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When it comes to end-of-life finances, it’s not a matter of if, but when. And while it’s a heavy topic, having a plan in place can save your loved ones a mountain of stress when the time comes. Makayla and Jess explore what every Kiwi needs to get sorted - from wills and executors to funeral funds and estate planning.
Why End-of-Life Finances Matter
End-of-life finances often get pushed to the bottom of the list — out of sight, out of mind. But for those left behind, not having things in order can lead to confusion, delays, and even emotional distress.
Makayla shares stories from her time in banking where grieving spouses were shocked to learn that joint accounts are frozen immediately, often leaving them unable to access essential funds. Without the proper documentation – namely a will – financial institutions are unable to assist, even in urgent situations.
Only about 50% of Kiwis have a will. And in Lighthouse Financial’s experience, the real number is likely lower, with many wills outdated or incomplete. That’s why a foundational part of any end-of-life financial plan is ensuring you have a legally binding and current will – especially if you own property or have children.
Key Documents & Practical Steps to Prepare
Getting your end-of-life finances sorted isn’t just about drafting a will. It’s about giving your family clarity and control in a time when everything else feels out of their hands.
Here are some key components to focus on:
Appoint a reliable executor – whether it’s a trusted family member, friend, or your solicitor. Just make sure they know they’ve been chosen and understand what it entails.
Organise your financial records – including account details, assets, liabilities, and insurance policies. Store them securely and share access with a trusted person.
Set aside emergency funds – the average cost of a funeral in New Zealand is around $10,000, and many people underestimate the true costs involved.
Review your insurance cover – life, trauma, and income protection insurance should be relevant to your current life stage and family situation.
Protect your digital footprint – from social media accounts to device passwords, legacy features and permissions should be set up in advance.
In one example, Jess mentioned a friend who had shared all her critical information in a password-protected file, along with separate instructions on how to access it. It’s not fun to think about — but it is deeply practical.
Estate Planning & Communicating Your Wishes
Proper estate planning ties everything together. It’s about ensuring your financial legacy is preserved and that your wishes are carried out the way you intended.
This includes:
Crafting a clear, updated will that reduces the chance of disputes or delays during probate.
Considering a trust for families with more complex dynamics or significant assets.
Regularly updating beneficiaries on superannuation, insurance, and investments – especially after major life changes like divorce or having children.
Open communication with family or trusted individuals about your plans – even when it’s uncomfortable.
Accounting for estate costs such as taxes on income-generating assets or business transitions.
It may not be as exciting as wealth building, but safeguarding what you’ve built is just as important.
Key Takeaways
Only half of New Zealanders have a valid will – and many are out of date.
Joint accounts are often frozen immediately after death without proper documentation.
Funeral costs can exceed $10,000 – plan for this ahead of time.
Set up digital legacies and passwords access with someone you trust.
Estate planning includes more than a will: executors, trusts, insurance, and clear communication are vital.
Next Steps:
The best gift you can leave your family is peace of mind. Get your insurance and estate plan sorted with Lighthouse Financial.
If you’d like to learn more, check out these other episodes below.
For a no obligation discussion to see how we can help you on the path to wealth, please contact us.
Disclaimer:
The information in this article is general information only, is provided free of charge and does not constitute professional advice. We try to keep the information up to date. However, to the fullest extent permitted by law, we disclaim all warranties, express or implied, in relation to this article – including (without limitation) warranties as to accuracy, completeness and fitness for any particular purpose. Please seek independent advice before acting on any information in this article.
