Wills Month Mythbusting – Do only the wealthy need wills?

Wills Month Mythbusting – Do only the wealthy need wills?


One of the big myths about wills is that they are only for wealthy people. This isn’t true. Anyone with more than $15,000 of any sort of assets needs a will. That’s because families can’t legally settle an estate with a balance of $15,000 or more. If there isn’t a will, this means that the estate is divided according to the Administration Act. Sorting this out takes time and costs money. Even then without a will, the estate may be not be divided they way you would like. With the average Kiwisaver balance now around $17,000, this means that far more people should have a will. So there you have it. The myth that wills are only for wealthy people is busted. Learn more about wills by taking our Mythbusting quiz on our website, and go in the draw to win a $100 Prezzy card. Good luck!

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