Why Do You Need A Will?

A Will is one of the most important documents you can make.

By making a Will you can say how you want your assets distributed after you’re gone; communicate what your funeral wishes might be; and, if you’ve got children that are under 18, you can choose who will be their legal guardian.  

Kiwis are more likely to get their Wills set-up after a life-changing event like getting married, having their first child or buying a house. There are, however, many more reasons why getting a Will is important.

Whether you have a KiwiSaver account nearing or over $15,000, are in a long-term relationship over 3 years, or simply want something specific to go to someone special - putting your wishes in a legal document allows you to say how what you want to happen.

 

Don’t think you’ve got enough assets to warrant a Will?

Ask yourself if you have:

  1. A car;

  2. Life Insurance;

  3. Death benefit cover from your employer;

  4. KiwiSaver; or

  5. Different bank accounts.

All of these are considered assets that you can pass on to your loved ones. After you've provided for your family and friends, you might also want to leave a gift to charity.

Of course, as life happens and your circumstances change, it’s always a good idea to review your Will and make sure it reflects everything you want and need it to.

 

What happens if you die without a Will?

If there is no Will, everything in your name, including your bank accounts, are frozen by the Courts. Your estate might not be divided up how you would have wanted it - purely because it will be based on the Court’s judgement. This can take up to 6 months to sort out and cost up to $10,000. An up-to-date, well-drafted Will avoids uncertainty, delay and cost in the administration of your estate.

Ready to set up your Will? Click here to see if Footprint is right for you.