I, like many, assume Will’s are the purview of Lawyers and the ability to complete one off the internet is not worth the paper it is printed on. For complex Wills this is probably true, however, in a recent discussion I became aware of the situation created by people who have a KiwiSaver account and no Will. On the average wage and dependent on the type of fund, the minimum threshold could be exceeded in less than 3 years. So how many of your clients are creating an issue for somebody else to resolve at a time of grief because of their passing.
The Newpark team are constantly on the lookout for opportunities to provide its members other offerings that will enhance their primary business. Here is an opportunity that may add value to you offering and we leave it to you to consider that value.
Dean
Your KiwiSaver needs your Will
Dying without a Will will become a problem for many of your clients who have a KiwiSaver. The problem is if your client dies without a Will, and their KiwiSaver account has a balance of $15,000 or more, someone (usually a close family member) will need to apply to the courts for a grant of administration before any application for withdrawal can be made. The KiwiSaver administrator cannot pay your client’s entitlement out without this. It’s not that they’re being difficult, it’s just the law.
Applying for a grant of administration can be a stressful, time consuming and expensive process for the family, and is one that can be avoided by simply having a Will in place.
A potentially bigger issue however is the fact that, without a Will, your client’s KiwiSaver funds (along with the balance of their estate) will be distributed in accordance with certain intestacy default provisions, which may conflict with how your client may have otherwise wished to their estate to be distributed. For example, an ex-spouse may have an entitlement.
I know that we all mention the importance of Wills to our clients, but experience shows that this is often as far as it gets. It is not that people don’t see the need for a Will, but the act of completing one is often put into the too hard basket.
To solve this problem, SimpleWills has developed a programme that allows you to generate a SimpleWill. The result is a Will that, once properly executed, is legal and compliant and gives your client a great customer experience.
For more information please contact [email protected]
Some facts about SimpleWills:
- The youngest person to complete a SimpleWill was 23, while the oldest was 76
- 95% of people who complete a SimpleWill have not previously had a Will
- 38% of people who complete a SimpleWill have children under the age of age 16