Last Updated March 11, 2024
Alternate Names:
A Last Will and Testament is also known as a:
- Will
- Last Will
- Will and Testament
What is a Last Will and Testament?
A Last Will and Testament is an estate planning document that allows you to state how to distribute your money and property after you pass away. If you have minor children, you can also appoint a guardian for them in your Will.
What is the purpose of a Last Will and Testament?
A Last Will and Testament communicates your final wishes and gives you control over your assets once you pass away. If you die without a Will, your grieving loved ones have to overcome unnecessary obstacles to gain control and ownership over your assets and property.
Without a Will, your loved ones must abide by the Administration Act 1969 to determine who will act as the administrator for your estate. Under this act, one of your loved ones must apply to the High Court and obtain “letters of administration.” The court doesn't decide who should be the administrator of your estate, rather they can approve or deny the application for letters of administration.
The administrator does not get to decide how to distribute assets. Instead, the assets are distributed according to the order of priority set out in the Administration Act 1969, leaving your desires out of the decision-making process altogether. Generally, assets go to the closest surviving family members.
Applying for the letters of administration can cause extra stress for your family and delay the process of closing your estate while they are grieving. Creating a Last Will and Testament is the best way of avoiding these problems for your family.
What is a testator?
The person who creates a Last Will and Testament is the testator. If a loved one or lawyer helps you create your Will you are still considered the testator.
What is an executor?
An executor is the person you appoint to administer your wishes as outlined in your Will. Typically, you cannot appoint a minor as your executor. Also, you can’t appoint someone with a criminal record. Many married people appoint their spouse as the sole executor of their Wills.
If you think certain loved ones will work better as a team while closing your estate, you can also appoint multiple executors. Also, consider appointing an alternate executor. If something happens to your first choice before you have a chance to update your Will, having an alternate executor can prevent problems for your family.
What is the difference between a Living Will and Last Will?
A Living Will is also known as a Health Care Directive, Personal Directive, or Advance Directive. This document allows you to specify your health care treatment preferences should you no longer be able to make medical decisions for yourself.
A Last Will and Testament allows you to specify how you would like your assets distributed after you pass away. In a Last Will, you appoint an executor for your estate and a guardian for any minor children.
Who should make a Will?
Any adult who is of “sound mind” can create a Last Will and Testament to help protect their loved ones and assets. “Sound mind” means that you understand the meaning of a Will, your relationship to your beneficiaries, and the consequences of how you choose to distribute your property in your Last Will.
It may be more important for certain people to plan their estate. For example, if you have kids, a Will allows you to ensure their financial protection and appoint a guardian for them. You should create a Will if you:
- Are married, have children, or separate from a spouse
- Have investments or savings
- Own property
- Own a business or shares in a business
- Travel frequently
- Have a high-risk or dangerous job
Regardless of your circumstances, creating a Will allows you to outline how to distribute your property, pay off your debts, and handle your business or family needs if you pass away.
To complete your Last Will and Testament, you must include:
- Your personal information and marital status
- Your executor’s name and contact information
- Your children’s information
- Instructions for taking care of your pets
- An outline of the assets you wish to gift to your beneficiaries
How do I make a Will in New Zealand?
Create your Last Will and Testament using Lawdepot’s Will template, which fulfills the legal requirements in New Zealand. You may choose to create your Will by yourself and then have it reviewed by a lawyer to ensure your and your family’s interests are well protected.
What is the cost of making a Will?
You can create your Last Will and Testament for free with LawDepot’s Free Trial. Complete our step-by-step questionnaire, then review and execute your document.
What makes a Will void?
Certain elements must be present for your Will to be valid. Besides being in writing, and not verbally passed through another person, you must complete your Will when you are of sound mind and under no undue influence. Also, a court can determine that a Will is void if it determines that the testator didn’t create and sign their will freely and voluntarily.
Also, for a court to recognize your Will as valid, you and your two witnesses must sign it in the presence of each other.
How do I execute my Last Will?
You can execute your Last Will and Testament by properly signing and witnessing it. If you do not properly execute your Last Will, a court may consider it invalid.
However, even a valid Last Will can be disputed in court if someone, such as a beneficiary or executor, believes that it wasn’t properly executed. If someone believes you were pressured into creating your Last Will or coerced into leaving certain gifts to certain people, they may also dispute your Will.