What is a Will
What is a Will?
A Will is a legal document that gives instruction for the distribution of your assets after you’re gone.
It allows you to specify who you want to benefit from your estate (your beneficiaries) and who will be responsible for the administration of your estate (your executor).
It also allows you to record specific wishes around your funeral or the guardianship of your children or dependants.
But what does it actually take to get a Will and is it worth having?
At Perpetual Guardian we pride ourselves in the fact that we’re experts in the field and want to share some of that knowledge with you here. We hope it will help you make an informed decision around protecting your future, now.
Who needs a Will?
Research has shown, time and time again, that Kiwis are more likely to get their Wills set up after a life-changing event. From getting married to having your first child or buying a house, these are the occasions that often prompt us to think about the future. Everyone over the age of 18 should make a Will. It’s the safest way to ensure your assets are distributed according to your wishes.
A Will should be updated regularly to any major life changes, such as marriage or separation, having children and grandchildren or the purchase or sale of major assets, into account. If your Will isn’t kept up-to-date, it might not be valid.
A valid and current Will allows you to retain control over what happens to your assets on your death.
If you die without a Will, your property and belongings will be distributed according to the requirements of the Administration Act 1969. In other words, if you don’t have a Will, the law decides ‘who gets what’ out of your estate, regardless of the needs of those close to you, or what you may have wanted.