“I don’t own anything of value, so I don’t need a Will.“
This is a narrative we hear all too often from people of all ages but in particular with 18–30 year olds. Individuals who aren’t property owners, don’t hold investments and aren’t parents have usually not considered a Will as necessary for themselves. However, having a Will is not just for the wealthy. A Will is a safeguard for anyone, at any age, to ensure their estate is dealt with as they wish it to be.
It is recommended that anyone over the age of 18, with $15,000 or more in cash or assets have a current Will.
The average amount within an individual Kiwisaver account in 2022 was $27,000. Kiwisavers are considered as an asset and therefore included in your estate.
Anyone above the age of 18 has the right to decide how their belongings are dealt with. Many people may assume that their parents will ‘just deal with it.’ However, there is no obligation on your parents or family, and in fact no right for them to deal with your estate after your passing.
If you die without a Will your estate, including any of your personal belongings, is disbursed in accordance with the Intestacy rules. Please see our post on intestacy or get in touch for more information regarding dying without a Will.
Having a Will allows you to provide in several ways following your passing:
- A Will allows you to control what happens to your remains following your death. This can go beyond the classical cremation or burial. You may decide you wish to donate your body to science, have your ashes planted with a tree, or even be turned into a piece of jewellery. You can also incorporate wishes for your funeral or service if you know what you would like to happen.
- You can provide for the important people in your life by leaving them something special such as jewellery, family heirlooms or even pets. There is an increasing interest placed on emotional legacies, which is not about the financial value of an item but the values, taonga or heirloom status of the item.
- Instructions in your Will can also cover who you would like to have control of your social media accounts, and what is to be done with them following your passing. Much of young peoples’ lives are projected on social media and there may be important moments you’d like downloaded and saved for family and friends to reminisce over once you are gone.
- Having a Will in place removes a lot of stress and conflict from families and loved ones following your passing.
Allow your family to know how you would like your legacy to play out and give yourself peace of mind, contact our Wills and Estate Experts to get a Will in place.