Why you should write a Will when you retire

Why retirement is a natural trigger

Retirement is one of the clearest life changes that makes an old will out of date. The will you wrote during your working years was built around a life that no longer exists — a different home, different assets, different people, and different priorities. Retirement is the perfect moment to stop and ask whether your will still says what you would say today.

What changes at retirement

In practical terms, a lot:

• assets change — you may have sold a business, downsized a home, or moved savings into superannuation and investments;
• beneficiaries change — children grow up, grandchildren arrive, and you may want to support different people or causes;
• executors change — the friend or colleague you named years ago may have moved, become unwell, or no longer be the right choice;
• wishes change — travel, care, and how you want to be remembered may all feel different now; and
• guardianship needs change — if your children are adults, guardian appointments may no longer be needed.

Retirement-specific things to review

Alongside the will itself, retirement is a good time to look at the whole picture:

• KiwiSaver, superannuation and life insurance beneficiary nominations — these can pass outside your will, so update them separately;
• an enduring power of attorney, so someone you trust can manage your finances and health decisions if you lose capacity — a will cannot do this;
• enduring guardianship arrangements for future care decisions;
• how your home and other assets are owned — jointly held property passes differently from property owned in your own name;
• any gifting you plan to do during your lifetime, and whether it affects your estate or other people’s expectations; and
• your wishes about care, health and funeral arrangements, and whether anyone knows about them.

Common mistakes

People often assume things that are not true:

• “my old will is fine” — it was written for a different life;
• “my partner will get everything automatically” — that is not always how it works;
• “the executor will still be able to act” — age, health and distance can change that;
• “my children are adults, so there’s nothing to update” — gifts, executors and wishes still matter; and
• “a will is enough” — without an enduring power of attorney, no one may be able to manage your affairs if you lose capacity.

Practical steps

Use retirement as a fresh start for your planning:

• review your will, and update it to reflect your current assets, beneficiaries and wishes;
• set up (or review) enduring powers of attorney for finances and health;
• update beneficiary nominations on KiwiSaver, superannuation and insurance;
• talk to your family about your wishes, including your funeral and tangi;
• tell your executor where the signed original will is kept;
• review everything every few years after that; and
• get advice if your situation involves trusts, business interests, overseas assets or complicated family arrangements.

The bottom line

Retirement changes your life — your will should change with it. It is a rare chance to start fresh with documents that genuinely match how you live now, and to put the supporting arrangements in place so the people you trust can act for you when you need them. Our guide on updating your will and guide on who should write a will cover the surrounding basics.