Writing a will is one of those tasks that many people put off, but it is a crucial part of ensuring your wishes are respected after you pass away. The law relating to wills in New Zealand gives individuals the power to decide how their assets should be distributed and making a new will does not have to be a complicated process. Here is a quick guide to understanding the basics of the law relating to wills in New Zealand.
What is a Will?
A will is a legal document that outlines how you want your property, money, and other assets to be distributed after your death. A will can also include your wishes regarding who should care for your children or your pets, and might even deal with digital assets, like social media accounts. Having a will ensures that your wishes are known and followed and can prevent disputes among your loved ones.
Who Can Make a Will?
In New Zealand, anyone aged 18 or older can make a will, provided they have capacity which means generally they understand what they are doing and the consequences of their decisions. There are some exceptions for people under 18, such as those in the military or those who are
married.
Creating a Valid Will
For a will to be legally valid in New Zealand, it must meet certain criteria. The will must be in writing, signed by the person making the will (the testator), and witnessed by two other people who are not beneficiaries. These witnesses must also sign the will in the presence of the testator. If these steps are not followed, the will could be contested or deemed invalid.
What Happens Without a Will?
If a person dies without a will (known as dying intestate), New Zealand law sets out how that person’s assets will be distributed. Typically, a spouse or partner and children will be the first to inherit, however the exact distribution can be complex and might not reflect the wishes of the
deceased person. Having a will in place allows you to express your wishes regarding the distribution of your assets after you have passed away.
Changing or Updating a Will
As your circumstances in life change so too should your will. In New Zealand, you can update your will at any time and you should definitely take advice regarding updating your will after significant life events such as marriage, divorce, the birth of a child, or acquiring significant assets. Updating your will is as important as making it in ensuring that your wishes are accurately reflected.
Final Thoughts
While the idea of making a will might seem daunting, the process is relatively simple and is about making sure your wishes are clear and legally recognised after you pass away which provides peace of mind for you and your loved ones.
If you haven’t made a will yet, or if your current will is out of date, September is wills month in New Zealand and the perfect time to take action.
