WEBVTT - How Can Your Will Make a Difference? #Wills Week 2024 0:00:06.040 --> 0:00:09.520 Curta and welcome to this episode of Shared Lunch, where 0:00:09.560 --> 0:00:12.320 we look at the importance of having a will, but 0:00:12.440 --> 0:00:14.800 also how you might leave a little something to your 0:00:14.800 --> 0:00:18.560 favorite charity. It's Will's Week and alterra, so a good 0:00:18.560 --> 0:00:21.560 time for investors to be reminded of this Called brook Ahoe. 0:00:21.680 --> 0:00:24.000 I'm Brook Roberts, one of the co founders in Coco's 0:00:24.079 --> 0:00:26.800 of Chase's, and I'm joined by Katherine Simpson, who is 0:00:26.840 --> 0:00:29.160 a will's expert from public trust. 0:00:29.760 --> 0:00:33.520 Investing involves risk you might lose the money you start with. 0:00:33.960 --> 0:00:37.680 We recommend talking to a licensed financial advisor. We also 0:00:37.800 --> 0:00:42.560 recommend reading product disclosure documents before deciding to invest. Everything 0:00:42.600 --> 0:00:45.199 you're about to see and hear is current at the 0:00:45.240 --> 0:00:46.120 time of recording. 0:00:46.240 --> 0:00:48.760 Welcome Katherine, Kyona, Thanks for having. 0:00:48.560 --> 0:00:52.720 Me so, Katherine. The theme of Will's Week twenty twenty 0:00:52.720 --> 0:00:56.520 four is charitable giving. But before we dove into what 0:00:56.640 --> 0:00:59.960 that entails, let's put into context why having a will 0:01:00.160 --> 0:01:01.120 is so important. 0:01:01.680 --> 0:01:04.520 Look, I could talk on this topic for hours. For me, 0:01:05.720 --> 0:01:07.520 the will is the greatest gift that you can leave 0:01:07.520 --> 0:01:09.920 your family in terms of certainty about what you want 0:01:09.920 --> 0:01:11.120 to happen once. 0:01:10.880 --> 0:01:11.600 You pass away. 0:01:12.600 --> 0:01:16.000 So we encourage every New Zealander over the age of eighteen, 0:01:16.120 --> 0:01:19.200 particularly those who've got more than fifteen thousand dollars in assets, 0:01:19.240 --> 0:01:22.120 whether that be in your chesy's account and your kiwisaver, 0:01:22.800 --> 0:01:25.840 whether that be in a car or some pennies that 0:01:25.840 --> 0:01:28.200 you've got saved up in the bank account, to start 0:01:28.240 --> 0:01:31.680 thinking about how do you want to leave your legacy 0:01:31.800 --> 0:01:33.399 or your things to the people or the. 0:01:33.480 --> 0:01:34.759 Organizations you care about. 0:01:34.920 --> 0:01:37.360 So wills are a great way to make sure it's 0:01:37.400 --> 0:01:40.640 all written down, it's super clear. Once you're gone, nobody's 0:01:40.640 --> 0:01:44.800 squabbling or disagreeing over what they think you might have wanted. 0:01:45.440 --> 0:01:48.800 And I understand about forty eight percent of us here 0:01:48.840 --> 0:01:51.120 in Altio I have a will. Is that enough? And 0:01:51.200 --> 0:01:53.280 how does that compare internationally? 0:01:54.440 --> 0:01:57.440 We would love everybody to have a will, every adult 0:01:57.520 --> 0:02:00.760 New Zealander to have a will. It's really tricky to 0:02:00.800 --> 0:02:02.080 compare internationally because. 0:02:01.840 --> 0:02:03.240 Of the size of our population. 0:02:04.080 --> 0:02:08.520 But what we understand is that it is a conversation 0:02:08.600 --> 0:02:10.079 that's tricky across the world. 0:02:10.440 --> 0:02:11.360 Talking about money. 