Legal Toolkit: The Importance Of A Will

The team at Schnauer & Co's have put together a resource toolkit to highlight some of the common misconceptions that some first home buyers have and provide you with tips on how to avoid some easy mistakes when buying your first home. Our expert tips will be presented over six easy to read articles, and they are all designed to help you achieve your goal of homeownership in NZ. 

In the first 4 parts of the series, we discussed the solicitor approval condition, the process to follow when you are not able to satisfy conditions in the agreement for sale and purchase and the differences between a loan from parents vs a gift from parents and purchasing a property at auction.In this Part 5 of the series, we talk about Wills and why they are an important document to have, especially for first home buyers.

The Importance Of A Will

It is very important to have a Will in place and often this is not considered until people buy their first home or have children. It is also very important to update your Will on a regular basis as people’s circumstances can quickly change.

A Will allows you to express your wishes concerning such things as:

• Whether you would like to be buried or cremated,
• Any special funeral arrangements, the transfer of property on your death
• Special bequests in relation to property
• Gifts to charities
• It allows you to address who you would like to look after your children if they are still minors (for example, in relation to their education and upbringing etc.)
• Or fur children (for example, if you have two cats, you can state in your Will that your preference is for them to remain a bonded pair after your death).

If you die without a Will (called dying intestate), your estate will be distributed according to the Administration Act 1969. This can incur significant additional costs for the estate (which decreases the money for your family to inherit) and can cause unnecessary stress for your loved ones, especially considering that the cost to have a Will prepared is usually only a few hundred dollars.

Schnauer and Co recognise that first home purchases are expensive and therefore, we are prepared to offer a discount on the preparation of a simple Will when you successfully settle your first home purchase with us. Terms and conditions will apply to this offer so please contact the Property Team at Schnauer and Co for further details.

The Property Team at Schnauer and Co are always available to help first home buyers with any property related questions.

For more guidance on producing a Will, contact:

Alison Dymond
Senior Associate

phone: 09 485 5803