A Will is a fundamental part of your estate planning “warrant of fitness”. If you die without a Will and have more than $15,000 worth of assets (this adds up quickly when considering the value of your phone, car, furniture, sports gear, KiwiSaver, savings etc), your family will be required to apply to the High Court for direction regarding the distribution of your assets. This can be a costly and stressful process at a time when your family is also grieving the loss of a loved one. But fear not, if you are interested in preparing a Will, Goldman Legal is here to make this process easy for you. Please contact us if you would like to talk through the steps involved.
If you already have a Will, well done! But keep reading…
It is important to review your Will when a big life event occurs. This may include a marriage or civil union proposal, the birth of a child, a house purchase (or other large asset), the death of a family member, receipt of inheritance and so on. Upon review, your Will may still cover the new circumstances, however, it may also need tweaking. For example, if you have a child, you may need to consider guardianship matters or if you receive family heirlooms, you may wish to leave these to a named individual.
You should also be aware that marriage, civil union or divorce will invalidate your Will, unless a specific clause is inserted recording that the Will has been prepared “in contemplation of” that event occurring. Here at Goldman Legal, we understand that discussing your pending proposal with a lawyer may not be your top priority and therefore, if you do become engaged after signing your Will with us, please let us know so we can amend your Will free of charge to ensure it is not invalidated upon the marriage or civil union.
If we hold your Will and you would like a copy to review, please let us know.