0:02:11.440 --> 0:02:15.240 Death in the future isn't something that people necessarily easily 0:02:15.320 --> 0:02:15.959 jump into. 0:02:16.720 --> 0:02:18.799 And so I think we've. 0:02:18.560 --> 0:02:21.440 Got a really great role we can play in leading 0:02:21.480 --> 0:02:24.960 in the world around our everyone in New Zealand having 0:02:25.000 --> 0:02:26.959 a will and what a cool thing we could say 0:02:27.000 --> 0:02:29.440 that we were better than our Aussie counterparts at. 0:02:29.480 --> 0:02:31.680 And you mentioned, you know, one of the barriers is 0:02:31.720 --> 0:02:35.320 that kind of taboo feeling when it's you're talking about 0:02:36.160 --> 0:02:39.400 you know, death or or you know, planning for that. 0:02:39.760 --> 0:02:41.639 But what are some of the other barriers you think 0:02:42.120 --> 0:02:44.600 at the reason why people not enough? For people when 0:02:44.600 --> 0:02:45.760 outsid I have a will. 0:02:45.680 --> 0:02:49.200 You look, we hear a good few reasons why people say, oh, 0:02:49.240 --> 0:02:50.440 maybe just not yet. 0:02:50.960 --> 0:02:52.760 One of the things is I'm too young. 0:02:54.040 --> 0:02:57.640 People aren't necessarily feeling like they need to plan ahead. 0:02:58.280 --> 0:02:59.400 I know that I certainly have. 0:02:59.360 --> 0:03:02.760 Got a little bit of invincibility streak, and so I 0:03:02.800 --> 0:03:05.600 think one of the common myths is, you know, I 0:03:05.680 --> 0:03:08.040 need to be nearing the end of my life or 0:03:08.080 --> 0:03:10.800 about to retire. But really, if you think about their 0:03:10.880 --> 0:03:14.639 fifteen thousand dollars three shold, which the reason that threshold 0:03:14.720 --> 0:03:18.160 is important is that's when you need to get permission 0:03:18.160 --> 0:03:20.920 from the court to administer that will, so that is 0:03:21.280 --> 0:03:23.400 basically to follow out the instructions of that will. 0:03:24.120 --> 0:03:25.119 A lot of young. 0:03:24.919 --> 0:03:27.239 People are over that threshold pretty. 0:03:26.960 --> 0:03:28.160 Early on in life. 0:03:29.160 --> 0:03:31.440 One of the other myths is I need to be 0:03:31.520 --> 0:03:33.360 rich and have a lot of stuff to have a will, 0:03:34.560 --> 0:03:38.000 and again that's absolutely not true. We hear a lot 0:03:38.040 --> 0:03:40.160 from people as well that they think, ah, don't worry 0:03:40.200 --> 0:03:45.120 about it. You know my spouse, parents, siblings, children, they'll 0:03:45.160 --> 0:03:49.400 and hear it everything next of ken, no worries. But actually, 0:03:49.640 --> 0:03:51.320 something that a lot of people don't know is that 0:03:51.480 --> 0:03:54.240 if you die without a will, there's an administration act 0:03:54.280 --> 0:03:56.800 that sets it out in a formula. And so you 0:03:56.920 --> 0:03:59.960 might think that actually everything would go to your children equally, 0:04:00.440 --> 0:04:02.760 but maybe you've also got a spouse or a partner 0:04:02.960 --> 0:04:05.920 and they may be relatively new in your life and 0:04:06.000 --> 0:04:09.920 they may also stand to inherit something. So getting a 0:04:09.960 --> 0:04:11.960 will is kind of a great way to just, you know, 0:04:12.120 --> 0:04:14.600 cut through black and white what is it that you wanted, 0:04:15.400 --> 0:04:16.560 and be really clear on that. 0:04:17.120 --> 0:04:19.360 So can you just elaborate on that a bit more 0:04:19.400 --> 0:04:22.800 and talk about if you don't have a will, what 0:04:22.880 --> 0:04:23.880 happens with your assets. 0:04:24.279 --> 0:04:26.719 So if you've got over fifteen thousand dollars and you 0:04:26.800 --> 0:04:29.200 die without a will, it's what they call dying intestate, 0:04:29.320 --> 0:04:33.760 which essentially means that someone needs to apply to administer 0:04:33.880 --> 0:04:35.919 your will, and the person who administers your will is 0:04:35.920 --> 0:04:39.119 basically the person that collects all of those assets, maybe 0:04:39.160 --> 0:04:42.000 cashes in some things, might sell property on your behalf, 0:04:42.320 --> 0:04:45.760 and then ultimately distributes it according to that. 0:04:45.800 --> 0:04:47.080 Formula that I talked about. 