September 03, 2018
Need for whānau to make a Will
Fewer than one in three Māori have prepared a Will, which could create problems for their whānau when they die.
A survey of 2000 New Zealanders by the Commission for Financial Capability has found only 47 percent had a will – 53 percent of Pakeha, 31 percent of Māori, 25 percent of Asians and 20 percent of Pasifika people.
Its head of community programmes, Peter Cordtz, says low uptake by Māori and Pasifika could be due to a cultural ethic of collectivism, where money and possessions are expected to be shared, and if a family strikes hardship the wider family and community will look after them.
Retirement Commissioner Diane Maxwell says Wills don’t just cover money and possessions but also who will raise surviving children, care for pets, funeral arrangements and where you want your final resting place to be.
The increase in the number of blended families made wills even more important, as couples had to consider their children, stepchildren and former partners.
She is urging people to use this week’s Money Week as a prompt to get this area of their life sorted.
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