Did you know that only 50% of people in New Zealand have a Will?
As September is Wills Month in Aotearoa, we recently deep dived into this process with Ashleigh Watt, Senior Associate at Simpson Western.
Ashleigh shared with us that:
Everybody should have a Will
If you’re over 18 and have some money in the bank you should think about getting a Will. In New Zealand there’s a misconception that you only need a Will if you own a property or have lots of money. However, if you have over $15,000 worth of assets (which includes your KiwiSaver), you need a Will to ensure your loved ones are protected. Everyone should have their own Will. You can get a Will with your partner, but you don’t have to.
What happens if I don’t have a Will?
If you don’t have a Will, and you have over $15,000 worth of assets, the Administration Act will be used to determine who should inherit your assets. This can be a lengthy and expensive process, adding stress to your whānau during a very difficult time.
Is it difficult to get a Will?
Sometimes people put off getting a Will because it requires a lot of big decisions, which can feel scary. However, it’s actually an easy process, as your lawyer will provide you with the information you need to make the big decisions.
How easy is it to include a charity in my Will?
After providing for your loved ones, you may like to consider including a charity in your Will. You can include a gift of any size to a charity, like the Plunket Foundation. It’s a great way to give back, and the charities always really appreciate it.
Watch the video to get an up-to-date overview of the Wills process. And if you haven’t already, get started on ensuring you’re in the 50% of New Zealanders with the peace of mind that a Will brings.