Are the barriers to making a legal Will in New Zealand too high?
Apparently so! 38% of Kiwi's don't have a Will in place.
Late last year, my wife lost both her Mum and Dad died unexpectantly. I experienced first hand the extra strain dying without a clear and relevant will puts on grieving family members.
No one needs that, trust me.
Putting aside time to making a legal Will in New Zealand for you and your family should be top of your list of things to do (maybe even before other financial services, like your Insurance!)
If you have financial responsibilities, you need a Will. It’s that simple.
If the price of a Will, or finding the time is responsible for your inaction, think again.
Most people can complete a Will online in less than half an hour and for as little as $100, and if done in-person, between $200-$400 (for two people).
The price, or time excuse, should not be the reason stopping you from making a legal Will in New Zealand.
What can happen to your estate if you die without one?
Do you think your partner will automatically inherit the family home? Think again...
The Court will appoint an administrator who will distribute your estate according to the law:
- Your partner may not get your share of the family home. Your spouse gets your chattels, the first $155,000 of the estate, and one-third of the rest. The other two-thirds goes to your children.⠀
- What if you have no partner or children? Your parents will inherit if they're alive, and if deceased, your entire estate is left to blood relatives, or to the Crown if no relatives exist.⠀
- No children? Your partner gets the lot if your parents are deceased. If not, your partner gets the personal chattels, the first $155,000 and two-thirds of the rest. Your parents get the other third.⠀
- No partner? If you have children but no partner, the entire estate is left to your children equally.⠀
What about blended families?
A blended family, in this example, is two people who form a new relationship, with children produced from their previous relationships. And, who now have children of their own.
I've experienced the "blended family" estate problem first-hand on several occasions, and each time it's the same: delayed action because of the perceived difficulty in addressing their estate.
Making a legal Will in New Zealand could save your family many unwanted conversations (or arguments!)