The Star: February 28, 2019

6
LIVING
LIFE
LOVE FAMILY
DON’T LEAVE YOUR LOVED
ONES WITHOUT A WILL
Having a Will in place not only ensures that your hard-earned assets are
administered how you want them to be, and how any loved ones, such as
your partner and children, are to be looked after on your passing, but it can
save a lot of time and expense also.
But what actually happens if you don’t have a Will? In this case, you are
said to have died ‘intestate’ and your estate (which includes everything you
own and all debts you owe) will be administered under the Administration
Act 1969. The Act sets out a formula for how your estate is to be divided
between your family. Needless to say this formula may not result in an ideal
outcome for everyone and may not reflect your wishes.
So if you do not have a Will yet, where do you start? The first thing to
consider is – who you want to be the executor of your estate. And secondly
– who you want to receive your estate. You may have specific items which
you wish to leave to specific people. You may want to make gifts to charities
as well as your family. Receiving advice as to those to whom you are legally
obliged to provide for will reduce the risk of a challenge after you have
passed away.
You may wish to look to the future and protect your home, which is usually
your main asset. Any property held as joint tenants automatically passes
to the survivor upon your death. You can change the ownership of your
home from joint tenants to what is known as tenants in common in equal
shares. Your share falls into your estate after your death and you can leave
directions in your Will, including for your partner to have the use of your
share for life or upon an earlier event that you stipulate. You then direct
who is to receive the benefit of your share of the property following the
death of your partner. This is useful in the situation of a second marriage
or relationship to protect your share of the asset for your children. It is also
useful in the circumstance of the surviving partner requiring rest home
care as under the current policy only the income from a life interest is
assessed in a subsidy application.
Once you have a Will in place, it is a good idea to keep a copy of it with
your important documents at home and let someone know where this is, it
can make the stressful time at your death a little easier for your loved ones.
Whether you are updating your Will or starting from scratch we have the
experience required to guide you through process. Give Phillipa Shaw at
Harmans a call on 03 352 2293 and we can make a time to sit down with
you and discuss your options.
Our pre-paid scheme provides
peace of mind in knowing that
your funeral details are in good
hands.
For more information call
0800 99 22 00
or to request a free information pack
The Lamb & Hayward Funeral
Trustee Ltd is a secure scheme
managed by separate Trustees.