Having a will is one of the most important things you can do to help protect you and your whānau. It’s especially important if you have assets, such as an investment portfolio or a KiwiSaver account, or sentimental items that you’d like to pass on. Latest research shows 98 percent of Kiwi want to leave a legacy, and a will can help you leave the legacy you want. 

What is a will?
A will is a legal document that sets out your wishes for your assets - including property, investments and your KiwiSaver account. It can also cover your wishes for any special items, names a testamentary guardian for young children, what you’d like to happen to any pets and your funeral arrangements and burial wishes after your death. 

Why do I need a will if I have investments?
When someone dies and they have assets worth $15,000 or more in one institution (this could be in their KiwiSaver account, investments, a bank account or a house), an order from the High Court is needed before the estate administration process can go ahead. 

Without a will, this process can be complex, time consuming, and stressful for family who are already going through a difficult time. It also means that your wishes may not be carried out as you would have liked. 

“You don’t need a lot of money and assets to have a will and we encourage anyone over 18 to have one,” says David Callanan, Public Trust General Manager Corporate Trustee Services. 

Callanan said there are around 3.2 million Kiwi with KiwiSaver accounts and with average balances approaching $29,000 there are more of us who need a will than we realise. 

“For many of us, our KiwiSaver and investment portfolio will form a key part of our retirement savings, our overall wealth and also our legacies.”  

How do I decide how I’d like my assets divided?
In your will, you can specify what you’d like to have happen to your assets. For example, you could decide that everything you own is to be divided equally between your children, or assign different percentages to different family members, friends or charities. We recommend keeping it as simple as possible to avoid complexity for your family. 

Other decisions include whether you want your assets liquidated and divided amongst your beneficiaries. Or you may wish to specifically gift your entire investment portfolio to someone who will carry it on. 

“You may also decide that you want your loved ones to have the potential to maximise the long-term benefits of keeping the portfolio invested, instead of selling,” explains Callanan. 

We recommend getting professional advice to help guide you in your decisions. 

Start the conversations with loved ones
Callanan says it can be confronting to discuss what happens when you die, but having these conversations with your loved ones before they are needed benefits everyone. 

He says that while the conversations can be difficult, they are part of how we care for and help protect the people we care about. 

Starting with questions can be a good way into the conversation, including what music you might like for your funeral or memorial service and whether you would like people to send flowers or give a donation to your favourite charity instead.