Wills
Why do I need a Will?
A will enables you to determine which people and/or organisations will receive your assets when you pass away, as well as who will manage this process. Will also allow you to make other specific directions, such as the appointment of guardians for your children. Will can save considerable time and cost with the administration of your estate, and can also provide assurance to your family and friends that your assets are being dealt with as you would have wished.Â
What happens if I die without a Will?
If you die without a will you are deemed to have died ‘intestate’, and your assets will be distributed in accordance with the Administration Act (1969). The Administration Act prescribes which of your family members are to receive what, and in what shares. This process is inflexible and often results in a distribution of assets that does not align with what people might have wanted or expected. This can also be a costly process, and can cause considerable distress both to those who are trying to manage your affairs as well as your wider family members. Why make it hard, when it could be quick and easy?
When should I write a Will?
- Everyone over the age of 18 should have a will, especially those who have children, or whose assets exceed $15,000 (including KiwiSaver and life insurance policies).
- If you get married, a Will signed before marriage is deemed invalid and you will need to write a new will.
- If your relationship or wider circumstances change, you may wish to change who you would like to provide for on your death.
If you would like to get a will in place, please click the ‘Learn More’ button and provide us with your details and we can get you in touch with Footprint who are New Zealand’s largest online will provider. They make it quick and easy to complete your will in on average 15 minutes and it can be done in the comfort of your own home. Protect what matters most to you.
What is a Enduring Power of Attorney?
An enduring power of attorney (EPA) is a legal document that gives someone that you choose (called an attorney, not the same as legal attorney or lawyer) the ability to act on our behalf. You might consider getting an EPA if you want to give someone else the ability to make a decision for you in the case that you are incapable or unavailable to make the decision yourself.
There are two types of EPAs:
- A property EPA enables decision making on financial matters such as money and property, bank accounts, paying bills, and buying/selling property. You can choose at what point you want your attorney’s power to kick in, whether it’s immediately, or only if you’re incapable to make the decision yourself.
- A personal care and welfare EPA enables decisions about your health and wellbeing and can only take effect once a qualified health practitioner has confirmed that you’re not sound to make decisions yourself.
You can learn more about what makes a good estate plan from this Footprint blog and if you would like to discuss getting an enduring power of attorney at a discounted price, please click on the Get Started button below.