0:04:47.440 --> 0:04:50.240 And you have to apply to the family court through 0:04:50.279 --> 0:04:53.520 what we call a kind of probate application process in 0:04:53.600 --> 0:04:56.520 order to have the rights to do that. So if 0:04:56.520 --> 0:04:58.640 you don't have a will, it can cost you a 0:04:58.640 --> 0:05:01.280 few thousand more dollars in terms that process and navigating 0:05:01.320 --> 0:05:05.120 those legal fees. It also can be quite stressful because 0:05:05.520 --> 0:05:07.640 what you think that person might have wanted, what that 0:05:07.720 --> 0:05:10.960 person actually wanted, and what that formula set out in 0:05:11.000 --> 0:05:13.880 the Administration Act say should happen could all be. 0:05:14.040 --> 0:05:15.080 Very different things. 0:05:15.440 --> 0:05:19.039 And often at public Trust we step in where families 0:05:19.120 --> 0:05:21.360 might not necessarily agree or there's a little bit of conflict, 0:05:21.400 --> 0:05:24.960 and we help to work through that and find the 0:05:25.000 --> 0:05:27.360 best outcome and try and make sure that everybody can 0:05:28.080 --> 0:05:31.360 grieve and celebrate their loved one as well as work 0:05:31.400 --> 0:05:33.040 through the administration and the life had been. 0:05:33.040 --> 0:05:33.640 That comes with that. 0:05:33.880 --> 0:05:36.039 So the importance of having a will is making sure 0:05:36.160 --> 0:05:39.360 that you get to leave the legacy you want to 0:05:39.440 --> 0:05:42.760 leave behind to those that you ultimately want to be 0:05:42.800 --> 0:05:45.720 able to inherit that, and without that, there's no kind 0:05:45.720 --> 0:05:49.560 of control over that, and you'll ultimately create potentially more 0:05:49.560 --> 0:05:53.760 of a hard situation for those left to have to 0:05:53.839 --> 0:05:57.039 deal with themarole and the courts and all that sort 0:05:57.040 --> 0:05:57.440 of jazz. 0:05:57.640 --> 0:06:00.560 Absolutely, it's a really beautiful gift that you can give 0:06:00.600 --> 0:06:03.800 to people, to be really clear, and I think it's 0:06:03.800 --> 0:06:05.560 one of the best gifts that you can leave when 0:06:05.560 --> 0:06:06.360 you're no longer here. 0:06:06.520 --> 0:06:11.160 Yeah. I had a family member head overseas recently, and 0:06:11.240 --> 0:06:13.160 before they left, they got their will all set up 0:06:13.240 --> 0:06:14.960 and they were just just in case, but they also 0:06:15.040 --> 0:06:17.080 just wanted to make sure that there was just something 0:06:17.120 --> 0:06:19.120 that was giving them peace of mind in terms of 0:06:19.160 --> 0:06:22.320 how they wanted their assets distributed if something to will's happened, 0:06:22.320 --> 0:06:27.200 but let's hope it doesn't. So but I also just 0:06:27.279 --> 0:06:30.320 recently understood too that despite these kind of tougher economic 0:06:30.360 --> 0:06:32.920 times at the moment that wills are kind of trending 0:06:33.040 --> 0:06:35.160 up and they're leaving. Legacy can tell us a little 0:06:35.160 --> 0:06:37.120 bit about that and what you think is behind it. 0:06:37.279 --> 0:06:39.359 Yeah, So we have definitely seen a kind of steady 0:06:39.480 --> 0:06:42.880 increase in people writing wills, which we're ecstatic about. 0:06:43.960 --> 0:06:46.039 It's it is steady, though. 0:06:45.880 --> 0:06:49.599 It's probably not the dramatic increase that we'd like to 0:06:49.640 --> 0:06:52.159 see and closer to that one hundred percent mark of 0:06:52.200 --> 0:06:55.800 everyone having a will. What I think is driving it 0:06:55.839 --> 0:06:58.800 though a lot of it has been post COVID, We've 0:06:58.839 --> 0:07:03.240 definitely noticed that people had different reflections when they were 0:07:03.240 --> 0:07:05.960 stuck in their bubble thinking about life and plans and 0:07:05.960 --> 0:07:08.040 what they wanted to do. There's been an increase in 0:07:08.080 --> 0:07:10.360 people heading overseas as well to travel now that all 0:07:10.360 --> 0:07:14.160 the borders are open, and people thinking about planning. What 0:07:14.200 --> 0:07:16.520 we know from the research that we've done is that 0:07:17.920 --> 0:07:20.440 ninety eight percent of Nezella's want to leave some form 0:07:20.480 --> 0:07:23.720 of legacy, so we know that it's really important. How 0:07:23.760 --> 0:07:26.320 they then go about turning that into an action and 0:07:26.360 --> 0:07:29.240 getting their will written is different for different people. 