Abernethy Broatch McFetridge specialise in all aspects of Sucession Planning
Dying without a Will creates real problems for those left behind. It makes administering your estate more expensive and the assets may not go where you intend. More often than not your estate will be divided by the law in a way that you would not have wanted. A Will is vital for anyone who has assets, particularly where you are married, in a de facto relationship or have children.
Dying with a will that is no longer correct or out of date creates its own equally serious problems, with possible attacks under the Family Protection Act or Law Reform (Testamentary Promises) Act.
Many clients now have responsibilities to blended families. The interests of current partners and children have to be balanced against the interests of children from a previous relationship. If not done fairly, the mere threat of a claim under the Family Protection Act is enough to seriously delay the administration of an estate.
Lawyers are experts in the preparation of Wills that are tailored to your needs and wishes. A huge advantage of working with a lawyer is complete flexibility in appointing the executor (the person who administers your estate). Usually family members are far more desirable (not to say hugely cheaper) than a Trustee Company.
Only half of New Zealanders, and just 37 per cent of us in full-time employment, have a will.
If there’s no Will, any personal assets left behind (including KiwiSaver, or a life insurance policy) are frozen and inaccessible to survivors while a letter of administration is obtained and the estate can be settled. This process can, in some cases, take up to 18 months and cost upwards of $15,000.
The solution is so simple – everyone should have a Will.