Why your loved ones need you to write a will - The Prosperity Project

Having a current will can avoid arguments within a family.

It’s one of those jobs many of us put off but dying without a will can leave your loved ones in a legal and financial quagmire.

“Everyone thinks, ‘Oh, I’m married, my husband will get it, my wife will get it, or it’ll go to my kids. It’ll all work out’,” Holly Edgerton, founder of online will-planning service Succession, told Nadine Higgins on The Prosperity Project podcast. “Nothing’s ever that simple, sadly.”

In fact, if you die without a will, your estate is divided under New Zealand’s Administration Act. That may mean your partner inherits only part of your assets, with the rest held in trust for children. In some cases, parents may also be entitled to a share.

Jotting down your last will and testament at the last minute also doesn’t tend to make things much simpler, although having it in writing is helpful. “From what I’ve seen, anybody scribbling down notes or wishes who doesn’t understand what aspects you need to tick off when you’re doing your will generally results in whatever they’ll scribble down not being valid,” Edgerton says.

DIY Wills can also backfire if not done right. Edgerton once helped a family sort through a mess after a $20 will kit from the bookstore didn’t turn out to be as cost-effective as they’d hoped. “Because there were two different dates on the will, we had to track down the witnesses, get affidavits, and file memorandums with the court. Something that cost $20 ended up costing thousands and added months of delay.”

Clear instructions also help avoid bitter disputes, she says. “It’s amazing what people will fight over. I’ve seen siblings spend more in legal fees than the $1000 car they were arguing about.”

Edgerton has a theory as to why people avoid the life admin of creating a will. “I think a lot of us really struggle to actually face the fact that one day we all do have to die. Then all of a sudden our family, who are grieving because they’ve just lost somebody super important to them, are thrown into a legal nightmare as well, because we didn’t do that piece of paperwork that we probably should have and we thought about for 10 years, but never did.”

Listen to the full episode of The Prosperity Project for more

The podcast is hosted by Nadine Higgins, an experienced broadcaster and a financial adviser at Enable Me.

You can follow the podcast at iHeartRadio, Apple Podcasts, Spotify, or wherever you get your podcasts. New episodes are released every Monday.