0:07:29.680 --> 0:07:32.960 And this theme of wild Week twenty twenty four is 0:07:33.040 --> 0:07:36.200 charitable giving. Can you tell us a bit about how 0:07:36.400 --> 0:07:38.960 charitable giving fits into a will? 0:07:39.360 --> 0:07:41.600 So a will is a really powerful tool to be 0:07:41.640 --> 0:07:43.800 able to pass on a legacy not only to your 0:07:43.840 --> 0:07:46.920 friends and your faro, but actually also to an organization 0:07:46.960 --> 0:07:49.920 that might have been really meaningful for you. So there's 0:07:49.920 --> 0:07:51.520 a couple of different ways that you can do that. 0:07:51.560 --> 0:07:54.240 In a will, you can leave what is called essentially 0:07:54.280 --> 0:07:57.800 a gift, so that can be property. We've seen people 0:07:57.880 --> 0:08:02.160 leave houses to particular organization to repurpose for whether that 0:08:02.240 --> 0:08:06.400 be headquarters or particular community use. We've seen people leave 0:08:06.480 --> 0:08:10.080 cars to local high schools. We've also seen people leave 0:08:10.240 --> 0:08:13.920 monetary amounts just to help us every day spending. The 0:08:13.960 --> 0:08:15.840 other type of a gift is what we call a 0:08:15.920 --> 0:08:18.880 kind of residual gift. So once everything in the world 0:08:18.880 --> 0:08:21.720 that is stipulated has been handed out, whether that be 0:08:22.120 --> 0:08:25.560 property or particular items, then you can leave a percentage 0:08:25.560 --> 0:08:28.840 of what's left to a charitable organization. And it can 0:08:28.920 --> 0:08:31.280 be as little as one percent, but it makes quite 0:08:31.280 --> 0:08:34.360 a big difference to those organizations in terms of that 0:08:34.520 --> 0:08:37.480 funding that helps them to keep going and running long 0:08:37.559 --> 0:08:38.280 into the future. 0:08:38.679 --> 0:08:42.480 Oh. Interesting, and are there any favorite charities that we 0:08:42.520 --> 0:08:44.400 seem to be donating to here in our TIOA. 0:08:44.640 --> 0:08:46.040 Yeah, there are definitely some favorites. 0:08:46.080 --> 0:08:51.520 We would say child cancer, animal welfare definitely show up 0:08:51.960 --> 0:08:56.360 in humanitarian causes, so we see a lot of people 0:08:56.400 --> 0:09:00.320 wanting to donate to really well known charities, unique for 0:09:00.320 --> 0:09:03.600 Redge Cross, the Child Cancer Foundation. And then we also 0:09:03.640 --> 0:09:06.920 see people really taking an area of passion. 0:09:07.000 --> 0:09:08.880 For example, we had a gentleman. 0:09:08.480 --> 0:09:11.560 Who was super passionate about wildlife, and so what he 0:09:11.600 --> 0:09:17.400 did was he asked us to look at conservational organizations 0:09:17.440 --> 0:09:19.280 that were in the local area that looked after like 0:09:19.360 --> 0:09:23.400 forestry and birds, and so he wanted to be able 0:09:23.440 --> 0:09:26.560 to contribute to them ongoing and set up funds that 0:09:26.600 --> 0:09:28.440 were able to then be used for a variety of 0:09:28.480 --> 0:09:29.280 different projects. 