Wills - Do You Have One?

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Every adult should have a will. A will is a legal document that sets out your wishes regarding the
distribution of your assets and the care of any minor children on your death. By having a current will, you can make sure that everyone understands what you want to happen with your estate –
everything you own and owe when you die.

If you die without a will you have died “intestate” and your assets will be distributed according to
the law – more than likely by the rules laid down in the New Zealand Administration Act 1969. This might mean that your wishes may not be carried out and your family may face difficulty, delays and cost in sorting out what does happen.

Key things to consider in drafting a Will

1. You can prepare a valid will yourself but I would recommend that you get advice and
   assistance from your lawyer to ensure the will is worded correctly and in accordance with
   the law.

2. A written and witnessed will is the best way to make certain that your wishes will be carried
   out – often referred to as a testamentary will. It is also important that you revoke any
   previous wills.

3. The key person in your will is the executor. The executor is the person who will be in charge
   of your estate on your death and they will execute the terms of the will. The executor could
   be your husband, wife, a trusted friend, brother, sister or a professional (lawyer or Public
   Trust). You should also confirm with that person that they are happy to act as your executor.

4. If you have young children you may consider having a guardian noted in your will who could
   then look after the children if both parents were dead.

5. You must ensure your will is stored safely and that your executor knows where to locate it.
   You may give a copy to them and your lawyer.

6. You should update your will regularly, particularly after significant changes or events such as major asset purchases, relationship changes or additional family members.

7. Your will should state whether you wish to be buried or cremated and where you wish to lie.

8. The main purpose of the will is to advise the executor how to distribute your assets on your death. This may include distributions to your spouse, partner, children, wider family, Trusts, bequests (or gifts) to specific individuals or charities. You may also need to consider any debts due to you that may be forgiven on your death – advances to Trusts, family or friends. The will may also include instructions on how to deal with your personal effects and chattels. A will is a formal document that outlines your wishes in relation to the distribution of your assets on your death. In addition to the will, I think you should consider including a summary of your affairs which includes such things as:

   • Details of your key advisors - lawyer, accountant, financial planner.

   • List of your legal entities – Company’s, Trusts, Partnerships.

   • Summary of your investment assets – shares, kiwisaver, deposits, property, joint investments, other.

   • List of your access codes and passwords for your investments, accounting records,
     spreadsheets and any other documents the executor might need to access.

   • Details of any life insurance policies.

   • Summary of any debts and guarantees you have – banks, third parties, friends.

The only other word of advice is to remember that your executor will execute your will based on
how they read and interpret what you have written in your will. As a result, it is important that you
be as clear and concise as you can to avoid doubt, misunderstanding and confusion.

Happy drafting,

James