BMC Law on the Importance of a Will

Wellington Lawyers BMC Law have released a statement to remind citizens to create a will.

Passing away without a will in place is a very common occurrence in NZ—about 1,500 deaths a year do not have a will in place. This means it is a very common area of law, and this is why BMC Law have made their statement. Many firms find that there are a lot of misconceptions around this area of law, and the importance of a proper will can’t be overstated.

For example, while many think that their assets will automatically go to their family if they do not have a will, that’s not always the case. Next of kin are typically a good candidate if a court needs to decide what to do with your assets, but every situation is different, and this may not always be possible.

It’s also worth noting that even if the court does default to your next of kin, the specifics of who gets which assets, and how the assets are divided, may not match your expectations. The specifics can be found under Section 77 of the Administration Act 1969, which outlines the exact process of dying intestate; that is, without a valid will.

Even those with a will have to wait for probate, but legal proceedings without a will can be much longer. Leaving no will behind can cause strife within your family, and even if it doesn’t, it will take up a lot of their time.

A lot of people avoid writing a will because they believe they are either too young, or don’t have enough assets to warrant one, or both. However, in many of these cases, it’s likely that people don’t realise how cheap wills can be—it’s only around $35 to $50 for a DIY will kit. Legal fees for creating a simple will can be higher, closer to $350 or $500. This is a better fit for those with more income, who don’t have the time to create a valid will themselves.

Finally, wills don’t just cover who will receive your assets. They can also involve more important things, such as who will raise your children, if you have any. Wills can also make clear how you want your funeral to be run, whether you would like to be cremated, buried, etc.

To find out more, visit the BMC Law website here: https://www.bmc-law.co.nz/