0:09:29.320 --> 0:09:31.560 So there's a whole heap of different ways you can do. 0:09:31.640 --> 0:09:34.040 It doesn't necessarily have to be one organization depending on 0:09:34.080 --> 0:09:35.680 what you want to leave, and your. 0:09:35.559 --> 0:09:37.120 Gift doesn't have to be huge. 0:09:37.880 --> 0:09:41.040 It can be a few thousand dollars, or it can 0:09:41.120 --> 0:09:43.640 be a percentage. There's a whole lot of choice, and 0:09:43.720 --> 0:09:47.480 so we just encourage people to think about what would 0:09:47.520 --> 0:09:51.400 be meaningful to them, what fits within their kind, the 0:09:51.480 --> 0:09:53.200 legacy they want to leave, in the kind of the 0:09:53.280 --> 0:09:56.240 amount of assets they think they might have, and then 0:09:56.559 --> 0:09:58.760 think about leaving to an organization in that way. 0:09:59.120 --> 0:10:02.079 And Catherine nine and that you are pretty open about 0:10:02.320 --> 0:10:04.760 how you have structured your will, and that You've actually 0:10:04.880 --> 0:10:09.000 got a part of your legacy going to a charity, 0:10:09.120 --> 0:10:10.960 and that's quite meaningful to you. Do you want to 0:10:11.040 --> 0:10:13.120 share us a bit you know about that story. 0:10:13.320 --> 0:10:16.360 Yeah, So personally, in my will, I've chosen to leave 0:10:16.920 --> 0:10:19.440 a gift to a charity that's really close to my heart, 0:10:19.640 --> 0:10:23.200 which is the Starship Foundation. So what I didn't realize 0:10:23.240 --> 0:10:25.120 when I was a child and I used their services 0:10:25.240 --> 0:10:29.880 quite frequently during my teenage years, was that thirty percent 0:10:30.000 --> 0:10:34.400 of their annual operating funding comes from bequesting, which is 0:10:34.400 --> 0:10:37.000 basically another word for leaving some type of. 0:10:36.920 --> 0:10:40.800 Residual gift in your will. And that number really astounded me. 0:10:41.440 --> 0:10:45.520 And so when I thought about the many weeks and 0:10:45.600 --> 0:10:48.080 days that I'd spent in Starship with the amazing nurses, 0:10:48.920 --> 0:10:51.880 you know, long after my parents had gone home because 0:10:51.880 --> 0:10:54.800 they were juggling looking after three kids and one in 0:10:54.840 --> 0:10:58.800 Starship but two still needed some help, I just think, 0:10:58.960 --> 0:11:01.520 what an amazing way to not only leave to my 0:11:01.640 --> 0:11:04.120 two young children, but also to leave to all of 0:11:04.160 --> 0:11:08.679 the children of New Zealand through Starship. And so I've 0:11:08.880 --> 0:11:11.079 gone and put a gift into mind because I think 0:11:11.440 --> 0:11:14.400 by the time I reach hopefully fingers crossed the point 0:11:14.480 --> 0:11:18.719 of my will becoming a reality, I think financially, I'll 0:11:18.760 --> 0:11:20.440 be in a pretty different place to where I am 0:11:20.480 --> 0:11:22.240 at the moment with my young kids and you know, 0:11:22.280 --> 0:11:25.199 paying for all the wonderful costs that come with having 0:11:25.640 --> 0:11:29.880 small children and family. So for me, it was starship. 0:11:29.960 --> 0:11:32.559 But everyone will have their own personal cause, and I 0:11:32.600 --> 0:11:36.240 think it's just about what is that legacy beyond your 0:11:36.240 --> 0:11:37.280 family you want to leave. 0:11:37.840 --> 0:11:40.400 Yeah, hey, thanks so much for sharing your story there too. 0:11:40.559 --> 0:11:43.720 Really appreciate that, and that's really interesting for people to see, 0:11:44.280 --> 0:11:49.000 you know, the power of charitable giving too. Are there 0:11:49.000 --> 0:11:52.640 any myths around charitable giving that we should bust? 0:11:52.920 --> 0:11:56.079 Yeah, I think the most common one is I need 0:11:56.120 --> 0:11:58.640 to have millions to leave. I think people kind of 0:11:58.640 --> 0:12:01.560 imagine that they need to be ad to be in 0:12:01.640 --> 0:12:05.800 the game. And actually, when you think about how you 0:12:05.880 --> 0:12:09.880 might donate when you're living, is not just dissimilar to 0:12:09.920 --> 0:12:12.160 how you might donate in your will, in the sense 0:12:12.200 --> 0:12:14.440 of you do not have to set up your own 0:12:14.520 --> 