How to have the last word

By REBECCA WALSH

Many of us defer making a will but if you are over 18 you should.

A will formally sets out your wishes about what should happen to your assets and who should benefit.

Auckland lawyer Bob Eades encourages anyone who has started working to make a will, but says the first time many people make one is when they buy a house or get married.

Parents need to consider what will happen to their children if they are orphaned.

It is recommended they name a guardian in their will.

A guardian is someone who looks after the children's welfare when the parents cannot.

Being a guardian does not necessarily mean supporting the child financially and may not mean having custody of the child.

Lindsay Pope, general manager of the Public Trust's special business unit, says a will generally applies to any assets in your sole name.

Anything owned jointly will normally go to the surviving partner unless there is an agreement otherwise.

In a joint tenancy, the most common form of property ownership in partnerships, if one person dies the property goes automatically to the other, and does not pass through the will.

But with a tenants in common agreement - which may be used when property ownership is divided unequally or when a group of family members own a bach - arrangements can be made for your share to go through your will and be held in trust.

Trusts are often used when people enter a second relationship, and may provide for the surviving partner to have the use of a property, which eventually goes to the children of an earlier relationship.

Wills can also outline what sort of funeral you want or whether you want to leave your body for research.

Once you have made a will it is important to regularly review and update it as your circumstances change. For example, when you become a grandparent you may want to include your grandchildren.

Other things to remember are that marriage or re-marriage cancels a will but separation or divorce do not.

Divorce revokes the part of the will relating to the ex-spouse, unless it states otherwise.

Mr Eades says that often there is a provision in the will asking the executor (the person who carries out the will's instructions) to observe any list the person leaves about who is to receive particular items.

It is done outside the will and can be updated without changing the will.

The Public Trust recommends that people over 18 have a will, and Mr Pope believes there is a growing awareness of the need for a will because fewer people are dying without one.

If you die intestate, the people you care most about may miss out, or those you do not wish to may benefit. It can take a long time, and cost more to sort things out.

When people die intestate the court appoints someone to administer their will and distribute their assets in accordance with the Administration Act.

So, where can you go to get a will?

There are a variety of options, from do-it-yourself kits from bookstores and free on-line services, to lawyers and places like the Public Trust or Guardian Trust. Those spoken to recommend people seek professional advice.

The biggest cost of a will is for its administration, and varies depending on who does the work and how simple the estate is.

Writing your will

* Make sure the instructions are clear and cover your intentions and concerns.

* Say who you want to be your children's guardian, should both parents die.

* Regularly review and update your will.

* Discuss your will with the executor (the person who carries out the will's instructions) and beneficiaries.

Public Trust

Law Online