Don’t Wait: Why Young Couples Should Consider Wills Now

There are many good reasons to write a Will, but many of us haven't done it yet. Life is short and unpredictable, so why wait? We understand it can be scary if you're unsure about writing a Will. You're not the only one feeling nervous; talking about your own death isn't easy. However, being prepared means having more time to enjoy the present moment, instead of waking up at 3am worrying about the “what if”. 

Let's delve into why having a Will matters.

Why Write a Will?

A Will allows you to specify who should inherit your assets, including family, friends, and even pets. Without a Will, the distribution of your assets falls under New Zealand law, potentially leaving everything to the wrong person. 

Who Can Make a Will?

To create a legally valid Will in New Zealand, you must be at least 18 years old and of sound mind. Exceptions exist for individuals under 18 under specific circumstances. Your Will must be in writing, signed, dated, and witnessed by two individuals who are not beneficiaries.

Formalities:

Your Will must comply with certain formalities to be legally binding. It must be in writing, signed by you, dated and witnessed by two adults. These witnesses must be at least 20 years old and cannot be beneficiaries or partners of beneficiaries. While you can technically write a will yourself, it’s best practice to consult a professional, it’s all that’s left of you, you don’t really want to get it wrong.

Benefits of Professional Assistance:

Although not mandatory, seeking professional advice is advisable. While you can find free Wills or DIY forms online, the relatively small cost of paying a professional is a worthwhile investment compared to potential complications arising from errors in a self-drafted Will.

Content of Your Will:

When composing your Will, consider appointing executors and specifying beneficiaries. Executors manage your estate and ensure your wishes are carried out. It's wise to appoint two executors or have a backup executor to mitigate risks in case one becomes unable to fulfill their duties. Additionally, outline your wishes regarding funeral arrangements, guardianship of children, family trust wishes and any charitable donations.

Planning for Children:

You can provide for your children through a trust established in your Will. Designate a trustee to manage funds on behalf of your children until they reach a certain age. This ensures financial security and responsible management of assets for their benefit. It’s far more cost effect for you to put this in place than the Courts. 

Probate Process:

After your passing, your executor must apply for probate, which is essentially formal Court approval of your Will. This process can introduce delays in asset distribution, emphasising the importance of planning ahead and arranging financial matters to support surviving partners or dependents during this period.

Storage and Accessibility:

Store your will in a safe and accessible location, we can discuss appropriate storage arrangements with you.

Conclusion:

Writing a Will is not just a legal formality; it's a responsible step in providing for your loved ones. Taking the time to create a comprehensive Will ensures your wishes are honoured and your loved ones are supported even after you're gone.