Retirement Life
18 October 2024
Your last will and testament is the only one that matters
The last will and testament… That’s an interesting phrase, full of portent and expectation. We might imagine some stuffy old solicitor in a Victorian office about to read a parchment to an anxious, grieving family all dressed in black. The BBC version of some Dickens novel.
It is an interesting phrase, but an important one, too: it tells us that this may not have been the only will that existed, there may have been others. However, it is the last will that matters. Whether there were other wills or not, this is the one that will be read to the mourning family.
Many good reasons to revisit a will
There are many good reasons why someone might’ve had a succession of wills, and I would argue that a number of wills over a lifetime should be common.
Life is seldom static, and any significant change, like a birth or death in the family, should prompt a review of your existing will. The arrival of grandchildren may well mean that you want to change your will (the birth of each of my grandchildren occasioned a call to my lawyer to make sure that he or she would be covered!).
Family tragedies are hard to contemplate, but these will often mean revising a will – the loss of a child or other beneficiary would be one such situation.
Relationship status
The end of a relationship and/or the beginning of a new one can also spur a will change. A new relationship may mean your new partner has some claim on your assets, while the end of relationship may mean your ex-partner loses that claim. New (and ended) relationships and consideration of your will should go together.
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Other relevant changes in circumstance that could lead you to revisit your will might be a new business or house, an illness in the family, an inheritance, or a falling out (and subsequent reconciliation!).
Winding up a trust
These days, one of the most common reasons for altering a will is the dis-establishment of a family trust. As I’ve mentioned in previous columns, many people (including me) are winding up their trusts at the moment. Trust assets are dealt with by trustees and as these assets do not form part of your estate, they wouldn’t be covered in your will. However, if you wind up a trust, it is likely that these assets will move under your name and should therefore be reflected in your will – but it does require you to change it accordingly.
You might not need a new will every time
Whatever the reason for reconsidering your will, it might not always require a new one, particularly if it’s worded in general terms. For example, your will might stipulate giving a certain amount to each of your surviving grandchildren, even if some are born after your will was prepared.
My own will directs each grandchild to get an amount paid into his or her KiwiSaver. If a new grandchild was to be born today (which would be a great surprise to all the family!) that child would be included without me having to change a thing.

Using general phrases in wills often mean they won’t need changing. For example, yours might say that after the repayment of debts and costs, all residual assets will be shared equally amongst your children – the wording means any children born after this are automatically covered.
But always spare it a thought
That said, a will is not usually something you do once and never think of again. Although you won’t be around to see it executed, your will is the foundation of well organised finances.
Wills are commonly disputed – the popular press is always eager to report on inheritance-related court cases. To avoid this and other troubles, remember to check in on your will whenever life changes. Any earlier wills that you might have made don’t matter – but you want to be very sure that your last will and testament is just the way you want it.

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