The mere thought of a will can be challenging, let alone actually writing one. But the reality is that we all need a will at some stage and that leaving a bequest to help others doesn't have to be hard.
That's why ChildFund New Zealand along with estate planning experts Footprint have come up with five points that are helpful to know when it comes to writing a will.
-When selecting your executor, it pays to keep in mind that they are legally liable for any mistakes they make that negatively affect the beneficiaries. It can be a heavy responsibility, so take time to really think about whom you select.
-When thinking about gifting specific things to people please remember that all of your cash assets (like life insurance, KiwiSaver and even bank accounts) will all be cashed in and put into one account held by the executor. So, there is no need to specify where you would like specific cash assets to go because that will be covered in your remaining estate.
-If you have children under the age of 20 years and you have nominated a guardian for them, there is no need to leave the guardian any money in your will because they are able to access a portion of your child’s inheritance for certain things, like maintenance of that child or education.
-If you have assets overseas, it is a good idea to only make your New Zealand will for local assets because this will save your executor time and your estate money.
-If you intend on getting married to your current partner at some stage, you really should make your will in contemplation of marriage, because a will is revoked by marriage (if you do not include a clause). Putting the clause in doesn’t mean that you have to get married – it just means that if you do get married, your will is still valid.
So, what do you need to do now?
If you would like to leave a legacy that will help children in need to thrive, contact the friendly ChildFund team at 0800 808 822 or email firstname.lastname@example.org. If you don’t yet have a will you can write one with Footprint today, and guarantee around-the-clock digital access to your will and supportive documents.
If you already have a will, then fill in our simple Codicil to give your support to future generations who will face poverty.
It's really important to let our team know if you decide to a leave a bequest to help children through ChildFund, this is so we can keep you informed of the exciting ways in which, together, we’re helping children thrive.
For a confidential chat with one of the ChildFund team, call us on 0800 808 822 to discuss your legacy for children in need.