We have had a number of clients contact us following a recent newspaper article, concerned that if they die their estate will not be able to get their Kiwisaver.
There’s no need to be alarmed. Here’s what will happen.
- If you have a will, the executors / trustees of your estate will be able to claim and have the kiwisaver paid out to them, to then distribute those funds in accordance with your will.
- If you do not have a will, executors will be appointed by the court and your kiwisaver will be paid out to them to distribute the funds in accordance with the formula in the Administration Act 1969.
Therefore your kiwisaver in most situations will be able to be released to your estate when you die.
We do recommend that you have a will to ensure that your hard earned savings and assets go to those you would like it to.