Insurance, tick. Next, your will.

What assets and property do you own? Before you make a will, it’s helpful to take stock of what you own. Creating a list of every asset or piece of property you have will help you decide how each item should be distributed after you’re gone.

Your list should include:

• Property

• Bank accounts

• Investment accounts (like stocks or bonds)

• Digital assets (including cryptocurrency)

• Vehicles (like cars, boats, or RVs)

• Personal property (like heirlooms, jewelry, collectibles, or artwork)

• Pets (they may feel like family, but they’re considered property under the law)

• Life insurance policies

• KiwiSaver

Learn more about how to divide your assets here.

Who should receive your assets? Once you make a list of all your assets, it’s time to decide who should receive each of them. The people you choose to receive your assets or benefit from your estate after you die are called your beneficiaries. You can choose anyone you want to be a beneficiary. Most people choose the people closest to them — like their spouse, children, parents, or close friends — or a charitable cause or organisation they care about.  

Who should look after your minor children or pets? Custody will remain with any parent who is still alive, however if you need someone to advise on important life decisions for your children, you can name a testamentary guardian who can help look after their best interests. This might relate to education or staying in touch with family members. Thinking about how you’re living now and who around you is singing by the same songbook?  Who’s going to show up for your kids in the way you do? Here are some other things to think about:

• Your family values

• Your parenting style

• Will your candidate be able to cope financially?

• Are they in good health?

• Are they around – will they be geographically accessible?

• Any other family circumstances – are you a blended household with step-siblings or have family in another country to consider

• Who your kids are comfortable around

You might want to support a charity or cause that you care deeply for. With many charitable organisation relying on the support of generous people, it can be difficult to choose where you want your bequest to go.  Consider asking yourself the following questions:

• What do you care about and is there a local or global organisition that aligns with your values?

• What organisations are needing support?

• Where do you see your legacy living on?

• What kind gift will you leave? Property? Some kind of useful asset? Money?

• Are you unsure but know you want to leave something to charity?

It may seem strange, but making your own funeral arrangements can greatly benefit your loved ones. By including funeral instructions in your estate plan, your loved ones can focus on coping with their grief and celebrating your life, rather than be burdened with making decisions around your funeral.

Your instructions can include:

• Where you’d like to be laid to rest

• If you’d prefer to be buried or cremated

• What type of service you’d like

• Who you want to carry out your funeral wishes

• Any other special requests, like the music you want played or the flowers you want displayed

Funeral instructions aren’t considered legally-binding documents like your will, but it’s still a good idea to have them,  these can be recorded in a Statement of Wishes. Start the conversation with your loved ones about your wishes.

Once you’ve created your will, you’ll want to store the original in a safe place with your other estate-planning documents. Some popular storage options include:

• A safe deposit box

• With your local Public Trust

• With your executor

• With your Lawyer

It’s important to let someone know where your will and other important documents are stored. Upload your signed will to your Publictrustonline account when you're done so we've got a signed copy.

If you've got more questions, check this page out:
https://www.publictrust.co.nz/resources/frequently-asked-questions-about-wills/