I have no assets, so why would I need a Will?

The short answer:

You probably do have assets, and just don’t realise it. If you die without a Will, you’re leaving a legal mess behind for your family to deal with. It doesn’t take very long to sort out and could save your loved ones added hardship in the event of your death.

The slightly longer answer:

A Will is basically a piece of paper detailing what you want to happen to everything you own in the event of your death.

Many people think they don’t have assets, but your car, your KiwiSaver money, cash savings, and anything else of value, all need to be dealt with.

If you die without a Will, it is called dying ‘intestate’. In this case, the court can freeze all your assets for 6 months or more. This can be a major hassle (and cost) for your family during an already difficult time.

In this scenario, the court decides how your stuff is divided up - using a standard formula. A lot of people are under the impression that if they died today, their family or spouse would be able to sort everything out easily. Unfortunately, that just isn’t the case.

People don’t like to talk about death, and we totally understand. But, getting it sorted now could mean a lot less complication for your loved ones in the future.
 

Why every Kiwi needs a Will.

Passing away without a Will places a lot of added stress and pressure on your family during an emotional time. Your Will should be sorted as soon as possible, for the sake of your family and loved ones.

What happens if you die without a Will? 

1. Everything in your name, including your bank accounts, is frozen by the court.

2. Even if there is no disagreements between who gets what, all your assets will remain frozen for at least six months. 

3. Your family will need to pay legal and court fees to get it all sorted out. 

Many people are under the misconception that they don’t have any assets to put into a will.

Even if you don’t mind where your assets will go, having a Will means your family won’t be stuck with the expensive burden of sorting it all out after you have passed away.

*Wills can be complex, and it's something you can chat to an adviser about helping map out your wishes with a lawyer.