There are some big decisions you’ll need to make when creating a will, so it pays to do a little bit of thinking beforehand. Learn about what you’ll be asked to include in your will, so you can start one prepared.
What’s needed, in a nutshell
There are three key decisions—four, if you have children and/or fur babies—you’ll need to make in your will:
Assets: What things of financial or personal value do you own?
Beneficiaries: Who would you like to leave your assets to?
Executor: Who should be in charge of carrying out your instructions?
Guardian: Who do you want to make the big decisions for your kids?
It’s a good idea to have conversations with some of the people you’re planning to include in your will ahead of time, like who you’re planning to appoint as executor. They’ll be taking on a big responsibility, so it’s worth checking that they're willing.
Your assets
In a will, ‘assets’ refer to the things you own that have financial or sentimental value. Examples of assets that you might include in your will:
Money in the bank: Savings, everyday accounts, or term deposits.
Property: Your home, investment properties, land, or a share of a jointly owned property—as long as it's owned as ‘tenants in common’ rather than as ‘joint tenants’. If you're not sure how your property is held, your bank or lawyer can confirm.
Investments: Shares, managed funds, bonds, cryptocurrency, and private company shareholdings.
KiwiSaver: Your KiwiSaver will be treated as part of your estate.
Insurance payouts: Your life insurance may be paid into your estate if your policy doesn’t name a beneficiary.
It can also include less obvious assets like business interests, debts owed to you, and intellectual property.
Assets don’t usually include:
Jointly owned property (as joint tenants): Ownership usually transfers automatically to the surviving owner if you pass away, bypassing your will.
Superannuation or insurance with a nominated beneficiary: If the policy pays directly to a specific person, it doesn’t pass through the will.
Family trust property: Anything held in a trust isn’t yours personally, so it generally can’t be given away in your will.
Vehicles like cars, boats, and caravans can either be named as assets in your estate, or as a special gift if you have someone in mind. It’s also worth taking note of other places where you have money, like a TAB account, and any physical assets, like expensive art.
It’s also helpful to record any debts you might have, as this will save your executor a lot of time and stress later on.
Gifts
If you want to pass on a specific item or an amount to a particular person, it’s considered a gift.
You can include:
Specific items: For example, leaving your vintage guitar to a music-loving friend 🎸
Cash gifts: For example, gifting $2,000 to a niece with student loans 💰
By default, all your personal items go to your executor to distribute. They’ll manage these and share them out among your main beneficiaries as part of the overall estate. Anything you list as a special gift will be separated out from your other assets. Your executor will make sure that specific item, or cash gift, goes to the person you chose.
Your beneficiaries
You’ll need to decide who gets a share of your estate, and what you want that percentage share to be. You’ll need to name at least one beneficiary, but can choose as many as you’d like.
You can also leave a bequest in your will, which is a donation to charity. It’s worth having a think about charities you feel strongly about, and whether or not you’d want to donate to them.
It’s also a good idea to consider whether you want to include a backup beneficiary. A backup beneficiary receives a primary beneficiary's share if that person passes away before you (or within 30 days of your death). Without a backup, that share gets split equally among your remaining primary beneficiaries.
For example, let’s say you leave your assets equally to your brother, sister, and mum. If your mum passes away before you:
Without a backup: her share would be split between your brother and sister, giving them 50% each.
With a backup: your brother and sister keep their original shares, and the backup steps in to receive your mum’s share.
You can name one or more backups and assign exactly what percentage of that share they each get. It means that you decide where every part of your estate goes, rather than the law doing it for you. It also keeps things clearer for your executor and reduces the chance of disputes among family.
Your executor
This is the person who will be carrying out the instructions in your will and managing everything after you pass away. In your drafted will you’ll also see them referred to as your Trustee.
Their job is to make sure your wishes are followed and your estate is wrapped up properly. This includes:
applying for probate so they can legally act on your will
collecting and securing your assets (bank accounts, property, investments, personal items)
paying any debts, taxes, or final bills
closing accounts and handling paperwork
distributing your estate to the people or charities you’ve named in your will
managing any trusts created by your will (if applicable).
You don’t need a legal expert to be your executor—just someone who is practical and reliable. Look for someone who is:
organised: They’ll be handling paperwork and banks.
trustworthy: They’ll be managing your life's work.
willing: It’s a big job—make sure they’re up for it!
Most people choose a partner, a close family member, or a trusted friend. If your situation is quite complex, you can appoint a professional (like a lawyer or trustee company) to act as a neutral party.
Tip: It’s a good idea to name a backup executor just in case your first choice is unable or unwilling to take on the job when the time comes. If your executor dies before you, you can change your will to name a new executor and backup executor.
Your guardians
If you have children under the age of 18, you’ll need to think about a guardian.
Think of a guardian as the person who steps into your shoes to make the big life decisions that shape a child’s future, such as:
Education: Choosing schools or making major changes to their learning.
Healthcare: Consenting to major medical, dental, or psychological treatment.
Identity: Decisions regarding the child’s religion, culture, language, or any name changes.
General Welfare: Any other major decisions that affect the child’s development.
Important things to know:
Day-to-day care: While a guardian is responsible for the big-picture decisions, they don't automatically have the right to day-to-day care (physical custody), though they typically take on this role if there is no one else.
If the other parent is still alive: They will usually have day-to-day care—however, the guardian does still play a role. For big things like how the kids are brought up and health decisions, your guardian has the right to have input. This often becomes relevant if your partner were to remarry or there were any disputes about the kids in the future.
If the other parent were to pass away at the same time: Your guardian would make decisions on where the kids live, how they are cared for and any big decisions on their behalf.
If you’re separated from your kids’ other parent: Typically the other parent will retain physical custody. However, appointed guardians have the right to represent your voice and could help influence major decisions on behalf of your kids.
If you’ve got fur babies, i.e. pets, it’s worth also having a think about who might be best suited to adopt them after you’ve gone.
How do I ask someone to be a guardian?
Asking someone to be a guardian is a big deal. It’s normal to feel awkward, emotional, or even stuck because you don't have a ‘perfect’ candidate in mind.
The ‘Perfect guardian’ trap
You might be looking for someone exactly like you—but that person probably doesn't exist. You might have to choose between a loving but messy sibling, or a responsible friend in another city. That’s okay.
Don't wait for perfection: An imperfect choice made by you is almost always better than one made by a stranger.
The alternative: If you don't name a guardian, the Family Court decides. A judge doesn't know your children or your values—naming someone gives your kids certainty.
Here are a few tips on how to have the chat:
Do it in person (or on a video call): Find a quiet space where you won't be interrupted and can take your time.
Remove the financial pressure: Explain that your will (and any insurance) is set up to cover costs. They’re there to provide the care, not the cash.
Give them an out: Make it clear that saying "no" is okay and won't hurt your relationship. It’s a big ask, and they might need some time to think it over.
Done is better than perfect
None of the decisions in your will need to be perfect. You can always come back and update it whenever your life or circumstances change. As long as you’ve covered the essentials, you're giving the people you love clarity—and not leaving decisions about your wealth to chance.
Learn more about how you could create your will on Sharesies
Ok, now for the legal bit
Sharesies Wills are a simple online will product that has been co-designed with legal experts to meet New Zealand legal requirements. However, Sharesies is not a law firm and does not provide legal advice. This service is a "do-it-yourself" tool for straightforward estates.
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