The Star: September 26, 2019

tO WILL OR
NOt tO WILL
8
lAw
living
life
You may have heard about the statistics
in relation to New Zealanders and Wills.
Almost 40% of us to do not have a Will in
place. 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. Should you have no
family members surviving you, then your
estate goes to the Crown. Needless to say this
formula may not result in an ideal outcome
for everyone and may not accurately reflect
your wishes in relation to your worldly
possessions.
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. This
is the person who you appoint to carry out
your stated wishes. This leads to the second
consideration – 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.
Once you have a Will in place, it is a good
idea to keep a copy of it with your important
documents at home. Your lawyer should hold
the original in a secure deeds storage facility.
There is no register in New Zealand for Wills
so you should let your family know who holds
the original. If you have gathered all your
important documents and information in one
place and let someone know where this is, it
can make the stressful time at your death a
little easier for your loved ones.
Even if you have a Will don’t forget that it is
a document that needs to be reviewed from
time to time as your circumstances change.
A good rule of thumb is to review every five
years or if something significant happens in
the meantime. There are certain events which
make it absolutely essential to update your
Will. For example, if you marry or remarry,
your Will is automatically revoked, unless it
was made in contemplation of that marriage.
Likewise, if your relationship comes to an end
or your marriage is dissolved, or if you have
wound up your Family Trust your Will should
be reviewed. Give Phillipa Shaw a call on 352-
2293 to arrange an appointment to discuss
how a new Will would be of benefit to you.