Writing a will

Your life insurance policy will pay out at the time of your death. You can detail in your will how the life insurance payout should be used, particularly if you could be leaving behind dependent children.

You may wish to note that a portion of the cover is used to payoff the remaining mortgage on your property and that the property, which could be held in a Family Trust, is to be inherited by your children when they reach the age of 18. A second portion of cover could be designated for use by the appointed guardian.

Generally, writing a will is a way to make sure that your financial legacy is protected and passed down to your children.

In most cases it’s the details that get left behind when writing a will.

You may note that you want your home to be paid off and placed in a trust, but you may forget to list who you would like to live in it, or even who manages the property if't is to be rented out.

There’s also the issue of listing only one guardian for your children, or listing a couple and joint guardians but not noting whether this would change if the couple gets divorced or passes away before you.

Valuable material possessions are another issue to consider. If you have items of great value you may wish to leave them to specific friends of family members to avoid arguments.

Normally you name at least one 'executor' as part of your will. Executors manage the estate of the deceased.

Citizen’s advice Bureau – Who can draw up a will for me?
Kiwi Families – Making a will
Consumer NZ – Making a will and probate