We always advise that our clients review their Will at a significant life event, such as the purchase of a residential property and update it if necessary.
A well-constructed Will can ensure loved ones are provided for and that a person’s affairs are managed appropriately on their passing. A will can specify:
Every adult should have an up to date will, otherwise their wishes may not be accommodated on their passing. Furthermore, it can take significant time and money to administer the estate if there is not an up to date Will.
Without a Will, the law governing intestate estates determines how the estate is divided. In the case of intestacy, inheritance of the deceased's property follows the hierarchical framework set out in the Administration Act.
The Law Society recommend seeing a solicitor. In doing so they note that a lawyer can provide support to ensure the following key aspects are addressed in accordance with the requirements of the law:
The solicitor may discuss mutual wills, whereby both parties agree on how the estate is distributed to ensure that property passes to children of the marriage rather than a widow or widower's spouse through remarriage. However, this can be quite a burden on the surviving partner and there are other avenues, such as trusts, which the solicitor may discuss. This is something you should raise with your solicitor, if you think it applies to your circumstances.
Wills are created under the Wills Act 2007. They can be made on-line and there are kits available, but it is advisable to get specialist help such as a solicitor.
If you decide to write-up your own will, for example using an on-line wills service, it is still advisable to get it checked by a solicitor to ensure:
Noting this, the better option is to use a solicitor or a trustee organization such as Public Trust (see note 2) who can advise you and draw up a Will. They can also provide executor/trustee services.
If there is a family trust, Wills should also be linked into the trust and written in such a way that in the event of death, surviving assets go into the family trust.
Fees will depend on complexity of the Will and advice given. Public Trust do provide a Simple Will service for people on low incomes.
Your solicitor will discuss the need for an executor, who is responsible for making sure the wishes set out in the Will are carried out. They will administer the estate according to the terms of the Will, which includes settling any debts and distributing the estate to the beneficiaries named in the Will. The executor may also need to act in the role of a trustee on the estate's behalf, with an on-going responsibility to administer the estate (or part of it) until it can be transferred into the ownership of the beneficiaries named in the Will. You could have one person undertaking both roles or more than one person sharing the responsibilities. This can be discussed with your solicitor.
Wills can be challenged under a number of Acts, particularly the Family Protection Act (if the will does not fulfil the responsibilities of the deceased), the Property (Relationships) Act 1976 (in the case of ‘relationship property’ – equal sharing rules apply when the relationship ends, including through the death of one partner) and the Law Reform (Testamentary Promises) Act. This reinforces the need to get good legal advice.
Finally, it is also important to keep a copy in a safe and accessible place, for example with your solicitor – and let the executor and loved ones know where it is.
Note 1: Source New Zealand Law Society. They note that the information does not constitute legal advice and it is recommended that readers consult a lawyer before acting on this information:
https://www.lawsociety.org.nz/news-and-communications/guides-to-the-law/making-a-will-and-estate-administration; https://www.lawsociety.org.nz/__data/assets/pdf_file/0019/69220/Making-a-Will.pdf
Note 2: Public Trust is one of NZ's largest trustee organisations and a Crown Entity governed by the Public Trust Act 2001.
A well-constructed Will can ensure loved ones are provided for and that a person’s affairs are managed appropriately on their passing. A will can specify:
- who is to be provided for, including any gifts
- guardians for children under 18
- plans for the funeral
- an executor and trustee to carry out the deceased’s wishes.
Every adult should have an up to date will, otherwise their wishes may not be accommodated on their passing. Furthermore, it can take significant time and money to administer the estate if there is not an up to date Will.
Without a Will, the law governing intestate estates determines how the estate is divided. In the case of intestacy, inheritance of the deceased's property follows the hierarchical framework set out in the Administration Act.
The Law Society recommend seeing a solicitor. In doing so they note that a lawyer can provide support to ensure the following key aspects are addressed in accordance with the requirements of the law:
- suggest how you can best and most fairly provide for your family and dependents
- express your wishes so they have the legal effect you intend, and ensure your Will is properly drawn up and valid
- tell you about alternatives you must consider (including who may challenge your will and why)
- advise on the appointment of suitable executors
- advise on and form trusts for your beneficiaries
- explain extra powers available to your executors and trustees that you might want to include in your will and advise on the appointment of suitable people to take on these roles.
The solicitor may discuss mutual wills, whereby both parties agree on how the estate is distributed to ensure that property passes to children of the marriage rather than a widow or widower's spouse through remarriage. However, this can be quite a burden on the surviving partner and there are other avenues, such as trusts, which the solicitor may discuss. This is something you should raise with your solicitor, if you think it applies to your circumstances.
Wills are created under the Wills Act 2007. They can be made on-line and there are kits available, but it is advisable to get specialist help such as a solicitor.
If you decide to write-up your own will, for example using an on-line wills service, it is still advisable to get it checked by a solicitor to ensure:
- that it is properly signed and witnessed to minimize problems at probate
- that all aspects that you need to consider are actually covered.
Noting this, the better option is to use a solicitor or a trustee organization such as Public Trust (see note 2) who can advise you and draw up a Will. They can also provide executor/trustee services.
If there is a family trust, Wills should also be linked into the trust and written in such a way that in the event of death, surviving assets go into the family trust.
Fees will depend on complexity of the Will and advice given. Public Trust do provide a Simple Will service for people on low incomes.
Your solicitor will discuss the need for an executor, who is responsible for making sure the wishes set out in the Will are carried out. They will administer the estate according to the terms of the Will, which includes settling any debts and distributing the estate to the beneficiaries named in the Will. The executor may also need to act in the role of a trustee on the estate's behalf, with an on-going responsibility to administer the estate (or part of it) until it can be transferred into the ownership of the beneficiaries named in the Will. You could have one person undertaking both roles or more than one person sharing the responsibilities. This can be discussed with your solicitor.
Wills can be challenged under a number of Acts, particularly the Family Protection Act (if the will does not fulfil the responsibilities of the deceased), the Property (Relationships) Act 1976 (in the case of ‘relationship property’ – equal sharing rules apply when the relationship ends, including through the death of one partner) and the Law Reform (Testamentary Promises) Act. This reinforces the need to get good legal advice.
Finally, it is also important to keep a copy in a safe and accessible place, for example with your solicitor – and let the executor and loved ones know where it is.
Note 1: Source New Zealand Law Society. They note that the information does not constitute legal advice and it is recommended that readers consult a lawyer before acting on this information:
https://www.lawsociety.org.nz/news-and-communications/guides-to-the-law/making-a-will-and-estate-administration; https://www.lawsociety.org.nz/__data/assets/pdf_file/0019/69220/Making-a-Will.pdf
Note 2: Public Trust is one of NZ's largest trustee organisations and a Crown Entity governed by the Public Trust Act 2001.