Wills Month: Do You Have an Up to Date Will?

Do you have a Will? When was the last time you updated it?

September is National Wills Month in New Zealand, a timely reminder to ensure your estate planning is up to date. While it’s not always an easy topic to think about, having a valid Will is one of the most important steps you can take to protect your loved ones and provide certainty during a time of grief and transition.

If you pass away without a Will, your family may need to apply to the High Court for instructions on how your estate should be managed. In such cases, your assets will be distributed according to legislation, which may not reflect your wishes or your family’s needs. This process often brings additional legal costs, delays, and stress for those you leave behind.

New Probate Reforms

From 24 September 2025, New Zealand’s probate system will undergo reforms. The most notable change is an increase in the prescribed amount, from $15,000 to $40,000 for certain financial assets. This means that if any sum of money under $40,000 is held by the trustees of a superannuation fund, a society, a bank, an employer, a local authority, a trustee corporation, Kainga Ora, ACC and MSD or the Crown, families will not need formal court approval (Probate or Letters of Administration) to access those funds.

Institutions such as banks and KiwiSaver providers will be able to release funds quicker and with less red tape. This change will speed up access to estate funds, reduce legal and administrative costs, ease the burden on the High Court and help preserve the value of estates.

Important Exceptions

It is important to note that the new prescribed amount does not apply to shares or debentures, non-financial assets, real estate, cryptocurrency and blockchain. This means that if any of these items are held by a deceased then the executor of a will is still required to apply for Probate.

The above changes do not remove the need for a Will. In fact, they highlight just how important Wills are. A Will ensures your estate is distributed according to your wishes, rather than default legal formulas, which can often lead to confusion or conflict. Your Will is more than a legal formality; it’s a final act of care and consideration.

What should you do this Wills Month?

This Wills Month, take the time to:

• Create or update your Will
• Review your choice of executor and beneficiaries
• Consider your current assets and liabilities
• Think about the legacy you want to leave behind

How We Can Help

Our experienced Wills and Estates team is here to help you through every step of the process. Contact us at [email protected] or 03 441 2743 to review your estate planning.