What will happen to your stuff after you die? What are your final wishes? These are the tough questions that most Kiwis need to answer at some point during their life.
To help you figure this all out we’ve answered your questions about wills and EPAs.
A will is a legal document that gives specific instructions to those who remain after you pass away. At minimum your will should include the following details:
It’s important that your will is correctly prepared so it’s always best to get help from a lawyer with plenty of experience when writing yours. You’ll need to make sure the will is valid, and that you’ve provided a fair share to those you have a responsibility to provide for.
Yes! Anyone over the age of 18 should have a will. If you have over $15,000 in assets, your executor (if you have a will) will apply to the courts for approval to deal with the estate. This is called probate. If you don’t have a will, Letters of Administration are also required from the courts. Whilst probate is not required if there is no real estate and the assets are not more than $15,000, it is still worth having a will as these amounts are still valuable and you may have items you wish to gift to your beneficiaries.
If someone dies without a will, it’s called dying ‘intestate’, and goes through a process called 'intestacy'.
When this happens, it can be very expensive and stressful for loved ones who are already going through a difficult time. If the person has assets worth over $15,000 the assets must be distributed according to orders from the High Court.
The court will appoint someone to administer your estate according to the Administration Act 1969 or the Intestacy Rules (which may be different to what you would have preferred).
Generally, assets will be distributed according to the following priority:
If no family members or spouses are identified, the New Zealand Government will receive the property.
4. What happens to your KiwiSaver funds when you die without a will?
If someone dies, the money in their KiwiSaver account becomes a part of their estate and will be distributed in accordance with the instructions in the will (if they have one).
It is important to consider your KiwiSaver funds while making your will and to share the details of your KiwiSaver provider with your next of kin, so they are aware of who to contact about getting the funds paid into your estate.
If someone dies without a will, your estate (including your KiwiSaver funds) will be distributed according to the rules of intestacy.
5. How to set up a will
We’ve established that almost all of us need a will, but how do we actually create one? Here’s a list of your options:
Write it yourself. It’s generally not recommended to write your own will unless you’re experienced (and note again that it needs to be prepared and witnessed correctly to be valid).
6. What's the difference between a will and an EPA?
Enduring power of attorney (EPA) is a legal document that appoints someone to act on your behalf to look after your assets and personal welfare. Unlike a will, EPAs can be in effect while you’re still alive.
There are two types of EPA, property and personal care. One appoints someone to manage financial affairs, and the other appoints someone to look after your wellbeing if you are unable.
For example, you might need a chartered accountant or lawyer to make sure your assets are looked after if you suffer a traumatic brain injury, or stroke. You might appoint someone else to make decisions about your medical care - usually someone you trust like your spouse or children.
It’s a good idea to set up an EPA at the same time as you write your will. Most lawyers and online services can help you with this.
Disclaimer:
This ‘Do I need a will? And how should I get one?’ blog is general information only. The views and opinions expressed do not necessarily reflect those of the FSC. It is not intended to constitute legal or financial advice and does not take your individual circumstances and financial situation into account. We encourage you to seek assistance from a trusted financial adviser, legal or other professional advice.
The names of any third parties are additional resources that you access at your own risk and the FSC takes no responsibility for any third-party content.
The FSC and its employees make no express or implied representations or give any warranties regarding this blog, and we accept no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in this blog.
March 2025