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A willis a vital document for any individual or family. An up to date will can make all the difference when you die. Everyone knows what you wanted to happen.
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Heres some info from Consumer NZ : |
Making a will doesn't cost that much. The expensive bit is the will's administration after your death.
Do-it-yourself You’re legally entitled to make a will yourself – but just 4 percent do, according to a Public Trust survey. A DIY job may be fine if your assets are modest and your family relationships orderly. But if not, you'll probably need legal advice. There are potential downsides to DIY. Experts say home-made wills may create problems if the will-maker’s intentions aren't clear. Simple errors – for example, the will's not signed or witnessed properly – can also create grounds for challenge. The professionals Most people use a law firm or the Public Trust to draw up their will. This doesn’t mean the will can’t be challenged: disgruntled relatives can still pop out of the woodwork to dispute your last wishes. But using a professional should help to ensure the will is legally valid. Some law firms may also prepare a will for free if you're doing other business with them. However, they usually expect to be named as the executor (that's how they earn an income). |
Heres a few things to think about :
1) Who would you want to be the executors of your will? (The ones that administer your estate when you die) It might be a trusted friend, perhaps a family member. People who have some financial understanding and you know will have the best interests of your loved ones at heart. Once you have decided you would need to approach these ones and ask them. Most people have no problem with it and consider it an honour to be asked.
2)If you have young children, who would you want to have guardianship?
3)If you are leaving money to your children at what age would you like them to have access to it?
4)Are there other areas you would like to leave money to. Charities, Foundations etc
Ultimately you will want to discuss the whole thing with your solicitor or a trust company, but this gives a few thoughts to start with.
1) Who would you want to be the executors of your will? (The ones that administer your estate when you die) It might be a trusted friend, perhaps a family member. People who have some financial understanding and you know will have the best interests of your loved ones at heart. Once you have decided you would need to approach these ones and ask them. Most people have no problem with it and consider it an honour to be asked.
2)If you have young children, who would you want to have guardianship?
3)If you are leaving money to your children at what age would you like them to have access to it?
4)Are there other areas you would like to leave money to. Charities, Foundations etc
Ultimately you will want to discuss the whole thing with your solicitor or a trust company, but this gives a few thoughts to start with.