Wills

WHY HAVE A WILL ?

There are compelling reasons why you should have a Will that is current :

(a) to ensure that your wishes are carried out

(b) to avoid the delays involved in looking for a Will (i.e inquiries through the Local Law Society, Banks etc:)

(c) to save the considerable additional costs

(d) to reduce the impact of estate duties

ESSENTIALS of a Will include :-

(a) naming of an Executor (whose appointment is confirmed by the High Court on granting of Probate of Will)

(b) Providing for the disposition of all assets

EXECUTORS / TRUSTEES

* In most situations family members or beneficiaries are suitable Executors / Trustees.

* Persons of business should have the the ability to look after your business and who have an understanding of your family

* Not more than four (4) Executors

* Persons of similar or younger age

* Solicitors or Accountants are aften asked to act.

The Principals of this firm are available to be appointed as Executors / Trustees if it is thought that independent Trustees would be desirable.

Alternate Wills - for Husband and Wife we suggest either :-

1. All to surviving spouse with alternative provision on the death of survivor with all to children upon attaining a nominated age with provision for grandchildren to take deceased parents share or2. A Life interest to surviving spouse (with provision to resort to capital) and on the death of the surviving spouse to children - provision is made for grandchildren to take deceased parents share

(NOTE - Jointly owned assets can go counter to the scheme of this second Will).

EXECUTION

The requirements for Execution are simple - in the presence of two independent witnesses who add their addresses and occupation. However the simple requirements if not faithfully carried out can invalidate a Will we prefer that you execute (sign) your Will in our Office.

SAFE KEEPING

We hold your Will for safe keeping in our Deeds Room - and let you have a photocopy of the signed Will. In this way not only is accidental destruction unlikely but it can quickly be traced.

CHALLENGES to a Will

A Will can be challenged on five (5) main grounds

• Lack of mental capacity
• Invalid execution
• Testamentory Promises not honoured
• Family Protection
• Undue Influence

Of these only Testamentary Promises and Family Protection required further comment.

A Testamentary Promise is a contractural promise where a person promises a gift in a Will in return for assistance during lifetime. If the bargain is part performed but the Testamentary Promise is not then while taking Family Protection considerations into account the Court may enforce the bargain.

Family Protection Claims arise where the Court considers there has been a failure to meet moral obligations towards members of the immediate family.

It is wise to take these matters into account when making a Will.

OPTIONS - The following are optional extras which can be included in a Will.

Guardians - Parents of Young Children may consider it desirable to appoint testamentary Guardians to act either with a surviving parent or on the death of the surviving parent.

Funeral Arrangements - a Will is a convenient place to set out desired arrangments relating to burial or cremation.

DONATIONS OF ORGANS

If you wish to donate your Eyes, Kidneys, Heart Valves or Pituitary Gland then you should discuss this with your Family Doctor and Executors

Also, it is desirable for your wishes to be recorded in your Will (s.3 Human Tissues Act 1964)

DONATION OF BODY for Medical Research

If you wish to donate your Body for Medical Research you should bequeath your body to "the Auckland School of Medicine or other School of Medicine in Auckland (s.6 Human Tissues Act 1964)

The consent of your next-of-kin is required and as special arrangements must be made after your death both your Executors and your Family should advise the Funeral Director of your wishes.

We have brochures from the Auckland Hospital Board and the School of Medicine on the above topics should you desire further information.

PERSONAL INFORMATION

At the time of your death there is a certain amount of personal information which is required by the authorities.

To assist your family we have prepared a Confidential Personal Information form which is sent out with the photocopy of your Will. Extra copies are readily available on request.

Reasons for any unusual bequest or ommission from your Will should be stated.

REVOCATION

Marriage or remarriage automatically revokes a Will (unless the Will is made in contemplation of the marriage).

A Will can also be revoked by destruction or by a letter setting out

The making of a new Will automatically revokes any earlier Will.

REVISION

We believe that a Will should be regularly revised to take into account changing circumstances such as :-

• family circumstances such as dissolution of marriage
• changing assets

INFORMATION

When you call to discuss your Will please bring with you

• a list of your assets
• the names of people you want to leave things to
• a list of questions you want to ask

WHILE YOU WAIT

We are able to engross standard form of Will (with variations if required) - provided the appointment is made early in the afternoon. This avoids the need for two appointments - and taking additional time from work.