What’s stopping you from making a will?
We bust 5 will myths.
Create a will online
It helps to approach life with a bit of foresight — whether that means setting aside some emergency savings, having a COVID sick-kit at the ready, or always carrying an umbrella when the weather forecast suggests you do.
It also helps to have a will. It means things won’t be left to chance and gives you peace of mind. Should the unexpected happen, everything is clearly laid out the way you want it for your loved ones, pets and others. Plus, putting it in place is easier than you think.
But, nearly half of eligible Kiwi adults (18+) aren’t prepared or don't feel they need a will until they are over 50, and only 50% of Kiwi adults have a will, according to Public Trust Research.
If you haven’t got a will in place, what’s holding you back? Let’s bust the five common myths around wills to help you feel confident in protecting what matters to you and your family.
Myth #1
I haven't got one because I have to go to a physical branch
Writing a new will with Public Trust is easy - you can even do it yourself online at publictrust.co.nz
Creating a new will online is as easy as answering a few questions about yourself, your belongings and any assets you have as well as who you’d like to have them after you’re gone. If you get stuck, you can chat with one of our digital trustees via Live Chat.
If your needs are complex or you prefer to work directly with one of our specialists, you can always book an appointment online for virtual or in-person appointment at one of our Public Trust customer centres nationwide. An important point to note is that whether you write your will online or come into one of our centres, you’ll need two witnesses over 18. If you come into one of our centres, our team can witness your will for you.
If you’re writing your will online, you can choose anyone, as long as they are not connected to your will and are over 18. That means they can’t be a beneficiary (someone you’re gifting something to in your will), a spouse or partner (civil union or de facto) of a beneficiary or relatives of anyone named in your will. You and your witnesses just need to sign and date your will in each other’s presence. We also recommend that witnesses aren’t related.
Myth #2
Making a will is complex and requires lots of prep
Making a will with Public Trust isn’t as complex as you might think. You also don't necessarily need to provide any documentation – other than proof of your identity. Creating a will is more about understanding how you'd like your assets and treasured possessions to be managed and distributed.
There are a few things you’ll need to consider before creating your will.
What valuable assets you own (e.g. KiwiSaver, bank accounts, your home)
Who you'd like to receive your assets (I.e. who your beneficiaries will be)
Who will be your executor
Who you want to care for any minor children and pets
What you would like for your funeral.
See our guide for 5 things to think about when making your will.
It's a good idea to keep your original signed copy of your will with other important documents, like your birth certificates, house ownership papers or passport. It’s a good idea to let family members know where to find it, even if someone (like a lawyer) is holding it for you.
Myth #3
Creating a will is expensive
Creating a basic a will doesn't cost a lot of money. A basic Public Trust online will should suit most people who are single or have straight forward needs and costs $85.
If your needs are a little more unique, a standard will is $164 and a comprehensive will is $219. The standard will can be for couples, homeowners and the comprehensive will for those with families or businesses.
For anyone who would prefer to create their will in-person alongside one of our experts, an in-centre will is $435.
Find out more here.
(Pricing listed as of 1 August 2023)
Myth #4
I don’t have a lot of money or significant assets so I don’t need a will
Having a will helps ensure the people and things you love are looked after and gives your family peace of mind during the grieving process. Anyone over the age of 18, no matter how much money or things you have can benefit from having a will.
If you have over $15,000* worth of assets or own property, then formal administration of the estate is required by law and certain legal processes must be followed to administer and distribute your estate.
Even if your loved ones are clear on your wishes after you die, if your wishes are not outlined in a will (called an intestacy, or dying intestate), it will not happen they will not be taken into account when your estate is being distributed, this is called an intestacy, or dying intestate.. Without a will, your estate will be distributed in accordance with the intestacy provisions under intestacy law (currently the Administration Act 1969).
When your wishes are clearly outlined in a legal document, like who will be your executor, or who will get your record collection - it gives everyone the certainty they need and ensures nothing is overlooked or forgotten (like ensuring your records are passed along to your favourite niece).
Without a will, your estate will be distributed in accordance with the intestacy provisions under the Administration Act 1969.
*The $15,000 small estate cap applies to assets within a single institution (i.e. Kiwisaver account, bank, etc.). To find out more about whether this applies to your estate give us a call.
Myth #5
It takes ages to make a will
An in person will consultation takes around 60 to 90 minutes, where one of our experts will lead you through the process of preparing your will and answer any questions you may have. We’ll then prepare your will for you.
Creating a will online is even quicker and should take around 20 25 minutes for a standard will, to 1.5 hours in person for a comprehensive will. You can complete the document in your own time.
The key thing is that wills should be started ASAP - or it ends up in the too-hard-basket.
It's important to seize the moment and get it done as soon as you can so things aren't left to chance.
