Making a Will
General Information (not legal advice)
Key advice – if you choose to do nothing else in terms of Estate Planning, at
least do a Will.
The best way to explain why you need a Will, is by discussing what happens if you die without one:
The best way to explain why you need a Will, is by discussing what happens if you die without one:
- You don't get to pick who is appointed to deal with your Estate. Usually a spouse would apply to be appointed. If there is no spouse, then another potential beneficiary would apply - but if more than one person thinks they should get the job then the Court has to decide. It gets even messier if there are de-facto relationships or even ex-spouses (separated but still legally married).
- The process for appointing an Administrator is more complex than applying for Probate of a Will. Enquiries need to be made to try and find your Will, including advertising in legal publications. The process will take three to six months, whereas Probate can generally be obtained within one month.
- Your Estate will not go to who you probably think it does. Rather, it is
distributed in accordance with a law that was written in 1969 (Administration
Act 1969).
As
an example, if at your death you were married with two children, then for
assets not owned by joint tenancy with your spouse:
(1) Your husband / wife would receive your personal chattels (which doesn’t include bank accounts, cash, shares, or
items used for business purposes), $155,000.00, plus one third of what is left;
(2) Each of your children would receive one third of what is left.
Where there is a house involved, then obviously things can get “a little tricky”.
Under the above example, if there were only one child, they’d get two-thirds of the residue (ie. the surviving spouse doesn’t get more).
(1) Your husband / wife would receive your personal chattels (which doesn’t include bank accounts, cash, shares, or
items used for business purposes), $155,000.00, plus one third of what is left;
(2) Each of your children would receive one third of what is left.
Where there is a house involved, then obviously things can get “a little tricky”.
Under the above example, if there were only one child, they’d get two-thirds of the residue (ie. the surviving spouse doesn’t get more).
- Dying without a Will creates good work for lawyers – wouldn’t you rather distribute your Estate to your family and friends, rather than spending it on legal fees?
Cost:
Making a simple Will for an individual at Heartland Law costs $400.00 + GST and expenses. Complex Wills cost more - ask before you commit. We will provide you with a letter when we open a file for you confirming your quote in writing.
If you'd like to get started, please click HERE for a helpful checklist / print out and fill in sheet that we can use to begin drafting your new Will.
Making a simple Will for an individual at Heartland Law costs $400.00 + GST and expenses. Complex Wills cost more - ask before you commit. We will provide you with a letter when we open a file for you confirming your quote in writing.
If you'd like to get started, please click HERE for a helpful checklist / print out and fill in sheet that we can use to begin drafting your new Will.
More Information:
An excellent downloadable brochure can be found on the New Zealand Law Society's website by clicking HERE
An excellent downloadable brochure can be found on the New Zealand Law Society's website by clicking HERE
