Importance of having a Will

Tue Nov. 17th 2015

Why do you need a Will?

A Will is one of the most important documents you can make during your lifetime. Having a Will ensures that the people and things that matter most to you are taken care of if something happens to you. When you die, it helps ensure that your assets are distributed as you wish. You can also write down your funeral wishes.

A Will sets out your wishes so nothing is left to chance. Importantly, you can also name Guardians to look after your children.

Although you may not feel that you have enough assets to warrant making a Will, you probably have more than you think. Cars, bank accounts, KiwiSaver, death benefit cover from your Employer, even insurance policies taken out by your parents all count as assets. You can pass the value of these on to your loved ones.

After you've provided for your family and friends, you may wish to leave a gift to charity; this is called a Legacy and it's an important source of income for many charities.

Life is a series of journeys and it's important that you update your Will to reflect your current life circumstances. Marriage, buying a house, children, divorce and the death of a family member are all events which should prompt a review of your Will.

What happens if I don't have a Will?

If you die without a Will, your loved ones won't know what your intentions are. In cases of intestacy (when a person dies without leaving a Will), the Court will appoint an Administrator who will distribute your Estate according the Law. This can be a lengthy and difficult process and there is no guarantee your assets will go to those you intended. This is why it's best to express your wishes in a written Will rather than leaving things to chance.

Don't leave it to chance

The sooner you have a Will the sooner you can have peace of mind, knowing your loved ones will be looked after the way you want them to be.