to be held, i.e. small and private, at a
church, or in a garden. Make sure family or
friends know in advance what you want to
happen, as the reading of the will may not
be before the funeral.
3. Appoint a guardian/s for your
children (if under 18) and your pets.
Discuss this with prospective guardians,
so they are prepared and understand their
responsibility.
4. Decide who will receive what and how
much; this may include money, property,
and personal belongings, as well as selected
charities.
Artisan Homes
Builders of superior homes. Built to last.
Winners in Registered Master Builders House of the Year Awards
Visit our new show home - Faringdon South Show Home Village
East Maddisons Road | Phone: 03 374 9172
Phone 03 374 9172 Rob 021 324 876
email robin@artisanhomes.co.nz
www.artisanhomes.co.nz