Your will - leaving a legacy and protecting your loved ones

Your will - leaving a legacy and protecting your loved ones

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your will-based estate plan or your trust-based estate and asset protection plan

and why it’s essential to have legal expertise you can trust

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The Legal Stuff

  • A will is a legal document that outlines what should happen to a person's assets and property after they pass away. It is an important tool for estate planning, as it allows individuals to control how their estate is managed and distributed to their beneficiaries.

    The person who makes the will (known as the will-maker or testator (testatrix if they are female) appoints executors (executrices if they are female) to carry out their wishes. The executor or executrix is the person who will handle the legal process of transferring ownership of the estate assets to the beneficiaries named in the will. They will also be responsible for making sure any debts, taxes, or other obligations are paid from the estate.

    Your will can also include provisions for pets and minor children. If you have minor children, the will can appoint guardians who will be responsible for the children's care until they reach adulthood. They can also set up trusts to manage assets for the benefit of beneficiaries, such as minor children or individuals with special needs.

    To be legally binding, a will must meet certain requirements, such as being in writing and signed by the testator in the presence of witnesses. The laws governing wills vary from jurisdiction to jurisdiction, so it is important to consult a lawyer for guidance on creating a will that meets the requirements of your area.

  • Click here for information on the different types of wills and what can be included in wills.

  • We recommend a will-based estate plan and not just a will.

The Practical Stuff

    • A will is a very important document that you can make to protect your family and your belongings after you pass away. Here are 10 reasons why having a will is important:

    • You get to decide how your things will be given out after you die. If you don't have a will, the government decides for you.

    • If you have young children, you can choose who will take care of them if you die.

    • Making a will can help your family avoid a long and difficult process after you die.

    • You can choose who will handle your affairs after you die.

    • If you own a business, you can use your will to pass it on to your family or co-owners.

    • You can also use your will to donate money to a charity.

    • You can change your will if your life circumstances change.

    • Having a will can make things easier for your family when you die.

    • Making a will is important because it can protect your loved ones and make sure your wishes are carried out after you're gone.

  • Now!!!

    Nobody knows when they will die, so it's a good idea to have a will in case something happens.

    It is important not to put this decision into your too-hard basket. Far too many people die without a will.

FAQ’s about wills

  • A: If you die without a will in New Zealand, your assets are distributed according to the laws of intestacy. This may not be what you wanted.

  • A: Any person who is 18 years old or older and of sound mind can make a will in New Zealand.

  • A: A will must be in writing and signed by the will-maker in the presence of two witnesses. The witnesses must be over 18 years old and cannot be beneficiaries of the will.

  • A: Yes, a will can be changed at any time while the will-maker is of sound mind. This is done by a codicil or by a new will.

  • A: Yes, a will can be challenged in court within six months of the grant of probate or letters of administration. A challenge can be made on several grounds, including lack of testamentary capacity, undue influence, or fraud.

  • A: It is not required to have a lawyer create a will in New Zealand. However, it is highly recommended. A lawyer can ensure that the will meets all legal requirements and effectively communicates the testator's wishes within the framework of New Zealand's laws. Your other option is to use a legal document creation website such as www.dyodocs.com

Disclaimer: This article should not be relied upon for legal advice. Always seek professional legal advice before making any decisions regarding your business.