Why should I have a will and why do I need to renew it?

Having a will is one of the most important things you can do to protect your loved ones and your assets. A will is a legal document that sets out your wishes for how your property, money, and personal belongings should be distributed after you die. It also lets you name a person, or organisation, as executor to manage your estate.

If you don’t have a will, the law decides who gets what from your estate, and this may not reflect your wishes, or the needs of your family. You may also leave behind unnecessary stress, costs, and delays for those you care about. A will can help you avoid these problems, and give you peace of mind that your wishes are carried out.

Once you have a will in place, you also need to review it regularly and update it when your circumstances change. For example, if you get married, divorced, have children, buy or sell property, or inherit money, you may need to change your will to reflect these changes. If you get married, even if you already have a will, the marragie revokes it. Otherwise, your will may become invalid or outdated, and cause confusion or conflict among your beneficiaries. The rule of thumb is that you should review your will at least every five years, or whenever there is a significant change in your life.

In New Zealand, there are some legal requirements for making a valid will, such as being at least 18 years old, being of sound mind. You should store your will in a safe place and let your executor and family know where it is.

Having a will and renewing it often is the best way to ensure that your final wishes are respected and that your loved ones are taken care of. You can get expert advice from our team of lawyers if you need help. Don’t delay – make or update your will today!

Leave a Reply