0:12:17.800 charitable organization with millions of dollars. It can be as 0:12:17.840 --> 0:12:20.960 small as a thousand or a few thousand dollars as well, 0:12:22.040 --> 0:12:25.240 And I think equally as well, I don't know that 0:12:25.360 --> 0:12:30.520 people know how many people are actually donating. So the 0:12:30.559 --> 0:12:33.440 thing that really surprised me when I joined Public Trust 0:12:33.720 --> 0:12:37.160 was about eight percent of New Zealanders that have written 0:12:37.200 --> 0:12:39.240 their will with us in the last three years left 0:12:39.280 --> 0:12:42.400 a charitable gift. And that was actually lower than I 0:12:42.559 --> 0:12:44.839 was just personally expecting. That was my own assumption, not 0:12:44.920 --> 0:12:48.000 based on any real fact at all, and I would 0:12:48.040 --> 0:12:50.840 really love to see that number rise because even a 0:12:50.920 --> 0:12:54.000 one percent shift in that number, if we think about 0:12:54.320 --> 0:12:58.199 the billions that are going to move an intergenerational wealth 0:12:58.240 --> 0:13:00.880 transfer over the next twenty years, I just think about 0:13:01.320 --> 0:13:04.959 how much of that could also be put into creating 0:13:05.000 --> 0:13:08.880 and enduring New Zealand with those charitable organizations still present 0:13:08.920 --> 0:13:12.320 to help people. So those are definitely a couple that 0:13:12.360 --> 0:13:12.840 struck me. 0:13:13.160 --> 0:13:16.000 You know, zooming out to an investment portfolio. How common 0:13:16.120 --> 0:13:17.800 is it for people to leave shares or parts of 0:13:17.800 --> 0:13:19.240 an investment portfolio in their will. 0:13:19.520 --> 0:13:22.560 Yeah, we definitely see people. We tend to have two 0:13:22.640 --> 0:13:24.920 types of camps. We have the really avid investors who 0:13:24.960 --> 0:13:27.880 are really specific about exactly what they want to have happened, 0:13:27.880 --> 0:13:32.160 and they've been investing for years. And so I've got 0:13:32.160 --> 0:13:36.160 a friend who's definitely in that camp. As I've actively 0:13:36.200 --> 0:13:38.000 encouraged them to get their will, They've kind of asked 0:13:38.040 --> 0:13:41.240 lots of questions about, well, how could I leave an 0:13:41.320 --> 0:13:45.200 enduring growth and also an enduring kind of income from it. 0:13:45.960 --> 0:13:48.360 And then we've also got people who just wanted it 0:13:48.400 --> 0:13:50.600 to be wrapped up and included and kind of cashed 0:13:50.679 --> 0:13:51.840 up at that point. 0:13:52.040 --> 0:13:54.240 So there's definitely options for everyone. 0:13:54.320 --> 0:13:57.760 I would say, the more specific and unique the circumstance 0:13:57.800 --> 0:13:59.920 you've got, it might pay to go and see someone 0:14:00.280 --> 0:14:03.080 in real life or talk to someone over the phone 0:14:03.920 --> 0:14:07.079 versus maybe writing or well online. But there's definitely different 0:14:07.080 --> 0:14:10.240 ways to structure it depending on what you want those 0:14:10.280 --> 0:14:12.360 shares to do for you and your loved ones in 0:14:12.400 --> 0:14:12.800 the future. 0:14:12.920 --> 0:14:13.079 Yeah. 0:14:13.080 --> 0:14:14.520 I was talking to someone the other day actually, and 0:14:14.559 --> 0:14:17.040 they're like, I've just realized I need it will because 0:14:17.080 --> 0:14:19.040 if something happened to me, I don't want people selling 0:14:19.040 --> 0:14:20.520 my shares, you know, I want them to be able 0:14:20.520 --> 0:14:23.400 to keep it. And that was quite interesting for them 0:14:23.400 --> 0:14:25.600 to kind of have that realization to go, you know 0:14:25.640 --> 0:14:29.360 about that what they wanted with their legacy. What are 0:14:29.360 --> 0:14:31.680 some of the tax implications or advantages when it comes 0:14:31.760 --> 0:14:34.960 to you know, leaving some investments. 