New research commissioned by Public Trust in its 150th year reveals 65% of parents and guardians with children aged under five in New Zealand do not have a will, highlighting a common misconception that people believe they don’t have assets worth protecting, or that they’re too young to need a will.
This Wills Week 2023, brought to you by Public Trust and running from 17 to 23 July, Public Trust is working hard to disprove these misconceptions and boost the number of New Zealanders with wills. The overall aim of Wills Week is to educate New Zealanders on the importance of protecting the things that matter for the people that matter and empower them with the confidence to write their will.
You might think you don’t have enough assets to leave in a will, but new research shows 85 percent of people want to leave a legacy that goes beyond money and assets and instead make sure they’re passing on things like values to live by, happiness and a good upbringing.
Wills Week 2023, brought to you by Public Trust, runs from 17 to 23 July and aims to show New Zealanders the importance of protecting their legacy and empower them with the confidence to write their will. Nearly 50% of New Zealanders over 18 have a will in place, and we are working hard to significantly boost that number.
Most young families are without adequate protection for their children, assets and legacies if parents die, new research reveals.
The research, commissioned by Public Trust in its 150th year, shows 65% of parents and guardians with children aged under five do not have a will.
This improves slightly in families with older children – among parents and guardians with school aged children, 54% do not have a will in place, and this decreases to 46% among parents and guardians with older children.
Glenys Talivai, Public Trust CEO, says the research findings are “concerning”.
New research commissioned by Public Trust in its 150th year shows 39 percent of Kiwi say their biggest concern is having enough money for their own retirement.
“For most New Zealanders, their KiwiSaver investment will be a tool to help fund their retirement,” says David Callanan, Public Trust General Manager Corporate Trustee Services.
“I encourage everyone to check their KiwiSaver investment to ensure that they have the appropriate settings for their situation. This includes making sure your contribution rates are sufficient to help set you up for the lifestyle you’d like to enjoy in your retirement.”
Public Trust employed some of the first women in the Public Service from 1892 — a year before women won the right to vote in New Zealand.
In 1892, Maud Harrap transferred from the Postal Department to the Public Trust Office as a short-hand typist and became the first woman on staff. Maud was joined later that year by Susan Dimant, and, in 1895, by Julia Skerrett and Emily Smythe, all as short-hand typists.
2023 marks a special anniversary for Public Trust, 150 years since it was established as the world’s first public trustee services organisation.
The Crown entity is now well-known for its provision of estate planning services, including wills and enduring powers of attorney (EPAs), but what is less known is that it was set up to protect some of our society’s most vulnerable people.
Late nineteenth century New Zealand society was haphazard; settlers lived dangerously and moved frequently around the country and beyond. Women and children were particularly vulnerable if widowed or orphaned, as appointed estate trustees had a habit of disappearing.
June was International Pride Month, a month dedicated to recognise freedom, equality and most importantly to celebrate love.
Matthew Gamman is one of our Trustee’s based within Auckland, and as a proud member of our newly created Diversity and Inclusion working group, he is dedicated to ensuring Public Trust remains an equitable environment for all stakeholders and is championing the ideology of widespread inclusivity and education surrounding the rainbow community at Public Trust. Here is what he has to say about Pride at Public Trust and his mahi in this space.....
“Nick Combs is a new senior portfolio manager in the Public Trust's investment team.
“He joins the 150-year-old Crown entity from his most recent role as Head of Investment Management at the Financial Markets Authority (FMA), where he had oversight responsibilities for managed investment schemes, including KiwiSaver schemes.”
“The ability to complete some of these processes using digital technology could significantly speed things up,” Glenys Talivai says. “We are aware the courts are looking to digitise more of their processes in general and are supportive of their work in this space.”
“At Public Trust we have a culture of care and one of our most important values is that we put people at the heart of everything we do. We take our culture work seriously and have worked with our people to articulate our values and our purpose and to put in place a framework that allows everyone to contribute to strengthening our culture.
“We’ve done a lot of work to build a diverse and inclusive workplace, where our people feel safe to speak up – to share their ideas, raise issues, contribute to improvements and most of all be confident to be uniquely themselves.”
“Figures for March have yet to be released but David Callanan, general manager of Public Trust Corporate Trustee Services - a KiwiSaver supervisor in charge of approving hardship withdrawals for multiple schemes - said he had seen a 52 per cent increase in applications between March 2022 and March 2023.”
Listen in to Mark Leishman and Public Trust chief executive Glenys Talivai discuss the importance of good estate planning on RNZ Nights.
"Public Trust chief executive Glenys Talivai said if you suspect someone has been coerced into changing their will, seek independent legal advice or alert the lawyer or trustee organisation that made the will.”
“Leaving things until the last minute is a bad habit many of us are guilty of. Which is why the Public Trust is asking people to get in early…. We tend to think we all have plenty of time. It's often not until something happens or there's some sort of event, that we take action. Waiting for things to happen is tempting fate."
"Dementia cases are expected to double by 2050, yet very few New Zealanders have a plan should the time come when they can no longer manage their affairs.... Yet it’s estimated that only 17% of New Zealanders have an enduring power of attorney (EPA), based on data from Public Trust."