PONSONBY PROFESSIONALS: METROLAW Got a legal question? Ask michael@metrolaw.co.nz I made a will when I bought a house about five years ago and left everything to my brother. I’ve since got married and my wife tells me that we should both now make new wills leaving all our assets to each other. Is this really necessary, as I thought this would happen anyway and I’m broke after the honeymoon, even though both sets of parents helped out with costs!
Q: A:
Thanks for your email and congratulations on your recent wedding. There are two main responses I’d like to make to your query. Firstly, New Zealand law states that a will is automatically revoked on marriage. The previous will you made is therefore no longer valid and you do need to make another one now that you’ve tied the knot. If you were to die now before making a new will, you would be deemed to be technically 'intestate' and your estate would fall to be distributed according to the Administration Act. However, the results here may not be what you would intend. For example, in your case, where you would leave a spouse and parents (but no children), your wife would be entitled to your 'personal chattels' (eg, your furniture, vehicles, books, etc) and the sum of $121,500 plus interest, and 2/3 of the residue of your estate, but your parents would also be entitled to 1/3 of the residue, which may not be what you and your wife would actually want to occur. Secondly, and as a related point, just because you’re married, all your assets do not go to your spouse automatically - you need to state this in your will, if this is what you would prefer. However, you may also want to consider a gift to your favourite charity or to your brother or other siblings or even to other family members such as nieces and nephews. It's probably best if you take the plunge now and get your wills sorted. It’s relatively cheap and painless and can save a lot of cost and expense in the future. Please feel free to get in touch again soon to make an appointment to sort this out for you and your wife. PN (MICHAEL HEMPHILL) F Disclaimer - this article is for general information purposes only. If you have a legal problem you should seek advice from a lawyer. Metro Law does not accept any liability other than to its clients and then only when advice is sought on specific matters.
METRO LAW, Level 1, 169A Ponsonby Road, T: 09 929 0800, www.metrolaw.co.nz
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