If you have more than $15,000 in a bank account, Kiwisaver, or own real estate, you need a Will. It’s that simple. Many Kiwis assume that estate planning is something to think about later in life, but in reality, having a Will in place can save your loved ones significant stress, time, and money if something unexpected happens.
Why Does $15,000 Matter?
Under New Zealand law, if you pass away with more than $15,000 in any single account—whether in Kiwisaver, a savings account, or investments—your estate must go through a formal legal process before those funds can be accessed. This process is much simpler and more affordable if you have a Will in place. Without one, your estate will be subject to intestacy laws, meaning the court decides who administers your estate and who inherits your assets. This can create delays, additional costs, and potential disputes among family members.
Who Gets to Handle Your Estate Without a Will?
If you don’t have a Will, the person responsible for managing your estate is determined by law, not by you. This could mean that a family member you wouldn’t have chosen—or even multiple people—may have to apply to the court for permission to administer your estate – even some people who don’t want to apply may have to sign something. This process is called applying for Letters of Administration, and it is more complex, expensive, and time-consuming than simply naming an executor in a Will.
Who Will Receive Your Assets?
Without a Will, your assets are distributed according to the Administration Act 1969. This might not align with your wishes. For example, if you have a partner and children, your estate will be divided among them in specific legal proportions—not necessarily the way you would have chosen. If you’re single, your assets might go to your parents, siblings, or even distant relatives instead of close friends or charities you care about. A simple Will ensures your estate is distributed exactly how you want.
The Stress of Not Having a Will
Losing a loved one is already difficult, and dealing with a complicated estate can make it even harder. When there’s no Will, your family may need to go through legal hoops that could take months—sometimes even years—to resolve. By having a Will, you make things much easier for them, reducing stress and ensuring they can access what they need without unnecessary legal battles or financial strain.
Creating a Will is Easier Than You Think
Even the simplest Will is better than no Will at all. A basic Will can be created quickly and affordably, and it ensures your wishes are carried out. You can name an executor, specify who should receive your assets, and even include guardianship wishes for your children if applicable.
Take Control of Your Future Today
If you have over $15,000 in Kiwisaver or other accounts, or you own real estate, now is the time to create a Will. It’s a simple step that gives you control and provides peace of mind for your loved ones.
Ready to get started? Contact Regent Law today to discuss your Will. We offer straightforward, fixed-price legal services, making it easy to protect your assets and reduce stress for your family. Let’s make sure your wishes are legally clear and easy to follow—because your legacy matters.
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