What is involved when writing your Will?
A Will is an important safeguard to ensure your estate is distributed according to your wishes when the time comes. In the absence of a Will, the law decides where your assets go – to your next of kin or to the crown if you don’t have any relatives.
It is important that you receive the correct legal advice when making a Will and we recommend reviewing your Will every 5 years. At Home Transfer Centre we make the process simple with our Will Worksheet which is a helpful guide as to what information needs to be set out in your Will. The things you will need to consider when you undergo the writing of your Will:
- Who you will list as your Personal Representatives
Previously known as The Executor of your Will, your Personal Representatives are the people you would like to administer the distribution of your Estate and carry out the instructions in your Will. This is usually a trusted family member but depending on your personal situation, in some cases you may list your Solicitor or a Trustee Organisation as your Personal Representative.
- Who you would like your estate distributed to
Known as The Beneficiaries of your estate, you will need to list each person you would like to receive assets from your Estate. As part of the instructions in your Will, you will need to detail exactly what each person is to inherit.
- In the case that all your Beneficiaries pass away before you, where would you like your estate to go?
There may be a person, organisation or charity that you would like your Estate to go to if all of your listed Beneficiaries pass away before you. If you don’t specify, your Estate will go to the Crown.
- Do you have any items or assets you would specifically like to gift?
You are able to detail if there are any specific items or assets that you would like to gift to any of your Beneficiaries.
- Appoint guardians of your children
If you have children under the age of 18, it is important to detail in your Will who you would like to take on guardianship of your dependent children otherwise it will be left to the state to determine who takes responsibility for them.
- Any wishes for your funeral
If you have any specific wishes for your funeral, including whether you would like a burial or cremation, you should include this in your Will to assist your loved ones with your service planning when you pass.
Home Transfer Centre Lawyers can assist you with planning your estate anywhere in New Zealand from our offices in Dunedin and Auckland or via phone and/or video appointments.
To get started creating or updating your Will, download our Wills Worksheet here and send it through to your Home Transfer Centre contact or to [email protected].