A Will is a legally binding document made by an individual that can:
• Disposes of and organises that individual’s property (houses, furniture, finances, assets, cars, boats etc.) when they die;
• Determines who will be the deceased individuals’ personal representative, also known as the Trustee or Executor;
• Provides funeral directives and outlines any wishes the individual may have upon their death; and
• Appoints testamentary guardians for children.
Wills provide your family with assurances and a guide of how your assets should be dealt with. Having a Will saves time and legal costs for the administration of your estate and is a simple way to avoid any arguments or disagreements among your beneficiaries.
Your Will should be prepared by a lawyer in writing, must be signed by the individual will-maker, and witnessed by at least two other people. A Simple Will is where the will-maker has one or two executor/s and divides their estate to their children equally or their partner. The will-maker’s estate is solely held by them and not divided into shares or in a trust. Simple Wills can include specific bequests or gifts (Jewellery, art, family heirlooms).
A Joint or Mutual Will is one document executed by two individuals, whereby each will-maker disposes of their own property, and it is treated as two wills. If one of the will-makers should die without having revoked the dispositions made by him or her in the joint will, probate will be granted of the part of the joint will which relates to the property of the deceased will-maker.
While clients often think creating a Will can be simple however Complicated Wills include many different bequeathments, gifts, and instructions to the executors. Complicated Wills can also include clauses about relationship property matters and if the deceased was involved in Family Trusts / Companies. We strongly advise a correctly drafted Will is in place should any of the complex matters apply to you.
If you are in need of a Will or have questions about your current Will, please contact Mason & Mortimer Lawyers today at Email: info@mamlaw.co.nz or Phone: 09 296 0037.
Categories: Estate PlanningWills