Busting the common myths on creating a will

It’s vital to have a bit of foresight in life — whether that’s setting aside some savings in case of emergencies, having some kids craft ideas handy if heading into a homeschool required lockdown, or carrying an umbrella on a day when it’s forecast to rain.

That’s why having a will is important. It gives you peace of mind, and you’ll have everything sorted the way you want it for your loved ones, pets and others - when we pass away.

Stewart Harvey, principal trustee at Public Trust Waikato, says “seizing the moment” is essential so things aren’t left to chance - and it’s easier than you think.

But nearly half of eligible Kiwis don’t feel a need to prepare. Only 48 per cent of

New Zealanders over 25 have a will, according to Public Trust research.

Here Harvey shares ve commonly-held myths around will-making:

1. I can’t do it because I have to be physically present

You can go into a Public Trust customer centre to create your will, but for convenience’ sake you can also do it over the phone or even online, Harvey says.

“It depends on how complex your estate is. You can choose to come and see us in one of our customer centres, especially if you want more support and advice throughout the process to create a will that’s tailored to your needs rather than doing it yourself,” says Harvey. “But if you’re happy for an approach more convenient to your requirements, then answering the questions online is no different than coming into the of ce or having a conversation over the phone.”

Harvey says a key aspect to remember is that the person signing the will needs to provide proof of their identity and they will also require two witnesses present when they sign their will. 2. I need to prepare a lot of documents

You don’t necessarily need to provide any documentation. Creating a will is more about understanding what you own and how you’d like your assets to be managed and distributed.

Harvey notes three key points you’ll need to answer: your identity (with proof), what you have or what you own, and what you want to do with it in the event of your death.

“If you own a home, a copy of the title would be good to have because the structure of the ownership may affect your will,” he says. “You should also know what bank accounts, investments, and insurance you have, who your house is insured with, and if you want to leave certain people with particular items, like heirlooms.”

3. Creating a will is expensive Starting a will doesn’t require huge sums of money — in fact, it’s relatively affordable. At Public Trust, creating a basic will online costs $69, while a standard will is $119 and a comprehensive will is $169. For a full service - which includes in-person advice, the fee will cost $385.

“The basic will suits most people who are single, while the standard will can be for couples and the comprehensive will for those with families or businesses,” Harvey says.

4. I don’t have much money or significant assets so I don’t need a will

Anyone — no matter how much money or assets they have — can bene t from having a will, Harvey says.

“One word that re ects writing a will is ‘choice’,” he says.

“If you don’t write a will, you will not get to choose who you appoint to be your executor or who you would like to leave your estate too,” Harvey says. “Instead, your estate will be distributed in accordance with the intestacy provisions under the Administration Act 1969.”

If you don’t own any real estate and your assets do not exceed more than $15,000 from each institution (including bank accounts, Superannuation funds, and life insurance policies) your estate will be considered a small estate and can be administered and distributed by your next of kin. If you own property or your assets exceed $15,000 then the formal administration of your estate is required by law; this involves your executor applying to the High Court to obtain a grant of probate. 5. Creating a will takes a long time Creating a will won’t even take a day.

According to Harvey, you should allow yourself 60 to 90 minutes if you’re doing it inperson.

Doing it online could be even quicker - if the will is basic or standard.

But Harvey says it should be started ASAP - or it ends up in the too-hard basket.

“People have it on their to-do list but always leave it there,” Harvey explains.

“It’s important to seize the moment and get it done as soon as you can so things aren’t left to chance.”

Creating a will is easy, and the Public Trust is here to help. Check the nearest Public Trust Centre location at publictrust.co.nz/contactus. For more information or to book an appointment, call Public Trust at 0800 371 471 or email info@publictrust.co.nz.