Get your will & powers of attorney sorted

Not having a will, or having an out of date will, are among the most common financial security shortcoming we see when working with clients. Most people don’t fully understand how important a will is, and why you should set up Enduring Powers of Attorney at the same time.

What happens if I don’t have a will?

Essentially, there are no clear instructions on what should happen with your things if you die. This really complicates things like Life insurance payments or access to your money by family for things like funeral expenses. Your family will need to work through a high-court process that is expensive and time consuming. Essentially, you are leaving behind a problem that causes stress and sometimes even conflict among your family and friends.

But I don’t have much stuff and won’t it just go to family?

Young people especially often don’t think they have enough possessions to justify a will. However, your KiwiSaver, car, and savings quickly add up. Another common assumption is that your partner, children or other family will automatically get the money. While their are some minimum entitlements for family set out in law, these are often not what people assume. It also get complicated if there are ex partners or children from previous relationships.

How do I make a will?

The best way is to work with a lawyer who will guide you through recording your instructions in a legally enforceable way. Let us know if you don’t have a lawyer as we may be able to refer you to a lawyer in our professional network. If you are concerned about cost, and your relationship situation is straightforward, you may want to look at low cost online platforms such as Footprint, Public Trust and LawHawk. You can also find legal planning services at Te Hokinga a Wairua.

So what are Enduring Powers of Attorney

If you are temporarily incapacitated (e.g. in a coma after an accident ), then someone needs to make decisions on your behalf about your care and any urgent financial decisions. Enduring Powers of Attorney are where you record who you want to make these decisions temporarily until you are well enough to make these again yourself. Enduring Powers of Attorney must be prepared by a lawyer.

Note that we share this information for educational purposes but it does not constituent legal advice. Please contact a lawyer if you have specific questions.