It's all about protection. Knowing that the right steps have been taken to safeguard yourself, your family, and your assets. Doing the right is both noble and practical. Did you know that there are big changes planned for later this year to the laws relating to family trusts? If you die without a formal will, your nearest and dearest automatically get your assets?Did you know that over 85% of Kiwi’s don’t have an up-to-date will? It's important to have an up-to-date will, so your assets go to the people you want. No one wants to think about their own death, in fact we mostly try to avoid the subject altogether. But picture what happens after a death. Inheritance can be a loaded issue; often the tears of grief are followed by a second round of pain as relatives and loved one’s squabble over the deceased worldly possessions. All too often bank accounts are drained in the extended legal battle, which defeats the whole purpose. It all ends up in an undignified mess potentially with the deceased possessions ending up in the wrong (unintended) hands. This ugly scenario can be avoided with a will and family trust. It also helps to discuss your estate plans with your heirs, by being clear about your intentions, you help dispel potential conflicts after you’re gone.
It’s now simple and inexpensive to create a will, thanks to 2007 changes to the Wills Act, which relaxed many of the rules. Some advisory services even offer them for free. The bad news is that, if you’ve remarried, or have a complex web of children (and stepchildren) from different marriages, you will need to seek professional advice before creating a will. Employing the services of a professional will lead to a legally watertight document. When a will is prepared properly, and that person dies, there is a clear legal process for those staking a claim.
Iconic Financial cannot offer specific advice on creating your will, however, we can refer you to one of our trusted professional partners. Contact us today to find out more.