Assets/Liabilities
It is really helpful for us in advising you on your wills to know (roughly) what your estates would consist of and how your assets are owned. For eg. Do you have a family trust or a company, what assets are owned in your sole name or joint names. While I understand that your assets and liabilities will alter over time, providing a “snapshot” as at the time of drafting you will is helpful. Often an estate will consist of a house, vehicle(s), household chattels, money in bank account(s), Kiwisaver, life insurance etc.
Gift(s)
You may like to leave someone a specific gift under your will eg. Jewellery, cash gift, heirlooms etc. Alternatively, we can include a more general clause in your will whereby you gift your household chattels to each other in the first instance and following this you leave it to your executor to distribute in accordance with a list you have left with your will. That way the list can be changed from time to time without having to alter your will.
Residue
The balance of your estate (less any gifts) is called the residue. From this any debts, funeral and administration expenses are paid. The balance is then distributed in accordance with your wishes. It is important to understand that while you can choose how your estate is divided, you have, at law, an obligation to provide for your spouse and your child/children. It is usual for spouses to leave the balance of their residue to each other in the first instance and then to their child or children (and if more than one then to them equally). We can discuss this further when we chat.
Funeral arrangements You may wish to consider if you have any funeral arrangements or wishes for your body after you have died eg. Burial or cremation. You do not need to include these details in your will however it is often very useful to consider this as it provides your executor with guidance on what you would have wanted.
Anything else? That’s a lot to consider.
Have a think if there is anything else you would like to include in your Will and get in touch for a confidential chat with Stacey, Craig, or Megan.
