Let’s bust some myths around Wills!

Let's talk about something important and totally necessary – Wills. We get it, it’s not exactly the easiest topic to talk about, but it is one of the most important topics you can talk about. There are some myths floating around that might be stopping you from preparing your legacy, so, let's get right down to business and bust them!

Myth 1: 

"I already have a Will, so I don’t need a new one"

So, you've got a Will – that’s great! But when was it last updated? Life changes and can go in a direction that you didn’t initially plan for when writing your Will. Getting married, divorced, having kids, buying a house, friends who aren’t your friends anymore and all that jazz. Your old Will might not keep up with your current relationships, priorities and most importantly… wishes! 

It's like updating your relationship status on social media but for your legacy. Yeah, it’s VERY important!

Psst… The Footprint Will It package offers a Will update every year! 

Myth 2: 

"Estate administration doesn’t cost much, so why would a Will make a difference"

With a Will in place estate administration costs on average $10,000, without a Will the cost and time it takes to administer your estate can increase by 50%. Having a Will can save your loved ones a lot of stress, heartbreak and work!

The most important part! When you create a Will, you can:

- Dictate how your assets are distributed

- Specify who receives what and when

- Select a guardian for your children and pets

- Leave gifts of significance to your loved ones

- And much more!

No one likes drama, especially when it comes to divvying up one's stuff. A Will can smooth out the process, keep things clear, and ultimately protect your loved ones. 

Myth 3: 

"I don’t have anything to my name, so why bother"

Even if you're not sitting on a pile of gold, you've got stuff – have you thought about your KiwiSaver, any group life insurance through your employer, your car, your personal belongings… These are all assets and contribute to your estate.

If your total estate is worth more than $15,000, you need a Will to decide who gets your stuff and to reduce the time it takes for your loved ones to receive your funds.

Myth 4: 

"I don’t need a Will, my partner will manage my estate"

While your partner can manage your administration, it is not guaranteed that they will be appointed by the courts to do this task without a Will in place. When you complete your Will, you have the choice to select an executor. 

At Footprint, you have the option of choosing your own executor or selecting a professional trustee company, like Perpetual Guardian. If you select a trustee company, you have the ability to appoint an advisory trustee, this is someone who will work alongside the executor without holding any liability. They would make sure the correct lego collection is gifted to the person you have selected it to go to.

Read more about options you have around selecting an executor in this blog.

So, there you have it – debunking myths around Wills like a pro! Don't let these misconceptions hold you back from designing your legacy and giving your loved ones and yourself some peace of mind. 

If you would like to create a Will and create a legacy with Aotearoa’s largest online Will provider easily and quickly, check out what Footprint has to offer!