Creating a will involves several key decisions. Understanding these beforehand helps you prepare and ensures the process goes smoothly.
Choosing your executor
Your executor is the person (or people) responsible for carrying out your directions. They'll collect your assets, pay any debts, and distribute your estate to your beneficiaries. It's one of the most important decisions you'll make.
What makes a good executor?
- Trustworthy — they'll have access to your entire estate
- Organised — estate administration involves paperwork and deadlines
- Available — someone who can devote time when needed
- Diplomatic — especially if family dynamics are complex
Consider appointing two executors
This provides backup if one can't act, and shares the workload. Just ensure they can work together effectively. Alternatively, appoint a substitute to your sole executor.
Dividing your estate
There's no universal way to divide your estate, so long as you meet your moral obligations to others. Most often, our clients leave everything to their partner. If their partner has died, their children inherit equally. If a child has died, their share passes to their children (i.e. the will maker's grandchildren). Some people split everything equally between their children. Others make specific gifts first, then divide the remainder. Some choose to leave more to those with greater needs.
Common approaches:
Everything divided equally between beneficiaries
Named items or amounts, then divide the rest
More to those who need it most
Including causes you care about
With increasing numbers of blended families, wills and broader estate planning are becoming more complex and sophisticated. Discuss your needs with us.
Appointing guardians
If you have children under 18, your will is where you name the person you'd want to raise them if something happened to both parents. This is perhaps the most difficult decision in your will, but also the most important.
"Without a guardian named in your will, the Court would decide who raises your children. Your nomination isn't binding, but it carries significant weight with the Court."
- Always talk to your chosen guardian before naming them
- Ensure the other parent agrees
- Consider naming an alternative in case your first choice can't act
- Think about values, lifestyle, and relationship with your children
Protecting inheritances
Sometimes you'll want to protect an inheritance rather than give it outright. Common situations include:
- 1 Young beneficiaries: Holding inheritance until they reach a certain age
- 2 Vulnerable beneficiaries: Protecting assets for someone who can't manage money
- 3 Relationship protection: Keeping inheritance separate from a beneficiary's relationship property
We can help you work through these decisions. Call us on 06 835 7394.
What we do at this stage
At this stage, we discuss your situation and help you think through the key decisions, so you feel confident about your choices.