If you spoke to us, we would say a Will is the most important document you can sign in your lifetime. Yet so many people think they are too young to make one. So what happens if you die without a Will? You may believe you don’t currently have anything of value to even consider making a Will, however you cannot determine what assets you will have at the date of your death that are of value. So long as you are 18 years or older and have the mental capacity to sign documents, there is nothing stopping you from getting a Will done today. A Will is in place for your lifetime and will remain in place for your lifetime unless revoked by you and/or replaced by another Will signed by you. By having a Will in place ensures that should you die there is written instructions personally given by you specifying who and how you would like your assets to be distributed. Whilst many people feel uncomfortable talking about death and future planning their affairs, we cannot express enough how even the most basic distribution requests signed by you, can cause so much relief for your loved ones once you have passed. In the event you die without a valid Will in place, your assets are frozen and your loved ones are required to apply to Court for a grant of Letters of Administrations outlining who they determine to be entitled to step in and manage the distribution of your assets. The entitlement of inheriting in most cases is partners/spouses, children, grandchildren, parents, siblings and so on. So who is entitled to your Estate when you die? The general rule is: If you die without a Will and leave behind a partner (but no children) the partner will get everything. If you die with a partner and children, then the partner will get the personal effects, $155,000.00+ interest (since date of death) plus a third of anything left and the children will receive the other two thirds. The administration act sets out what happens in each scenario, it can sometimes even end up going to parents and siblings too, even if you have a partner. If you have a children but no partner, then your children will get everything It may be your wish that you don’t want your partner to receive your assets and you would like this to go to your siblings and/or you don’t want a specific child to receive the same share as the others. Unless this is clearly written and stated in a Will signed by you then the New Zealand Law will take precedent and govern how your assets are to be distributed based on entitlements. When you die your loved ones are grieving enough as it is, so make it easier for them and come in and get your Will done today. Whether it is as simple as possible or a little more on the complex side, we are here to help guide you to ensure your wishes are correctly reflected. Get in touch with our team today! Written by Leanni Browne.
