What is a Will and why do I need one? - NZ Guide

A will is a legal document that sets out how you want your assets to be distributed after your death. It allows you to appoint someone you trust to administer your estate and clearly outlines who will inherit your property, money and personal belongings.

For many people, a will is also where important personal decisions are recorded. For example, if you have young children, you can nominate who the guardians are to care for them in the event of your passing.

If you are involved in a trust, your will can also deal with any powers or roles you hold in that trust. This helps ensure the trust continues to operate effectively and remains compliant with current legislation.

Keeping your will up to date is a crucial part of estate planning. It helps reduce the risk of disputes between family members and gives greater certainty that your wishes will be carried out.

When do you need a will?

In New Zealand, it is generally important to have a will if you hold personal assets of any meaningful value.

As a guide, if your personal assets are worth more than $40,000, your executors will usually need to apply to the New Zealand High Court for probate in order to administer your estate.

These assets may include:

• bank accounts
• KiwiSaver
• vehicles
• jewellery
• life insurance
• other personal valuables

Having a valid will in place can make this process significantly clearer and more straightforward for the people you leave behind.

What happens when someone passes away?

If a valid will is in place, the person you have appointed as your executor will apply to the New Zealand High Court for probate.

Probate is the legal process that confirms the will is valid and gives the executor authority to manage the estate.

This process can feel overwhelming during an already difficult time. A private wealth lawyer can assist by guiding executors through each step, including:

• applying for probate
• managing the estate administration process
• identifying and valuing assets
• settling debts
• distributing the estate to beneficiaries
• assisting with any disputes that may arise

Getting the right advice helps ensure everything is carried out in accordance with the law, while reducing stress and the risk of complications.

What happens if you don’t have a will?

If someone passes away without a valid will, they are considered to have died “intestate”.

In this situation, a trusted person must apply to the New Zealand High Court for letters of administration. Once granted, this gives that person the legal authority to deal with the estate’s assets and liabilities.

Without a will:

• you do not control who receives your assets
• the distribution of your estate is determined by law
• the process can be more complex and time-consuming for your family

Why having a will matters

A will is one of the simplest and most important steps you can take to protect your family and your assets.

It provides:

• clarity about your wishes
• certainty for your family
• a smoother estate administration process
• reduced risk of disputes

Without a will, even straightforward estates can become more complicated than they need to be.

Talk to Grayson Clements

If you would like advice on preparing or updating your will, the Grayson Clements team can help you put clear, practical arrangements in place. Contact us today.