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Description of this module
Will Health Check
Published in
February 2025
Your will governs what happens to your assets after your death. It is important not only to have a will in place but also to regularly review your will to ensure it continues to reflect your wishes and intentions. We suggest you review your will at least every 5 years.
When considering whether your will needs updating (or when looking to have your first will prepared), you should think about the following elements:
Executors: your executor is the person you appoint to gather in your assets and deal with them in accordance with your instructions set out in your will. It is important to confirm that your executor (and any backups) is willing to act and is likely to be capable of acting for you. If it has been a number of years since you last reviewed your will, you should ensure your named executor is still alive and of full legal capacity.
Children and Guardianship: if you have young children or may in the future have young children, you should name a person or persons you would like to be the guardian of any of your underage children in the event of your death. You should confirm your preferred guardian is willing to act.
Please note, a guardian you appoint through your will is not necessarily the person who will have the day to day care of your children, so it is important that you let your wider family know of your preferences in this regard.
If you have not revised your will for some time, this clause may no longer be relevant.
Specific sums of money: if you are not completely certain you will have the funds you have purported to gift available after your death, you should consider whether a specified amount is better expressed as a percentage of your total estate. Specific legacies are paid out before residue, which means than in the event the total value of your assets is less than the amounts you have specified, residuary beneficiaries (often intended to be your main beneficiaries) could miss out entirely.
Special items left in your will: preferably these are kept in a safe place your executors will know of and be able to access. If specific items are lost or stolen, you should remove any reference to them from your will, as this could delay the distribution of your estate.
Change in asset makeup/new assets obtained: certain types of assets (for example, Māori land and cryptocurrency) have certain requirements that must be met when changing ownership after death. If you have obtained such assets since your last will was signed, you should talk to us about how these assets can be dealt with.
Change in circumstances: birth of a child, marriage or separation, purchase of your first home or any other significant asset, or receipt of a sudden windfall (for example, receiving inheritance) are all examples of circumstances which should trigger you to review your estate planning.
Talk to our team to discuss your estate planning, we can assist with a wide variety of circumstances and family situations.