Wāhine, are you protecting what matters?

Creating your will can empower you to feel confident that the people and things you love are taken care of after you’ve gone. Wills aren’t just for those with lots of assets. A will informs your family members of your final wishes, specifies what special gifts and meaningful things you may want to leave to people and alleviates stress for loved ones. It’s best to review your will every year to keep it up-to-date with the big and little things that change as you move through life.

Read more about starting your will here.

As part of making a will, you’ll need to appoint an executor, which means choosing a responsible person who will carry out important tasks like ensuring your final wishes are carried out in your will and your estate administration. This may include a range of financial, legal and administrative tasks like closing bank accounts and filling tax returns. It’s important to appoint someone you trust, like a family member, or a loved one. You can also choose a professional trustee organisation as they have a team of experts on hand who can help with:

• Probate service

• Estate Administration service

It’s one thing to make your will, and it’s another to explain your choices. Often people will explain their wishes and choices separately to a will. A Statement of Wishes can give clarity and transparency around why you’ve made certain choices or special instructions for loved ones. It not only provides guidance for your executor, but also clarifies how you’ve structured your will, and explains why certain people have been included or excluded. This is easy to complete as a Statement to Accompany, as it ensures your wishes are recorded accurately and are heard if anyone challenges your Will. Start now.

An Enduring Power of Attorney (EPA) is a legal document that enables you to choose a family member, friend or professional organisation as an attorney to make important decisions on your behalf if you’re not able to. They will step in when necessary, ensuring you’re taken care of in the way that you’d like.

There are two kinds of EPAs:

Personal care and welfare

Your health is everything, and this ensures you are putting decision making powers in good hands. If injury or illness means you’re suddenly unable to make decisions about your well-being, the person you appoint as your personal care and welfare attorney will be able to act for you. It’s important that you appoint somebody that you trust as they may need to decide where you live and what kind of healthcare is appropriate for you. Start now.

Property and finance

If you become incapable of taking care of your property and finances on your own, or simply want to put that responsibility in someone else’s hands, you’ll need an Enduring Power of Attorney for property. This means electing someone to manages your money and day-to-day finances, investments, business and property to help give you peace of mind.

You can appoint more than one attorney and choose whether they must act jointly. Start now.

Who should I choose?

Consider a reliable individual or trustee organisation who has time, expertise and experience on their side. For example, Public Trust can act as your property attorney. We’re highly experienced and have a team of professionals on hand to ensure everything runs smoothly and your property is managed appropriately. We’ll take the pressure off you and your beloved ones, allowing them to spend time with you instead of dealing with paperwork.

You must keep the original signed documents safe and secure – as it will be required at the relevant time. It's a good idea to keep your signed originals will and EPAs with other important documents, like your birth and marriage certificates or passport.

Make sure you let your family know where and how they can get hold of it, too. This doesn’t have to be your home. It could be kept with a family member or someone you trust. If you can, store your will in a place that can be locked, like a filing cabinet or even a home safe.

If you make your will through our online portal publictrustonline.co.nz, we recommend you upload a scan or photographs for secure cloud storage in your online account, as a back-up.

There are several different costs involved when someone dies. Make sure you financially prepare so your whānau won’t have to face the hidden costs.

Funeral costs

Funeral and burial costs are usually paid upfront. They are one of the first costs after you’ve passed away and can average around $8,000 - $10,000. A Prepaid Funeral Trust allows you to set money aside for your funeral, alleviating some of the financial and emotional stress for your whānau in the days after your passing.

There are also cemetery costs for cremation and plaque, or plot and headstone.

• Mary Holm’s Introductory Guide to Investing

• The Curve is a platform for wāhine to learn about investing in a way that suits them.

• Girls That Invest, your step-by-step guide to financial independence.

• New Zealand Financial Planning helping Kiwi wāhine win with financial knowledge

• Money Resources for Kiwis

• 6 steps to get your money sorted

• The Joy of Money: The Australian Woman’s Guide to Financial Independence – Kate McCallum & Julia Newbould

• Your Money podcast with Mary Holm

• Cooking the Books with Frances Cook