Half of New Zealand adults have a will – 50% per cent, aged 18 and over, according to Public Trust research.
But as Marissa Gonzalez, Senior Trustee of Public Trust, asserts there are some powerful myths about wills preventing many Kiwis having one and gaining peace of mind – myths easily busted.
"It helps to approach life with a bit of foresight and peace of mind," Marissa says.
Public Trust rate creating a will at about the same level of difficulty as setting aside some emergency savings, having a Covid sick kit at the ready, or even carrying an umbrella when the weather forecast is dicey.
However, a will has a unique property ahead of savings, sick kits or umbrellas – it helps care for other people: "Having a will means things are not left to chance and gives peace of mind. Should the unexpected happen, everything is sorted the way you want it for your loved ones, pets and others – and putting it in place is easier than you think."
So here are the five common myths around wills Public Trust can bust to help people feel confident in protecting what matters:
1. I have to go to a physical branch
Actually, no. You can do it yourself online at publictrust.co.nz. All it takes is answering a few questions about yourself and your assets, as well as who you'd like to have them after you're gone. If you get stuck, you can chat with one of our digital trustees via Live Chat.*
Online or not, wills need two witnesses over 18. Our team at our centres can witness a will. If you're writing your will online, you can choose anyone independent to witness it -- someone that is not connected to the will. They can't be a beneficiary (someone you're gifting something to in your will), a spouse or partner (civil union or de facto) of a beneficiary or relatives of anyone named in your will. You and your witnesses just need to sign and date a printed copy of your will in each other's presence.
2. Wills are complex, requiring lots of prep
It's not as complicated as people think. You don't necessarily need to provide any documentation – other than proof of your identity. Creating a will is more about how you'd like your assets and treasured possessions to be managed and distributed.
However, a few things to consider before creating your will:
•What assets you own (e.g. KiwiSaver, bank accounts, your home)
•Who you'd like to receive your assets (I.e. who your beneficiaries will be)
•Who will be your executor (the person who administers the will)
•Who you want to care for any minor children and pets
•What you would like for your funeral
Keep your original signed copy of the will with other important documents, like birth certificates, house ownership papers or passport.
3. It's expensive
A basic Public Trust online will should suit most people who are single or have straightforward needs. It costs $69. If your needs are a little more unique, a standard will is $139 and a comprehensive will is $189. The standard will can be for couples, homeowners; the comprehensive will for those with families or businesses. It costs $385 to create their will in person, alongside one of our experts.
4. I don't have a lot so don't need a will
Even if your loved ones are clear on your wishes after you die, if those wishes are not outlined in a will, they will not be taken into account and the estate will instead be distributed as per the law. This is called intestacy, or dying intestate**. When those wishes are clearly outlined in a legal document (like who will be your executor, or who will get your record collection) it gives everyone the certainty they need, including during the grieving process, with nothing overlooked or forgotten (like ensuring your records are passed to your favourite niece).
Anyone over the age of 18, no matter how much money or assets they have, can benefit from having a will. If you have over $15,000*** worth of assets or own property, then formal administration of the estate is required by law and certain legal processes must be followed to administer and distribute your estate.
5. It takes too long
Creating a will online takes around 20 minutes for a standard will or you can complete the document in your own time. Creating a will in person takes about 60-90 minutes. One of our experts will lead you through the process of preparing the will and answer any questions. Wills should be started ASAP - or it ends up in the too-hard-basket. It's important to get it done as soon as you can so things aren't left to chance.
Next steps
Get started with a Public Trust online will right now. It's free to sign up and you won't be charged anything until you're ready to download your will document. Otherwise book an in-person or virtual appointment with one of our experts. For more information: publictrust.co.nz or phone 0800 371 471.
*If your needs are complex or you prefer to work directly with one of our specialists, you can always book an appointment online for virtual or in-person appointment at one of our Public Trust customer centres nationwide. ** Without a will, your estate will be distributed in accordance with the intestacy provisions under the Administration Act 1969. *** The $15,000 small estate cap applies to assets within a single institution (i.e. Kiwisaver account, bank, etc.). To find out more about whether this applies to your estate, give us a call.