No one likes to dwell on life's "what ifs," but planning for the unexpected is a smart and empowering move — especially when it comes to your KiwiSaver account.
To help safeguard your financial future and give your loved ones peace of mind, it's worth putting two key documents in place:
- A Will
- An Enduring Power of Attorney (EPOA)
These help make sure your KiwiSaver account and your wider financial affairs are managed the way you intended.
Why your Will matters
Your Will outlines what should happen to your estate, including your Hive KiwiSaver Scheme investment, after your death. As part of creating your Will, you appoint an executor to carry out your wishes.
What your executor needs to do depends on what you leave behind. Often, they'll apply to the Court to have your Will formally recognised (this is called Probate). Once that's granted, they can request the release of your KiwiSaver savings for distribution. If your KiwiSaver savings are under $40,000, Probate might not be needed to release them.
Without a Will, things get more complex. The law decides how your estate is divided, and if your KiwiSaver savings are over $40,000, someone will need to apply to the Court to be appointed as administrator before they can be released. This can create delays and added stress for your family.
Who should help with your Will?
Because a Will must meet legal requirements, it's worth working with a lawyer or professional trustee service. Be sure to ask about their fees, especially if you're considering naming them as executor.
What is an Enduring Power of Attorney?
An EPOA lets someone you trust make decisions for you if you're unable to. For example, if you were overseas and needed someone to manage your finances, or if illness or injury meant you couldn't make decisions yourself, an EPOA ensures someone you trust can step in.
There are two types:
- Property – managing your money and investments (like your KiwiSaver account)
- Personal care and welfare – managing health and daily care decisions
Having an EPOA in place protects your interests and removes unnecessary hurdles at an already challenging time.
Don't wait — now is a great time to plan
No matter your age, having a Will and EPOA is a smart way to give your loved ones peace of mind. If you're unsure where to begin, Sorted.org.nz have two great guides:
Or if you prefer, you can seek legal advice.
And remember — Hive is here to support you along the way. As a member of the Hive KiwiSaver Scheme, you have access to expert KiwiSaver advice to help you make informed, confident decisions.
