A will can save lots of money and loads of grief
Here are five good reasons why everyone should make a will:
1. Intestate estates are decided by the current laws of NZ. If any person dies and does not leave a will, they leave a situation
Last will and testament – image Grant Cochrane
called an intestate estate. This simply means that the estate will be distributed according to an Act of Parliament and that may or may not be the wishes of the deceased. In most cases things like homes, cars and belongings will be left to the next of kin, of whom there are statutes that describe just who that is. The problem with an intestate estate, however, is if there are items of great value, or cash which people would fight over, and the court would have to determine who would rightfully receive those items, and the proceedings can get very costly and lengthy.
2. Leave what you want – if you have a will, you can specifically state whom you wish to receive certain belongings. If the will is written, dated, signed, and has a witness, then it will be deemed as valid in the eyes of the court. A person can be as detailed as they wish as far as leaving certain items to different individuals. If the grandfather clock is to be left to cousin Bill, and the entire kitchenware set is to be left to Aunt Sue, all of this can be spelled out. The main purpose is to cut down on the typical family feuds that occur at a person’s death over things that may or may not have any importance.
3. A will can also detail what funeral arrangements should be carried out. The will can specify various particulars such as where the funeral is to take place, the casket that is to be used, the type of procedure such as traditional burial or cremation, and any other details the individual would like to set down in detail in the will.
4. The caring for children can be stipulated in a will as far as their care if both spouses die, or a single parent dies, leaving minor children. An inter vivos trust, or a living trust can be established for all of the assets of the deceased to pass to the trust at the time of the deceased’s death, solely for the benefit of the children. Normally a guardian is named in advance, with the advanced consent of the guardian to take what steps are necessary to care for the children using the funds in the trust for that purpose. The will would have language that would spell out in detail how everything should work, including any special needs and schools the children should attend.
5. The payment of taxes. If the deceased has a large estate, a series of trusts can be set up, governed by the will, to distribute assets in such a manner that the impact of estate and various taxes are not as impacting. Charitable trusts can be established, that periodically gives assets to a charity, only to have the value replaced by life insurance paid to the trust at a person’s death. This can be arranged to mitigate taxes as a person’s death.
Having a will at a person’s death clears up a lot of potential misunderstandings and procedural problems. For some, the making out of a will is a morbid, negative thing to do, but if people could just see the problems that can arise when there is no will, or even an older will is or is not in place, they would not hesitate to call the attorney and sit down to make out the will.
Albany lawyer for wills
The courts are very diligent about following the instructions of wills as closely as possible, so whatever you put into your will, within reason, will be justly followed when you die. That is what a will is for, to pass on the belongings and assets of the deceased person in an orderly and calm manner to those the deceased wishes to have them.
To prevent ugly arguments within your family, take time to meet a lawyer who can help you make a will. Click here to see a good law firm on the Shore in Auckland. If someone challenges a will it can be a very unpleasant time for the family so make sure your will is clear and legal.
North Shore Lawyer 