Types of wills - crafting your legacy
Types of wills - crafting your legacy
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Choosing the right will - crafting your legacy
There are three different types of will available. Please read the information below on the three different types of wills in detail so that you can craft the right type of will needed to create your legacy.
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This is a basic will suitable only if you have straightforward wishes. It provides for all of your estate to go to your partner, followed by other loved ones equally, or to other loved ones equally if you do not have a partner. If a child or other loved one dies before you their share can pass to their children. It provides for burial or cremation. It contains standard trustee powers. It does not provide for bequests (gifts), guardianship of children, provision for pets, provisions for a Trust, provisions for an unequal division of assets, or provisions in contemplation of marriage or civil union.
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A normal will is a standard will for normal needs. It includes all of the provisions in a simple. In addition, it can the following provisions (if required): provisions for guardianship of children, provisions in contemplation of marriage or civil union, provisions for pets, bequests (gifts), leaving all of your assets to your partner or one Trust, or for equal division of assets between your beneficiaries, detailed trustees powers and a beneficiary protection clause.
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A complex will includes all of the provisions in a normal will. In addition, it can the following provisions (if required): provisions for a blended family (children from different relationships), provisions for a life interest for your partner or other loved one, provisions for the unequal division of assets, detailed provisions for Trusts or businesses, provisions for assets situated outside of New Zealand, provisions for Maori land, and provisions for what is to happen if you and your partner separate or divorce.
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It is usual to bequeath to the Trust any debts owed to you by the Trust, and to bequeath non-Trust owned assets to the Trust so that they are protected by the Trust
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If your will idoes not include a clause saying that it made in contemplation of your marriage or civil union, your marriage or civil union will “kill” your will
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These clauses apply to stop your beneficiary receiving the estate if by doing so others you do not want to benefit (such as creditors) would benefit
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Simple will
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Normal will
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Complex will
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Disclaimer: This article should not be relied upon for legal advice. Always seek professional legal advice before making any decisions regarding your business.
