Picture this: the barbecue is in full swing; conversation has turned to After Life, the series by Ricky Gervais that tackles grief and loss with surprising wit. I wait for an opening and casually ask, “So, who’d look after your crypto wallet if a rogue e-scooter takes you out tomorrow?”
Conversation screeches to a halt, yet the truth is that succession laws are more important than people often realise.
A valid Will must be in writing, signed by the Will-maker (‘testator' if you want to sound especially charming) and witnessed by two independent parties. If these steps are missed, the Will may be invalidated, resulting in a costly (mentally and financially) and time consuming process having matters rectified through the Court.
Even the tightest of Wills can’t sidestep the Property (Relationships) Act 1976, which gives certain partners significant rights. A deceased’s surviving partner has six months from the grant of probate or letters of administration to choose between taking what’s provided in the Will or applying to divide the relationship property equally. This can dramatically change estate distributions.
Children get their turn at the mic courtesy of the Family Protection Act 1955. If you ‘forgot' them, they can sue for 'proper maintenance and support’. Courts rarely hand them a blank cheque, but they’re also unimpressed by parents who gift everything to the cat.
Then there’s the Law Reform (Testamentary Promises) Act 1949. If a person was promised something in return for services provided during the deceased’s lifetime – and that promise wasn’t fulfilled – they may sue the estate. These claims rely heavily on evidence. If you promised the neighbour your Harley for mowing your lawns occasionally, fail to update your Will and then roar off this mortal coil, she can claim the bike’s value from your estate. Moral: either keep promises in writing or buy your own lawnmower.
It’s important to remember that digital assets form part of an estate too. If no one has access to relevant passwords or keys, those assets may be lost. Ensure your executor can access digital assets – a sealed envelope left at your lawyer’s office trumps a password locked inside your head. Think of it as two-factor authentication for the afterlife.
The practical stuff should be covered too. Who controls the family trust? Who can appoint and remove trustees? Who will look after the kids?
Finally, dying without a Will (intestacy) invites the Administration Act 1969 to host the party. Your family will jostle for slices of the estate like seagulls over hot chips, with fixed shares imposed that rarely match expectations. Let’s say you die with a partner and no children but with living parents. Your partner gets your chattels, a prescribed amount (currently $155,000 plus interest) and two-thirds of whatever is left. Your parents would receive the remaining third.
The next time someone complains that estate planning is morbid, feel free to whip out these gems. You may not get invited back – but at least everyone will go home thinking, “I really should update my Will.” If that isn’t the mark of a smashing party guest, what is?
Megan Willliams, Director E: megan.williams@swlegal.co.nz
STEINDLE WILLIAMS LEGAL, Level 2, Suite 2.1, 18 Sale Street, T: 09 361 5563, www.swlegal.co.nz
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