Wills and Estate planning guide in New Zealand

Remember: when the time comes for your Will to take effect, you won’t be around – so you want to make sure there are no arguments or misunderstandings among your family.

The whole point of writing a Will is to make sure your wishes are followed the way you planned. To get started, the first step is to list out all your assets. The second step is to decide who should receive what. That second step is really important because when your loved ones inherit your assets, property, or gifts, you want it to feel meaningful and intentional.

So, grab a piece of paper or open up a document on your device and start writing things down. Once you have got your list, you are ready to begin drafting your Will.

If you do not have a legal background, it is really helpful to first get familiar with some common terms that come up in Will writing. Let’s go through them and understand what they mean.

Testator – This simply means the person who is writing the Will. In WiserWill, the Testator is always a single individual. The Testator must be a legal adult at the time of writing the Will. Only then can he or she decide how their assets and property should be distributed.

Beneficiary – This is the person (or even an institution) who will receive the assets or property you leave behind. A Beneficiary can be anyone you choose; it is completely up to you. Before you start writing your Will, make sure you have the full details of each Beneficiary. This means their exact legal name (as shown on their ID) and their identification details. Having this information clearly written down will make it much easier to prove in court that the person mentioned in your Will is indeed the right person.

Executor – This is the person who will carry out the instructions in your Will and make sure all your assets and property are given to the right people as you intended. When choosing an Executor, pick someone who is trustworthy and capable of handling the responsibility. The goal is to avoid disputes once the job is done. The Executor will also be the one to access your signed Will, apply for probate (the court’s approval of the Will), and then begin carrying out your wishes once the probate order is granted.

In WiserWill, you can appoint up to 4 Main Executors and 1 Substitute Executor.
If you choose more than one Main Executor, you’ll also need to decide how they should carry out their duties: either “Joint” or “Joint and Several”.
Joint – This means all the Main Executors must be present together when carrying out the Will.
Joint and Several – This means any one of the Executors can start the process, as long as they have the legal consent of the others.

Guardian – If you have a Beneficiary who is still a minor, you will need to appoint a Guardian. The Guardian’s role is to take care of the minor’s assets and property until they reach legal adult age. Once they become an adult, the Beneficiary(s) will receive their inheritance as stated in your Will. It is important to choose someone you trust completely as a Guardian, since he/she will be managing the assets on behalf of the child. In WiserWill, you can appoint up to 10 Main Guardians and 1 Substitute Guardian. If you choose more than one Main Guardian, you will also need to decide if they will act “Jointly” (all must act together) or “Joint and Several” (any one of them can act with the consent of the others).

Asset Distribution – This is the part of your Will where you decide how your assets and property will be shared with your loved ones.
You have two main options:
Distribute everything in one go – You simply leave your entire estate to your beneficiaries without listing individual assets. The advantage is that you do not need to update your Will every time your assets change (for example, if you buy or sell property).
Specify individual assets – You list out exactly which asset or property goes to which person. The advantage here is clarity, but it also means that if your asset list changes in the future, you will need to update your Will.
Both options have their pros and cons, it really depends on how detailed you want your Will to be. Once you have chosen an approach, you can also decide how the shares are divided:
Equally – everyone gets the same share.
By percentage (%) – you assign specific percentages to each beneficiary. Just make sure the total adds up to 100%.

Sometimes you might wonder: What happens if one of the Beneficiaries passes away before the Will is executed? Or maybe you want to add a specific condition to your gift.
In WiserWill, there is a handy feature called “Additional Instruction”. You will find this option in every asset distribution detail. You can use it to write down any backup or extra conditions you want. These instructions will then be included in your Will, making sure your wishes are carried out exactly the way you planned.

Special Instructions – This step is for writing down any personal wishes that are not related to asset distribution. For example, you might want your ashes to be buried in a specific place, or for your photo to be displayed in a newspaper for a week. These are your special requests, unique to you, and this section ensures they are clearly recorded alongside your Will.

Important Disclaimer:
Writing your Will is only the first step. For it to be legally valid, the Testator (that is you) must sign the printed Will in the presence of two witnesses, who must also sign the document. Without these signatures, the Will will not hold up in court.

By now, you should have a good idea of the details needed to write your own Will. It is actually quite straightforward – and with WiserWill, the process becomes even easier

So why wait? Start writing your Will today with WiserWill. And if you have any questions along the way, feel free to reach out to us – we will be happy to help.