KiwiSaver early withdrawal process if you're seriously ill and you've been a member for less than 2 months. Heads up. We're taking you to our old site, where the page you asked for still lives. Toggle mobile nav. News and events Media releases Updates Newsletters and bulletins Seminars. Tax Technical. Tax Policy. About us.
Contact us Contact us Media queries. You may be able to withdraw some, or all, of your KiwiSaver funds early for health reasons. Those whose health is affecting them financially. These can be either: an illness, injury or disability that permanently affects your ability to work or poses a risk of death a life-shortening congenital condition that lowers your life expectancy below the age of eligibility for New Zealand superannuation currently Because she passed away intestate, her assets were distributed in accordance with the Administration Act Several issues arose from Jane passing away without a Will that could have been avoided:.
Jane had intended for her assets to be distributed to her niece upon her death. Because she had not expressly stated those wishes in a Will, her assets were instead distributed equally to her parents. Because she had not signed a Will appointing an executor, her family also had to apply to the court for the appointment of an administrator — someone who is given authority by the court in the absence of a Will to deal with the estate.
This was a costly process both financially and time-wise and caused a lot of stress for her family that could have been avoided if she had signed a Will. We would advise that you sign a Will if you are over 18 years old, even if you only have a few assets. If you would like any assistance with drafting and signing a Will, reviewing your existing Will, or if you have any questions in relation the issues raised in this article, please feel free to get in touch.
If you have an up-to-date will that outlines how you want your assets, including your KiwiSaver funds, to be distributed, this makes life a lot easier for the loved ones you leave behind. Make sure that you pass on the details of your KiwiSaver provider to your next of kin so that should you pass away, they will know who to contact about getting the funds paid out to the right person or people.
If you pass away without making a will, it gets a bit more complicated. Rather than you being the one who decides who gets your assets, it will all be divided up according to the law. Dying without a will is also a costly and lengthy process for your loved ones.
They would need to make an application to the court to get someone appointed to deal with your assets on your behalf. If your family is somewhat estranged, this could be challenging. Note: you will need to do your own due diligence with a lawyer for your will to ensure its validity. Are you missing out?
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