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Making a Will can seem like a daunting experience, when in actuality, it is the opposite.
Making a Will gives you control over important decisions such as what will happen to your assets, who will look after your children and whether your body is to be buried or cremated.
A common misconception people make is assuming that their loved ones will automatically get an inheritance without them having a Will. This is not always true, and the assumed percentages that their family members are entitled to differ when tested against the Administration Act which binds the estate to certain formulas that may not match your wishes. Talking to a lawyer can ensure that you know what things are important to note in your Will based on your personal situation, including whether you want to have a gift-over to grandchildren if one of your children have passed away or if you would like to include whangai children, who are generally otherwise not entitled to your estate.
Passing away without a Will to determine such things causes a lot of uncertainty, cost and stress for loved ones. In addition to the financial strain, these situations take a lot of time to process and can lead to complicated family dynamics and have the potential to cause family disputes that could last a lifetime.
When making a Will, you can also choose who you want to manage your estate. These people are called Executors, they will hold an important role in wrapping up your affairs and will be the first point of contact with your law firm. In having a say about who takes on this role, you can ensure that your Executor is a person you can trust to carry out this role, preventing the court from appointing someone that may not be appropriate or someone you wish to shield from the labours of the job.
A Will can also be a legacy of sorts. You can make provisions about who will get certain belongings, a sentiment for your loved ones to remember you by. You can opt to give to charities to leave a lasting impact on many. You can also share wishes for your funeral, so that whether it be a small private gathering or a party to go out in style, your essence can continue after your passing.
So why not make a Will, when you know that the most daunting thing is to not?
Get in contact with Hamertons Lawyers today at: https://www.hamertons.co.nz/