Kiwis lack willpower
A surprising number of New Zealanders do not have a will. While there is no firm data, in 2017 the Public Trust put the figure at 50 percent of the adult population, some 1.8 million people. Estate planning simply does not occur to some Kiwis, or if it does they think “she’ll be right”.
Why make a will?
Many people think a will is only needed when there are substantial assets. But if there are dependent children, wills are vital to appoint guardians in the event of both parents dying. A will can also earmark funds for a person to look after a family pet, specify funeral and burial arrangements, and give clarity in de facto relationships. De facto couples generally own real estate as ‘tenants in common’ so they are free to do what they want with their share while they are alive and in their will.
What if I have a will?
Couples who separate can be slow to update their wills. Perhaps they mistakenly assume that the ex is automatically cut out of the will because of the separation (not the case). Conversely they may not know that divorce, marriage or civil union invalidate an existing will. In these scenarios a new will should be made without delay. Wills should be reviewed when the composition or life-stage of a family changes or when there is a significant change in assets. Failing that, once every five years is probably a good idea.
Will offer APLS Lawyers is offering Verve readers a special price of: $350 + GST for Two Simple Vice Versa Wills or $300 + GST for a Simple Individual Will
Roadblocks
Making or updating a will can be on the to-do-list, but not get done. Concerns about cost, reluctance to face one’s own mortality, and lack of agreement with a partner about who to appoint as guardians of the children are just some of the roadblocks.
Avoid DIY disaster
There is a growing trend worldwide for DIY wills. This is akin to designing your own home, or buying a kitset, instead of using an architect. Because of the real possibility of claims under the Family Protection Act 1955 and the Law Reform Testamentary Promises Act, it is important to engage a professional to make a proper and legally binding will. Any will needs to be customised to individual circumstances, robust, and fit for purpose.
Why choose a lawyer?
Lawyers can act as executors if required. They have expertise in making wills, applying for probate in the High Court (needed when any one asset is worth $15,000 or more) and administering estates. They undertake ongoing professional development in estate and trust law, and keep abreast of current litigation in the courts.
Will offer
APLS Lawyers, a boutique law firm in Newmarket, is offering Verve readers a special price of $350 + GST for two simple vice versa wills, or $300 + GST for a simple individual will. For more complicated wills, APLS is happy to provide a quote.
APLS Lawyers
Level 3, 255 Broadway, Newmarket / 09 522 2052 / richard@apls.co.nz
