The Significance of Drafting a Will   

For many, thinking about the future involves little more than planning their next holiday or booking a reservation at a favourite restaurant. The idea of writing a will can seem uninviting or unpleasant, and you're not alone if you feel this way. Many New Zealanders have no plans in place for their families and loved ones when they're gone.   

However, a will is one of the most crucial documents you should consider at any age or stage of life. It’s the only way to ensure your wishes are known and that the people you love are taken care of and protected when you’re gone. It’s a means of avoiding hassles and heartache for those left behind.   

Save Time, Save Money, and Reduce Stress   

A will can save your family considerable time, money, and stress. If you have assets worth more than $15K, your estate must undergo formal administration once you pass away. Without a valid will, this process becomes longer, more costly, and your assets will be distributed according to a legal formula, which may not align with your wishes.   

Control Over Your Estate   

A will allows you to determine who manages your estate and who receives your assets. By having a valid will that reflects your current situation, you ensure that your belongings go to the people or organisations that matter most to you. You can also include a ‘statement of wishes’ to explain your decisions and express your interests (the statement of wishes is non-legally binding).   

Prevent Family Disputes   

A well-drafted will can minimize potential family disputes. By explicitly stating your wishes, you reduce misunderstandings and conflicts among your loved ones. Knowing they are honouring your desires can provide comfort to family members during a difficult time.   

Provide for Minor Children   

If you have children under 18, you can designate a testamentary guardian in your will to oversee their upbringing and ensure they are raised according to your values. For more information about guardianship, click here: Choosing a guardian (publictrust.co.nz)

Protect Your Pets   

Pet owners can name a caretaker for their pets in their will, ensuring they are well cared for. You can also allocate funds for their care, providing additional peace of mind.   

Leave a Legacy   

Your will can reflect any charitable goals you may have by allowing you to leave part of your estate to charities or community organisations, supporting causes you care about and preserving your legacy.   

Funeral Instructions 

Including funeral instructions in your will can guide your loved ones and reduce their burden during a difficult time. These instructions can help your family understand your preferences for this final moment.   

Manage Digital Assets   

Your will can include instructions for handling digital assets like social media profiles and digital files. You can appoint a digital executor to manage these assets, ensuring your digital legacy is preserved according to your wishes. Keeping account details for banks, investments, and insurance in one place and informing your executor of their location can make their job easier.   

Creating your will is now more straightforward with the help of online tools and services. Although seeking professional advice is recommended for complex estates, many individuals can independently draft a will using trustworthy online resources.    

At Dollar Insurance, we understand the importance of a well-prepared will. We offer resources and discounts through our partnership with Public Trust, providing 20% off online will and enduring power of attorney services. For more information, click here: Wills, EPAs, Trusts & Grants Services | Public Trust NZ

Disclaimer: The information provided in this article is of a general nature only and does not take into account your personal situation or goals. You should consider whether the information is appropriate to your needs and seek independent financial advice, if required, to ensure an insurance product is suitable for you.

Any product information is correct at the time this article was published. For current product information, please visit the Dollar Insurance website.