September is New Zealand Wills month and is a good reminder of the importance of having a Will and keeping it current.
A Will gives you peace of mind and knowing that the people and the causes that matter to you will be taken care of when you have gone. As far as you and your family are concerned, your Will could be the most important paper you ever sign. A Will can relieve the financial and emotional strain on your family after your death and help minimize chances of any dispute about your estate. It isn’t just money you need to think about, but also your possessions (even if they are more of a sentimental value than financial) and your debts.
Even if you don’t own major assets, you can quite quickly build up possessions that have a sentimental or monetary value to you and to others. A Will allows you to decide who gets what. If you have children, it is the opportunity to select guardians (known as testamentary guardians) to help guide your children until the reach adulthood.
Anyone of sound mind aged 18 or over can make a Will. A person under the age of 18 may make a Will if they are (or have been) married, in a civil union or a de facto relationship. Others under the age of 18 can make a Will if approval is given by the Family Court or if they are in the military or are a seagoing person.
If you don’t have a Will see our article regarding how your Estate would be distributed in accordance with the Administration Act.
For more information see https://www.lawsociety.org.nz/for-the-public/common-legal-issues/making-a-will-and-estate-administration/
Get in touch with our Kannangara Thomson team to discuss what you need to do. Our contact details are:
Telephone: 03 377 4421
Email: email@ktlaw.co.nz