Seven key reasons why you need to write your will
Give yourself and your family peace of mind by getting a will and nominating an executor.
Doesn’t it feel good to leave your house in order when you’re going on a holiday? Closing the door and knowing that everything is organised. It’s the same as preparing your will.
A will is a legal document that is unique to you. It gives your loved ones your nal wishes for your estate - your say on what you would like done with the things you love and have worked so hard for.
“Having a will in place means your family knows exactly what to do when you die,” says Kiran Prasad, Principal Trustee at Public Trust in Wellington. “They can feel at ease knowing they are carrying out your nal wishes the way you wanted.”
The best time to update your will is when your circumstances change or at key life stages, such as retirement, buying a house, marriage or divorce. It really is an essential item for adults with assets and/ or children, and especially people aged over 65, he adds. Here are the main reasons why you should have a will:
1. Save time, money, and stress for your loved ones
Creating a will gives you and your family certainty of what you would like to see happen after you die. When your nal wishes - which can include funeral plans - are written down it simpli es all the processes that need to happen after you die. When someone passes away without a will, it is likely that the process will be more complex,expensive and take a lot longer, Prasad says.
2. Determine who will manage your estate
An important part of will creation is nominating an executor - the person or organisation you choose to carry out the wishes in your will. This is a demanding and time-consuming role that requires managing a lot of legal, nancial, and estate administration work. Many people nominate a professional trustee as their executor, as they have the experience and knowledge, and can act impartially whilst administering your estate.
3. Decide who gets your assets and property
Most people use wills to nominate which loved ones they want to provide for and how they want to distribute what they own, including property, savings and family heirlooms. Having a plan in place means you have clearly articulated your nal wishes, which gives clarity to everyone.
4. Take care of any family members, pets included
In your will, you can specify how your loved ones are cared for, including who you wish to look after your children or your pets and who to leave special gifts or other meaningful things to.
5. Leave instructions for your digital assets
Digital assets include electronic possessions and virtual property such as emails, photos, texts, and account information for websites or programs like Facebook or bank accounts. These can provide us with both monetary or sentimental value. In your will, you can include digital assets, ensuring you pass on sentimental things or grant particular people access to your accounts.
6. Support your favourite causes and leave a lasting legacy
By creating a will you can ensure the things you care so deeply about can be given a helping hand after you pass away. Some people leave donations or gifts to charities or causes that have created special memories for them and their families or have had signi cant impacts on their lives.
7. Gain peace of mind
People put off getting it done for various reasons, but once they’ve got it done they feel a great sense of relief, Prasad says. This feeling is elevated even more when the will is communicated to loved ones and family members, so everyone has a clear understanding of your nal wishes.
Leaving a legacy can mean so many things to so many people. Having a will and executor in place helps protect your legacy.
For more information or book an appointment with Public Trust call 0800 371 471 or email: info@publictrust.co.nz. To create a will online visit www.publictrust.co.nz. You can also nd your closest customer centre at www.publictrust.co.nz/contact-us.