Wills and powers of attorney
Clear instructions, when you’re no longer able to give them.
By the time you retire you’ll probably have quite a few things of monetary or sentimental value. If you haven’t already organised a Will, now’s the time to get it done. If you already have one, it may need updating.
Good reasons to have an up-to-date Will
If the unexpected happens and you die without a Will in place, the situation is known as intestate, which means:
- Your loved ones and family have to sort things out through the courts, which can be an expensive and lengthy process
- The people you care about most could miss out
- Important decisions could be made by someone you would not have chosen to make them
- Your family could be left with the worry of not knowing your last wishes, such as whether you want to be buried or cremated
- After your debts and any administration costs are paid, your estate is divided between your relatives. Sometimes homes or other assets have to be sold so everything can be divided up. You may not want that.
Powers of attorney
Retirement can also be a good time to think about giving someone you trust ‘enduring powers of attorney’. This means you give them the right to make certain decisions on your behalf if you’re no longer able to - you might become very ill or have a serious memory loss for example. If you haven’t organised an enduring power of attorney, someone would have to ask the Family Court to decide who can make decisions about your property or welfare on your behalf.
Need more info?
For more information about Wills and enduring powers of attorney visit sorted.org.nz, see your lawyer or visit a community law centre.
