By Hayley Boud
We consider that a will is one of the most important documents that you will sign in your life time. Here are our top seven reasons why we believe every adult needs a valid will:
A will is a legal documents that allows YOU to decide how your estate property should be dealt with upon your passing. If you were to pass away without a valid will, there is no guarantee that your intended wishes would be conducted.
Prince passed away without leaving a will to deal with his estate.
Prince had no spouse or known children but left behind a sister, half-siblings and a brother that was not biologically related to him but was brought up by Prince's father.
Because Prince left no will, there is no way of knowing what Prince intended for his estate. Would Prince have wanted to include his non-biological brother? Were there any siblings he was estranged from and wouldn't have left his estate to? Would he have wanted to leave a greater percentage to a sibling he had a greater relationship to or knew needed greater financial support? Would he have preferred his estate to go to a special friend or to chartiy? There is no way of knowing.
Without a will Prince's estate (worth between US$100-$300 Million) is being supervised by people that he would not have chosen. There are several heirs including a sister and five half siblings, not all of them close and one of whom Prince hadn’t seen for 15 years, all fighting for part of the estate. It is very likely that the estate will not be distributed in accordance to what Prince would have wanted. Also, the legal battles will drain much of the estate funds.
A will ensures YOU decide who will take care of your minor children. A will provides you with the opportunity to decide who you believe is best to take care of your young children. In making this decision many parents consider the financial stability, location and religion of possible guardians. Having a valid will ensures your children are raised by those you have appointed and further ensures your children are not raised by someone you would not have chosen.
A will alleviates financial and emotional stress on your family.
When a loved one passes away, it is a very emotionally difficult time. It can also be financially stressful. A will enables you to ensure your loved ones are taken care of during this difficult time. It can also reduce the chances of family disputes over your estate property.
A will can speed up the process of distributing your estate to your loved ones.
If you do not have a valid will upon passing away, your loved ones will have to apply to the High Court of New Zealand for an order to grant them the right to administer and distribute your estate property. This can be a lengthy and complicated process, especially if there is a dispute over who is entitled to apply for the grant. A valid will ensures your property is distributed without unnecessary delays.
A will allows you to choose who YOU would like to distribute your estate.
A valid will provides for the executors of the will, those that will make sure all your bills are paid, cancelling your credit cards, notifying banks etc. Executors play a very important role in administering and distributing your estate property. As such, you would want to appoint someone who you trust. Without a valid will, the law of New Zealand will decide who is entitled to succeed on intestacy which may not be the person you would have chosen.
You can change your will at any time. Many people might think they should draft their will when a particular circumstance arrives, e.g. get married or buy a house. There is no need to wait. A will can be changed at any time that your life's circumstances change.
You don’t know what tomorrow will bring. Many people choose not to think about drafting a will because they don’t wish to think about death or they think that there is plenty of time. No one knows what tomorrow will bring. For your family, I recommend you get a will drafted TODAY.
For more information, please feel free to contact us on 07 838 0808 or hayley@ghlaw.co.nz