0:14:35.040 --> 0:14:37.760 I mean, I definitely would not say that I'm a 0:14:37.760 --> 0:14:40.080 tax expert, and people should always get their own advice. 0:14:40.920 --> 0:14:44.240 But ultimately, of course, you can claim back on donations 0:14:44.240 --> 0:14:47.840 made if you're earning a text income when you give 0:14:47.920 --> 0:14:52.000 when you're living, and also entities that earn income like 0:14:52.040 --> 0:14:54.000 a states once people have passed away. 0:14:54.360 --> 0:14:57.320 Also there are tax opportunities in that front to claim. 0:14:58.120 --> 0:14:59.760 But in a lot of cases, what we see is 0:14:59.760 --> 0:15:02.520 that people don't necessarily have the funds or feel like 0:15:02.640 --> 0:15:04.640 they have the funds to give while they're living. 0:15:05.200 --> 0:15:07.520 And I definitely would say that I am in that camp. 0:15:07.640 --> 0:15:09.360 So for me, it. 0:15:09.480 --> 0:15:13.320 Felt more doable to put it into as part of 0:15:13.360 --> 0:15:16.440 my will and part of my legacy because again fingers 0:15:16.520 --> 0:15:18.680 crossed at that point in my life, I feel like 0:15:18.720 --> 0:15:20.880 it will be a different life stage to where I'm 0:15:20.920 --> 0:15:24.480 at at the moment. But there's definitely pros and cons 0:15:24.480 --> 0:15:26.280 to both, and it depends on the outcome that you're 0:15:26.320 --> 0:15:29.360 trying to achieve. So we always recommend to people go 0:15:29.400 --> 0:15:32.760 and speak to your accountant or when you're writing your will, 0:15:33.000 --> 0:15:35.720 to one of our professionals about what are the options, 0:15:35.880 --> 0:15:38.480 and they will give you some advice or direct you 0:15:38.520 --> 0:15:39.920 to someone to give you some advice. 0:15:40.000 --> 0:15:43.080 So what is that average amount bequeathed. 0:15:43.000 --> 0:15:44.920 In the last three years for the wills that we've 0:15:44.920 --> 0:15:48.080 written at Public Trust is about ten thousand dollars, So 0:15:48.120 --> 0:15:51.080 there's definitely quite a range that we see, and that 0:15:51.120 --> 0:15:53.920 doesn't include necessarily people who set up their own charitable 0:15:54.000 --> 0:15:59.520 organization ongoing. That's individuals gifting an amount to someone. So 0:15:59.600 --> 0:16:04.240 again it's pretty notable, and it's pretty amazing that even 0:16:04.320 --> 0:16:06.280 eight percent of New Zealanders who are writing wills with 0:16:06.360 --> 0:16:09.320 us are willing to leave that to an organization. 0:16:09.640 --> 0:16:12.520 So talked a lot about the importance of a will 0:16:12.680 --> 0:16:17.320 and how to structure a charitable giving and leaving investments, 0:16:17.360 --> 0:16:19.320 but ultimately, how do you create a will? 0:16:19.520 --> 0:16:20.840 No, there's a few different options. 0:16:21.560 --> 0:16:25.240 You can go and see your local solicitor, you can 0:16:25.240 --> 0:16:27.040 come to us at Public Trust, you can go and 0:16:27.120 --> 0:16:30.600 see another trust, your organization. There are a number of 0:16:30.600 --> 0:16:35.320 online options which are quite cost effective. Surprisingly, so one 0:16:35.360 --> 0:16:36.720 of the things we hear from people is they think 0:16:36.760 --> 0:16:39.040 wills are quite expensive, but our will start from eighty 0:16:39.080 --> 0:16:41.720 five dollars online, which I think is not too bad 0:16:41.720 --> 0:16:47.560 in today's economic environment. Or you can call a trust 0:16:47.560 --> 0:16:50.720 your organization and make an appointment to see someone either 0:16:50.840 --> 0:16:54.720 in a customer center or a branch or over the phone. 0:16:55.000 --> 0:16:58.480 So a public trust. We've got twenty one locations nationwide, 0:16:58.520 --> 0:17:01.480 so we're in most places where people might want to 0:17:01.480 --> 0:17:02.160 come and see us. 0:17:02.240 --> 0:17:04.159 But we're also happy to write. 