With border restrictions loosening up around the world, a significant amount of our workforce are thinking about embarking on their overseas experience (OE).
Planning an OE can be exciting but also overwhelming. The “to do” list prior to departing on an OE can be long and cumbersome to work through. Whether your OE is for 5 weeks or 2 years, some tasks to add to your “to do” list are:
1. Prepare a Will that complies with New Zealand laws, if you don’t already have one in place; and
2. Consider whether your Will in New Zealand meets the necessary requirements if you were to pass away while you are overseas.
While this topic may put a dampener on the excitement, it is necessary to turn your mind to this.
If you have a bank account or any assets in New Zealand and intend on keeping them in New Zealand while you are on your OE, you should at the very least have a Will in New Zealand. If you do not already have one, make sure you get one sorted before you get on that flight!
If your OE is more than just a holiday and you intend on working overseas, it is likely you may end up owning assets in that country, whether it be bank accounts, cars or other property. If you intend on owning assets overseas, it is best practice to engage a lawyer in that country to prepare another Will for you that relates to your assets in that country. Your New Zealand Will may be able to cover your overseas assets if you were to pass away overseas without a Will in your destination country. However, caution must be taken as some countries have less testamentary freedom than New Zealand. Your assets may not end up in the hands of those you intended. For this reason, it is crucial that your overseas lawyer communicates with your lawyer in New Zealand. If they do not communicate, you may run the risk of having two Wills in place which cancel each other out.
Regardless of your situation, it is best to be proactive about your Will. Get in touch with our team to discuss your Will today.