Learn about wills in 7 minutes

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If you go to Netflix anytime of the day, you'll find all sorts
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of stories.
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Some of these are based on actual events others are inspired by them.
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And some are Pure Imagination.
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The Greatest Story stick with us we talk about them recommend
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them encourage others to watch them and over time
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they end up becoming part of our own story.
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Your story is the one that reflects your life Journey.
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It includes the memories you've made.
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The things you've collected along the way and the people you've met.
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Like any good story it eventually comes to an end.
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You can't be sure when your story finishes but you can influence
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how it will affect the people in your life who are left behind.
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Counter and welcome to the footprint learning lab.
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We're here today to talk to you about getting a free
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will for you and for your spouse. So once you've learned
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why you need one and how to get one, please don't
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delay in getting your sorted.
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You could literally save thousands of dollars and more
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importantly massively reduce the time and stress for
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your loved ones if the worst were to happen.
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And thanks to nzdf you have 300,000 worth
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of life insurance with aeon and that's considered
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an asset.
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So if there's one thing you need to take away from today, it's that
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you need to put a will in place because if you don't
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and you pass away, then you'll lose the ability to choose who
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gets that money.
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And this is because New Zealand has specific legislational rules
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that dictates who in your family
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gets how much of your estate?
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And as your life insurance forms part of your estate, that means
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These funds might not go to the people or person that you want them
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to go to so, let's take a closer look.
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If you pass away and you'll survive by a spouse, but
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don't have any children or living parents. Then your spouse
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will receive your whole estate and that includes your life insurance.
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If your survived by your spouse and have children, but no
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living parents your spouse receives your personal chattels
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155,000 and one
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third of the remaining estate your children receive the
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final two thirds.
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If you're Survive by your spouse and have living parents,
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but don't have any children your spouses and
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title to the personal channels 155,000 and
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two thirds of the remaining estate. Your parents
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will receive the final one third.
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If you're survived by your children, but don't have a spouse or living parents.
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Your children will receive the whole estate split equally
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between them.
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If any of your children have passed away, but they have had children of their own then their
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children will inherit their state.
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And if you have no surviving family members left your estate
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passes into the state, and anyone that can reasonably
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have expected to receive an inheritance can apply
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to the New Zealand Treasury.
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Another thing that many people don't realize is that if you pass
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away without a will the process of Distributing your estate to
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family members can take 18 months and cost go up
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which could mean a fee of 15,000 or more.
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So to avoid all of that let's discuss what it will is
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what it does how to get one for free and how
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to get one for your spouse for free
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I will as most commonly described as a list of instructions that
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you leave behind to let your family know who gets what when you
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pass away. Basically, it allows you to protect your loved
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ones from a stressful long expensive estate Administration
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process in the event that something happens to you.
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I will give you the opportunity to State who gets what of your
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Estates such as your life insurance your kiwisaver
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and your special person or items like you're signed
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All Blacks jumper.
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You can also express your funeral washers. And hey,
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no one said funerals have to be boring. We've seen
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all including requests for an actor playing the Grim Reaper.
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And if you have children, you can name your preferred Guardian.
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So by now, you've heard me mention the term estate Administration
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a couple of times and you may be wondering what it
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is. And who does it the who is your executor? You'll
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be asked to name this person in your will it can
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be a professional body like our sister company Perpetual guardian or
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it could be a family member or a friend?
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However, you select you need to think about the likelihood of them being
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around a few or not. They should also be
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very comfortable in dealing with all of the legal and financial requirements
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involved and that they have the ability
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to dedicate a fair amount of time to the job at hand.
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As your executor you should let them know that they are legally liable
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for any mistakes. They make for example as
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your executor, they may have to sell your car or your
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house and let's say there was a fire and your executor had
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forgotten to pay the insurance. This could mean that they
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would have to pay for the replacement of their asset out of
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their own pocket. It is a big responsibility.
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Your executors first job is to obtain probate and
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that is when the courts grant them the okay to administer the
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estate if there is a will in place this process normally
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takes between about four to six weeks only then
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can you executive staff The Next Step, which is the estate Administration process.
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There are numerous tasks that executor has
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to do and just a few of these include finding and contacting
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your beneficiaries claiming on your insurance or any
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other entitlements cashing an assets. For example,
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your kiwisaver and your bank accounts.
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They'll also have to advertise for any creditors clear any debts
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have your items valued and transfer the
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ownership of certain assets and the list goes on.
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This process normally takes around 6 to 12 months and normally
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costs your estate around $10,000. However, if
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there is no well in place then time and
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cost go up by estimated 50%
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Okay, so it's clear that all nzdf members should get a
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will you have a big asset like your life insurance and you
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may also have others such as kiwisaver a car house
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or savings and this goes to show that walls are
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not just for older folks with a bunch of kids. So let's bust that
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myth right now.
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Another myth we're going to bust is that wheels are a
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one-hit wonder there are actually many life events that can impact
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your will such as getting married getting divorced having
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children buying a house living with someone and the
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list goes on. These are all really important events that
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should encourage you to take another look at your will and make sure it's still
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valid and up to date right? Let me
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show you how easy it is to get your will sorted with footprint.
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you are
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And they have
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it the average time to create an online world with footprint
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is just 15 minutes. If you have any questions along
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the way you can give us a call or send us an email. We also
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have videos and step by step guides on your Force Financial
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Hub. So thanks for watching. We're really looking
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forward to having you onboard with us. Ka kite ano.