According to an actual research 38% of New Zealanders don’t have a will. While some addressed a lack of assets as a reason, most people simply can’t be bothered do make one.
What is a will and why is it important?
A will is basically an instruction sheet for what is going to happen with your property when you die and how you want your dependents to be looked after. Bharat Parshotam understands that losing someone close to you is always a tragedy. A will helps you minimising stress or upcoming disputes after you pass away. Bharat Parshotam advises taking your debts and liabilities into concern since they will be passed onto your dependents as well.
You can make a will as soon as you turn 18 years old. There are certain exceptions where the family court can approve a will for a minor (e.g. military service). Talk to Bharat Parshotam to find out if you are qualified for an exception.
We at Bharat Parshotam lawyers advise clients to make a will as soon as possible. It doesn’t matter if you don’t have many assets. Most often people to have a nice stereo, life insurance, a car, furniture and household items. There will be some possessions that have value to you. A will allows you to decide who shall receive those belongings.
Bharat Parshotam especially advises making a will, when major life changes occur. This could be a new marriage, having children or joining a civil union. By marrying or joining a civil union your current will can be revoked if it’s not made in contemplation of the new marriage or civil union. In the case of a separation from union or partner, Bharat Parshotam advises changing your will, if you want to exclude your spouse.
In general Bharat, Parshotam recommends actualising your will roughly every five years, or when you acquire new assets such as a house, car, valuable jewellery etc.
Even though a will makes things a lot easier when you die, it’s not a fortress against legal claims your relatives may pursue. You can consult Bharat Parshotam to minimise legal loopholes and the chances of your will being challenged.
In the event of your death without a will, the Administration Act specifies how your belongings will be distributed. Normally your property will be split from the inner to the outer family circle. Still, your dependents have to cover the costs when they’re sorting out the property distribution. Bharat Parshotam recommends prudence when you have young children. If you fail to name a guardian in your will, they can end up living with someone you neither know or like.
When you want to make a will, it’s important to consult an experienced lawyer like Bharat Parshotam first. This way you can prevent an invalid will that may cause more harm than good. Bharat Parshotam will help you with suggestions on how you can fairly provide for your loved ones. As an experienced lawyer, Bharat Parshotam will translate your wishes into legal terms, so they can have the effect you intend. We will make sure that your will is properly drawn up and valid.
When you talk to Bharat Parshotam, make sure to address existing debts and liabilities to prevent uncomfortable surprises to your beloved ones. This is as important as talking about possible alternatives. Addressing potential troublemakers in your environment who could challenge your will helps Bharat Parshotam to set up a working legal strategy to counter this.
Overall there are plenty of things to consider when setting up a will. We at Bharat Parshotam lawyers advise you to make a will as soon as it’s reasonable. Bharat Parshotam will support you with the complex legal area of creating a will to serve your best interest for when you can and when you can’t anymore.
Disclaimer: The article is a guest post by Mathew Cleveland. The information in this blog post (“post”) is provided for general informational purposes only, and may not reflect the current law in your jurisdiction. No information contained in this post should be construed as legal advice from this website. or the individual author, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through, this Post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.