Generations X and beyond consider Wills pointless if they have no assets … often overlooking their Kiwisaver accounts, which can be significant. However, the young aren’t alone in the field of not having a Will.
If you die without a Will (called “intestate”), your assets are distributed in accordance with the law – rather than as you may have desired … those vintage PlayStation games you wanted to go to your best bud could be donated to the local Hospice store, or the brother you haven’t spoken to in 20 years may end up with your classic Hot Rod, or your grandmother’s engagement ring may not grace your favourite niece’s hand.
Here’s a quick rundown on who gets what if you die intestate:
If you have:
- Children, and no spouse/partner – everything goes to your kids• A spouse/partner, with no children, and no parents – all of your estate goes to your spouse/partner
- A spouse/partner, with children – all personal chattels to your spouse/partner, the prescribed amount (presently $121,500) to your spouse/partner, then 1/3rd of the remainder of your estate to your spouse/partner and 2/3rds to children
- A spouse/partner, with parents, and no children – all personal chattels to your spouse/partner, the prescribed amount to your spouse/partner, then 2/3rds of the remainder to spouse/partner and 1/3rd to parents
- No spouse/partner, and no children– your estate goes to your parents • No spouse/partner, no children, and no parents – your siblings get everything
- None of the above, then to your grandparents followed by aunts and uncles
Dying without a Will may lead to legal complications/disputes you leave for your loved ones to sort out.
We say get yourself a Will and avoid your loved ones abusing your name once you are gone!.