Wills Month – a good time to think about what matters
A Will is one of the most important documents you will ever make. It provides clarity for your family, ensures your wishes are understood and gives you the opportunity to decide what happens to the things you have worked hard for throughout your life.
September is Wills Month – a timely reminder for all of us to make sure we have an up-to-date Will in place.
Yet many New Zealanders either don’t have a Will or have one that hasn’t been reviewed for many years.
Life changes, and our Wills need to keep up. Marriage, separation, the arrival of children or grandchildren, buying or selling property or a business, retirement and changes in financial circumstances are all good reasons to take another look at your Will. Sitting alongside your Will, Enduring Powers of Attorney (EPAs) are also important documents, allowing people you trust to make decisions about your property, finances, care and welfare if you are no longer able to make those decisions yourself.
A Will is also about more than distributing assets. It allows you to appoint guardians for children, make provision for pets, leave special items to people who will treasure them and, if you choose, support a charity or community cause that is important to you. Wills month is also a good time to chat to your loved ones about your will, so they understand your decisions.
Leaving a little something for your community:
For many people, giving to their community has been part of their life, whether this has been through volunteering, supporting local organisations, donating to appeals or simply helping out when needed.
A gift in your Will can allow that support to continue, reflecting your values.
It doesn’t need to be a large gift. Some people choose to leave a specific amount, while others leave a small percentage of their estate after providing for family and loved ones.
Through Community Foundations such as 45South Foundation, a gift can be invested in an endowment fund, with the income used to support the local causes you care about year after year. It is a way for one gift to continue giving well into the future. Cause funds such as conservation or animal welfare allow income from the fund to be adapted as needs change over time.
Wills Month is a good prompt to start the conversation. If you don’t have a Will, consider talking to your lawyer about putting one in place. Free online options are also available if your estate and your wishes are relatively straightforward. If you already have a will, take the time to check that it still reflects your circumstances and what matters to you today.
Because ultimately, a Will isn’t just about what you leave behind. It’s about the people, places and values you choose to look after.
If you would like more information about what to consider when making or updating your will, 45South have a free Will Information pack you can download and work through before you meet with your lawyer.