Do you have KiwiSaver or a similar superannuation scheme? If so, do you have a valid Will?

Funds held in KiwiSaver and superannuation schemes are an asset that many people disregard or forget about when evaluating their finances and making a Will.  However, as time goes on and you accumulate a much larger balance, a KiwiSaver or superannuation account may become one of your most valuable assets!

Many people are not aware that if their KiwiSaver or superannuation balance is over $15,000 at the time of their death, their scheme provider will not release the funds until the Court has granted administration of their estate.  Obtaining this grant of administration is usually straightforward if you have a valid Will in place when you die.  However, it can be complex, lengthy, and stressful for your loved ones, if you die without a Will.  

If you are a member of KiwiSaver or a superannuation scheme, you should have a valid and up to date Will that provides for how your complete estate will be distributed.  This will ensure that the funds can be paid to your estate when you die, without any unreasonable delays or expenses for your loved ones.  If you do not have a Will and this applies to you, see your lawyer or legal advisor about creating one.