Estate planning, sorted early.

If you own anything, have children, or want a say in what happens after you're gone, then yes. A will sets out who gets what, who looks after your children, and who sorts your affairs. Without one, the law decides, which may not match your wishes.

It doesn't have to be complicated or expensive to start, and having one spares your family stress and cost at the worst possible time. For the will itself, see a solicitor or a will-writing service.

You're said to die “intestate”, and the Administration Act sets a fixed order for who inherits — typically your partner and children in set shares. It may not reflect what you'd have wanted, and can create hardship, for example for a partner who isn't automatically left everything.

Someone also has to apply to the court to administer your estate, which adds time and cost. A will avoids most of this by making your wishes clear.

An EPA lets someone you trust make decisions for you if you lose the ability to make them yourself — through illness or injury, not just old age. There are two types: one for property and finances, one for personal care and welfare.

A will only takes effect when you die; an EPA covers the situation where you're still alive but unable to decide. Most people who set up a will should consider EPAs at the same time. A lawyer sets these up properly.

Your KiwiSaver balance forms part of your estate and passes under your will, or the intestacy rules if you don't have one. It isn't like life insurance — you can't name a beneficiary to receive it directly.

For smaller balances there's a simplified process; above a threshold your executor generally needs probate, which takes time. That delay, while bills keep arriving, is one of the practical reasons people hold life cover. See our life insurance page.

Probate is the court's confirmation that a will is valid and the executor can act. For estates above a certain value, or where institutions require it, the executor applies for probate before assets can be distributed.

It commonly takes weeks to months, longer if the estate is complex or contested. Meanwhile everyday bills and the mortgage don't wait — which is why quick-paying cover can matter for the people left behind.

Trusts can be useful for specific goals — protecting assets, providing for family over time, or particular ownership situations — but they're not for everyone, and recent law has increased the responsibilities and disclosure that come with running one.

They cost money to set up and administer, and done poorly they cause more trouble than they solve. Whether a trust genuinely helps you is a question for a lawyer and accountant, not a default box to tick.

Life insurance is the part of estate planning that pays quickly and directly. Where the rest of your estate can be tied up in probate for months, a life policy can pay a lump sum to your family soon after death, so the mortgage and everyday costs are covered in the meantime.

It can also create fairness — for example, leaving a business to one child and an equivalent sum to another. This is the piece we can actually advise on; the wills and trusts sit with your lawyer.

Your executor carries out your will — gathering assets, paying debts, and distributing what's left. Pick someone organised, trustworthy, and ideally younger than you, who's willing to take it on. It can be a family member, a friend, or a professional like a lawyer or trustee company.

It's worth asking them first, and naming a backup. For larger or more complex estates, a professional executor can take the load off grieving family.

Debts are generally paid out of your estate before anything is distributed to beneficiaries — so debts reduce what's left, rather than simply vanishing. Jointly held debts, like a mortgage in both names, typically pass to the surviving owner.

If the estate can't cover the debts, beneficiaries usually don't inherit the shortfall personally, but they may inherit less or nothing. Life insurance is often used specifically to clear a mortgage so the family keeps the home.

Review it after any big life change — marriage, separation, a new child, a death, buying a home, or a significant change in assets. In New Zealand, marriage can revoke an earlier will unless it was made in contemplation of that marriage, which catches people out.

Even without a major change, it's worth a look every few years to make sure it still reflects your wishes and the people you'd name. Updating it is usually quick and inexpensive.