What is a will, and do I need one?

First up, what is a will?

In simple terms, a will is a legal document that outlines your wishes for what happens to your money, property, and belongings after you die. It also lets you say who should look after your dependents—like your kids or pets.

If you die without a will in New Zealand, the law sets default rules for how your estate should be handled. These rules might not always reflect your wishes, or recognise people you would choose to provide for, such as stepchildren or close friends.

We know making a will is easy to put off, but it’s the easiest way to create clarity and comfort for your loved ones, and a clear plan for your assets, so your wealth is protected how you want it to be.

Making a will on Sharesies

You can make a simple will that meets New Zealand legal requirements directly in the Sharesies app. Co-designed with legal experts from Davenports Law for simple family and asset situations, a Sharesies Will helps you protect what matters most to you.

Making a will on Sharesies is simple—you’ll be guided through the steps to making a will, such as choosing who will inherit your assets, selecting an executor, appointing guardians for your children, and making your wishes clear.

The final, but most important step to making a valid will is to print it, sign it in front of two witnesses, and store the original copy somewhere safe. You’ll also have the option to scan and store a copy in the Sharesies app.

Learn more about the decisions you’ll need to make when creating a will.

Making sense of the jargon: Key terms to know about wills

Before you dive in and start drafting a will, there are some terms you might come across which are worth knowing.

• Assets: The things you own that have financial or sentimental value. For example, your money, property, investments, KiwiSaver, or personal belongings.

• Beneficiary: Someone who receives a share of your estate. It might not always be an individual—a charity, trust, or organisation can also be named as a beneficiary.

• Backup beneficiary: Someone who steps in if a primary beneficiary passes away before you, or within 30 days of your death. If no backup beneficiaries are named, that share splits equally among your remaining beneficiaries.

• Estate: Everything that you own personally—including debts—at the time you die. It doesn’t include things like jointly-owned assets, assets held in a trust, or life insurance with a named beneficiary.

• Executor: The person who carries out your will’s instructions after you die. 

• De-facto relationship: A relationship is generally considered de-facto if you have been together for three years or more, or you have children together. It can be sooner, even if you aren’t living together full-time. A de-facto partner has similar rights to a spouse.

• Gift: A particular item or cash amount left to a named person, which is separate from the general estate.

• Guardian: The person who has legal rights and responsibilities for the ‘big-picture’ decisions about your children’s upbringing—such as education, healthcare, identity, or welfare—while they’re under the age of 18. This person might be different from who is responsible for their day-to-day care.

• Probate: The official document from the High Court recognising your will as valid, which grants your executor legal authority to deal with your estate.

• Witness: Someone who watches you sign your will in ‘wet-ink’, which means in-person. They must be over the age of 18 and not named in or benefit from the will.

Does everyone actually need a will?

Anyone over the age of 18 can make a will. It’s worth knowing that how your estate is handled if you pass away without one varies, depending on your asset and family situation. 

Here are some factors to consider:

• The value of your investments and/or total assets: If you have over $15,000 in investments, or more than $40,000 in assets all up and pass away without a will, your family will need to apply to the High Court to access your estate. This can be a long and complex process, and might result in extra legal costs. 

• You’ve recently got married, or are planning to: Getting married or entering a civil union automatically cancels you and your partner’s existing wills. If either of you had a will previously, you’ll need to make new ones.

• Your peace of mind: If you die without a will, the Administration Act 1969 sets default rules for who inherits what from your estate. If there are particular people you’d like to receive a share of your estate, or a way you want it handled, then a will can create peace of mind knowing those wishes can be recognised after you’ve gone. 

• Clarity for your loved ones: A will is also the most common way to legally appoint a guardian for your children. It helps ensure you’re the one deciding who has the legal rights and responsibilities for the ‘big-picture’ decisions about their upbringing, rather than leaving that decision uncertain or open to court involvement.

Deciding whether you want to make a will is up to you and your circumstances. Just know that it’s the simplest way to ensure your loved ones and the wealth you’ve been building is protected.

Learn more about making a 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.