Plan ahead to reduce financial stress for your family
Message from Budgeting Services North Canterbury...
Planning for the end of life isn't easy - but it can make a significant difference for your family when they need it most. Alongside grief, loved ones are often faced with urgent financial and legal decisions. Taking steps now can ease that burden and provide clarity.
Why financial preparation matters
Having clear plans in place can:
- Reduce confusion and potential family conflict.
- Ensure your wishes are followed.
- Ease immediate and ongoing financial pressure.
- Allow your family time and space to grieve.
Key financial steps to take
- Write or update your will: Ensures your assets are distributed according to your wishes.
- Set up Enduring Powers of Attorney (EPA): Appoint someone you trust to manage financial matters if you can't.
- Organise important documents: Keep insurance policies, bank details, KiwiSaver information and passwords in one accessible place. Make sure a trusted person knows where to find them.
Planning for funeral costs
Funerals in New Zealand can cost several thousand dollars. So consider:
- Pre-paid funerals.
- Funeral insurance - check value carefully.
- Setting aside dedicated savings.
Financial support available
Families may be eligible for:
If a KiwiSaver member dies, their funds are release to their estate and families can access funds for funeral costs in cases of extreme hardship. Talk to your KiwiSaver provider for more information.
Get advice and support
Citizens Advice Bureau can provide legal and process guidance. It is recommended to seek advice from a lawyer or the Citizens Advice Bureau if you are unsure of the legal process regarding a deceased estate.
Community support is also available from:
Start the conversation
Talking about your wishes - including your finances - can prevent uncertainty later. Even one small step today can make a big difference for your family tomorrow.
You don't have to everything at one - just make a start.
Financial Mentors at your local budgeting service will help you navigate this journey. They have extensive knowledge and experience in supporting families who have no idea of "financies" as their loved one had "taken care of it all".
Contact them for free confidential support.
Find a local budgeting service near you (Age Concern Canterbury).