0:17:03.920 --> 0:17:06.520 A will over the phone or happy to help you 0:17:06.560 --> 0:17:07.959 if you want to still on your couch in your 0:17:07.960 --> 0:17:10.719 pajamas once you get home from work and write your 0:17:10.760 --> 0:17:12.919 will there with your loved ones with you. 0:17:13.119 --> 0:17:14.920 Say, if there's a free online tool or something. Is 0:17:14.920 --> 0:17:17.520 there anything to watch out for when you're creating a will. 0:17:17.800 --> 0:17:21.080 Yeah, I think for me it's better to go with 0:17:21.119 --> 0:17:25.040 a reputable source, whether that's a trustee organization or a 0:17:25.080 --> 0:17:28.320 solicitor that you know. And I think it's also really 0:17:28.320 --> 0:17:31.080 important to understand that you need to make sure that 0:17:31.160 --> 0:17:34.840 it's been witnessed correctly, which is part of what makes 0:17:34.840 --> 0:17:38.640 it legally binding. So there are specific steps to follow 0:17:38.680 --> 0:17:40.520 in terms of how many people sign and how they 0:17:40.520 --> 0:17:42.280 sign the documents, and that can be a bit of 0:17:42.760 --> 0:17:45.679 a downfall. And then of course making sure that you 0:17:45.760 --> 0:17:47.960 have a copy of that will where people know where 0:17:48.000 --> 0:17:50.000 it is, because quite often what we hear from people 0:17:50.119 --> 0:17:52.200 is I went to find it in Dad's top draw 0:17:52.280 --> 0:17:54.280 and it wasn't there, And now I've got no idea 0:17:54.320 --> 0:17:57.760 and what do I do? And unfortunately, if you can't 0:17:57.800 --> 0:18:01.800 locate it, then it's tricky to prove that there was 0:18:02.119 --> 0:18:04.120 a will in fact or what those wishes were. 0:18:04.560 --> 0:18:06.560 Because I understand here in Altio it has to be 0:18:06.600 --> 0:18:09.280 a wet signature on your will, and yet it has 0:18:09.320 --> 0:18:13.720 to be witnessed in person too, right, so no digital 0:18:13.760 --> 0:18:16.160 wills signature is allowed. 0:18:16.000 --> 0:18:16.640 Not at the moment. 0:18:16.800 --> 0:18:16.879 No. 0:18:17.640 --> 0:18:17.960 So for. 0:18:19.680 --> 0:18:22.000 Us, it do have a will, how often should we 0:18:22.080 --> 0:18:24.159 be looking at it, refreshing it, updating it. 0:18:24.480 --> 0:18:27.160 Yet, look, we recommend every three to five years, or 0:18:27.200 --> 0:18:30.320 when something big in your life happens, whether it's a 0:18:30.359 --> 0:18:34.680 marriage or a split, or children, or you buy a business, 0:18:34.760 --> 0:18:38.200 or you're heading overseas obviously all of those big milestones. 0:18:38.760 --> 0:18:41.720 Think of it a bit like your packing list to 0:18:41.840 --> 0:18:44.520 do if you're moving house, buying houses, or doing any 0:18:44.560 --> 0:18:47.040 of those sorts of things. So three to five years 0:18:47.080 --> 0:18:49.840 is a good mark because it tends to give you 0:18:49.960 --> 0:18:52.840 enough regularity without costing you too much to do those 0:18:52.920 --> 0:18:53.640 quick updates. 0:18:53.760 --> 0:18:55.560 Hey, well, thank you so much, Catherine. Is there anything 0:18:55.560 --> 0:18:57.800 else you want people to know for Will's Week twenty 0:18:57.840 --> 0:18:58.440 thirty four. 0:18:58.880 --> 0:19:03.439 Really, my part request would be just give a gift, 0:19:03.640 --> 0:19:05.520 whether it's to a loved one because you write a will, 0:19:05.600 --> 0:19:07.479 or a gift to an organization so that they can 0:19:07.560 --> 0:19:11.760 keep helping New Zealanders. I think this Will's Week, really 0:19:11.800 --> 0:19:13.919 what we want in public trust is for everybody to 0:19:13.960 --> 0:19:17.479 be having conversations about the future and planning ahead and 0:19:17.520 --> 0:19:18.080 getting their. 0:19:17.960 --> 0:19:20.960