Importance of a Will

It cannot be understated how important it is to have a Will whether you are young or in advanced years of life. If you have assets totalling $15,000 or more then, you need a will. For the simple reason that, banks, kiwisaver fund providers etc, will not accept the death certificate alone and require Probate (High Court authority) to distribute to the person who has been given the authority to deal with the estate. A lot of young people don’t even think about having a will and don’t realise their Kiwisaver fund is likely to tip them over the threshold and sadly, young people pass away too.

What will a Will do? Fundamentally it gives the Willmaker control over who their Executors and Trustees will be and who will receive their assets. Upon death, the Will is sent to the High Court to be proved and gives authority to the Executor named in the Will the right to deal with the estate.

If there is no Will then, the Administration Act 1969 dictates who can apply to the court to be given grant of administration of the estate. That may end up being someone you don’t want. The Administration Act also sets out who receives from your estate subject to other statutory rights to make claims.   This has the potential of not turning out how you may have wanted.

The costs on an estate where there is no Will are much more expensive than, where a valid Will exists.

The team at Law4You can help you achieve the results you want.

You may also like

Leave a comment