News

Wills

Everyone over the age of 18 should have a Will.  Many people believe they don’t need a Will because they have no assets to leave behind, they are too young, or they haven’t had a Will for 40 years, so why get one.

Everyone should have a Will as without one your estate will be distributed in accordance with the Administration Act 1969 or the Property (Relationship) Act (1976) and the distribution may be different to their wishes.

Below we have provided you with a brief description of the information required to be in a Will.

TRUSTEES/EXECUTORS (“Trustee”)

The Trustee under a Will is appointed to administer the estate and any trusts created under the Will.

The person making the Will (“testator”) must think carefully when deciding whom to appoint as the Trustee.   The Trustee must identify the assets and liabilities of the deceased and pay any debts and funeral expenses.  Once this has been completed the Trustee will make a distribution to the beneficiaries. 

If the testator has children and leaves them the remainder of the estate but not until they obtain a specific age then the Trustee must invest that money in a way that benefits the beneficiary.

More than one person can be appointed as the Trustee.   Couples generally appoint each other as Trustee along with one other.  Legal Professionals can also be appointed as a Trustee.

FUNERAL ARRANGEMENTS

The testator can make a direction to be buried or cremated and further as to where they would like to be buried or where they would like their ashes scattered/placed.

GUARDIANS

The testator can appoint a guardian for their children under a Will.  The guardian will look after the children’s welfare, including religion, schooling and general upbringing.  The guardian will not necessarily need to care for the children financially or be responsible for the day-to-day care of them.  It is important to note here that guardianship differs from custody, which involves the day-to-day care of the children.

SPECIFIC GIFTS

The testator can gift specific items to people.  These gifts need to be listed in the Will.  A specific gift can be jewellery, tools, money, life insurance policy, cars or many other things.  If a specific gift is made then the item is taken out of the estate before the estate is wound up and distributed to the final beneficiary.

RESIDUAL BENEFICIARIES

The testator must name someone/group of people to be the residual beneficiaries of their estate.  This is everything that is left in the estate once all specific gifts have been taken out, debts are paid and funeral expenses are paid and any legal fees that have been incurred.

Most married couples or de facto couples provide for their spouse/partner and in the event that the spouse/partner is not living then to their children.

Further Information

• When some dies and they are married or in a de facto relationship the surviving spouse can choose to take under the deceased Will or choose to take their entitlement under the Property (Relationship) Act (1976)
• If the testator owns property jointly with another person that person automatically takes ownership of the property through survivorship.
• If the testator owns property as tenants in common with another person they can leave that person a life interest in the property under their Will.
• The testator can also include directions in the Will for organ donation and that they want their body to be left to the School of Medicine.
• If the testator has children benefiting under the Will an age of attainment can be noted i.e. 20 or 25. 
• If the testator marries any existing Will is revoked.
• If the testator separates from their partner the Will is still valid.
• If the testator divorces any gifts made to the divorced spouse are automatically revoked but the Will itself remains valid.

So if you would like to make a Will please contact us to make an appointment.  Have a think about the information listed above.  We will go through it with you in detail and answer any questions you may have.

INFORMATION TO BRING WITH YOU:

• Who you would like to appoint as your trustees.
• Burial instructions.
• Guardians for your children.
• Specific Gifts
• Who is to receive the residue of your estate.
• The full names of the people you would like to include in your Will.