Why we all need a Will

“Everyone should have a Will, especially if you have had a recent change to your circumstances such as ending a long term relationship, entering a new relationship or if you have had children.”

Your Will contains your instructions about what you want done with your assets when you die and how you want your dependants (spouse, partner, children et cetera) to be looked after. Note that Enduring Powers of Attorney automatically end when you die. You appoint an executor in your Will, who you believe is the best person to look after your affairs when you have died.

Everyone should have a Will, especially if you have had a recent change to your circumstances such as ending a long term relationship, entering a new relationship or if you have had children.

A Will is one of the most important documents you ever sign. After you die, authority for your executor to deal with your estate is confirmed by the High Court in a grant of probate. While applications to the High Court for probate will require preparation of formal documents, this process generally takes around a month.

If you die without a Will (known as dying “intestate”), the Administration Act 1969 specifies how your property will be distributed. This is usually to your surviving spouse/partner, children or immediate family in set proportions, which may not be what you would wish. The High Court will appoint an administrator to look after your estate which is usually your spouse/partner or one of your children. This process is known as applying for Letters of Administration.

An application to the High Court for Letters of Administration will require preparation of documents plus additional evidence and consents from family members. This process often takes more than three months and costs a lot more than a Will.

Until an administrator is appointed, no one will be able to access your accounts nor deal with your affairs. This usually means family members often need to pay for your funeral and other ongoing expenses until Letters of Administration are granted and accounts can be closed.

Please contact us if you would like to discuss preparing a Will. For more information you can contact:

Damian Smith: telephone 04 473 7129; email damians@mmiller.co.nz; or

Bernadette Ashdown: telephone 04 237 4506; email bernadettea@mmiller.co.nz