Where's My Money Season 4, Episode 12

Season Four of Where’s My Money?, now a multi-award-winning podcast, has arrived and we will share all the insights covered across the episodes by host Reagan White and his guests.

enable.me partners with rova to bring this podcast to life and stimulate the conversation about finances with everyday Kiwis. Where’s My Money? follows the story of Reagan – a man chasing the Kiwi Dream but feeling stuck living month-to-month – and his discussions with the experts about what he may be doing wrong and how to fix it.

One man. One million dollars of debt. One podcast to find a way out.

Discussions about death and what will happen with your estate when you die can be awkward or uncomfortable.  

However, they are important to have as early as possible, so you and your loved ones are prepared and know what to expect.  

That’s why this September in Wills Month, Where’s My Money? is bringing you The Cost of Dying Part 2 – to talk about all things funeral costs, Wills and estate planning.  

In Part 1 of this series, the podcast hosted Kiwi Catherine Cooke to share her story about the cost of treatment for her rare cancer and needing to find funds to fight. You can get the full insights from that episode here. 

Leave your Footprint 

Belinda Heunis from Footprint, an online Will provider, joins the podcast episode to share why it is important to make your wishes clear. 

It’s not just retirees or older people who need to think about putting a Will in place. 

“I think that Wills have been something that’s probably referred to more with retirement and we really need to move that conversation to today,” Belinda says. 

Wills aren’t always hard to make. There is a perception that you must go to a lawyer’s office and accrue high fees to access a Will and put one in place.  

But there are options that are simple, quick and don’t cost high lawyer fees.  

With the caveat that if you have some complicating factors within your estate (such as trusts or business ownership) then you may need to consult a lawyer.  

What happens if you don’t have a Will when you die?  

When you die without a Will, the relevant legal frameworks kick in – namely the Administration Act 1969.  

But it may not distribute your wealth and assets in the way you expect, or it could cause confusion, higher costs and a longer wait for your family and loved ones. 

Belinda explains, “putting a Will in place really allows you to have your voice, say how you want your assets to be distributed and enables it to be really clearly written out for those that you leave behind.” 

Budgeting for a Funeral 

Where’s My Money? host Reagan White talks to Funeral Director Fergus Keith from Legacy Funerals about the cost of a funeral – and the common situations he sees in the industry.  

Reagan’s first question is: “When we’re talking about a funeral in New Zealand – a ‘stock standard’ funeral – what’s it going to cost?”  

Fergus shares, “If we were talking about a ‘stock standard’ funeral. The stats tell us it’s somewhere between 9 and 11 thousand dollars.” 

Though, that is only a broad-brush view. Fergus covers that there is a wide variation in costs, depending on the wishes of the person who has died, the family’s decisions, and cost being a factor in how much choice there is.  

Listen to the full episode to hear more about the specific costs involved in the funeral process – from embalming to burial or cremation, to the necessary paperwork.  

Estate Planning 

enable.me Financial Coach Kelley O’Dwyer joins the conversation to discuss estate planning, which goes hand-in-hand with a Will.  

It’s about ensuring your legacy is what you want it to be.

Kelley says, “it’s not a one-size-fits-all. Everyone’s situation is slightly different.” 

She covers the different processes that can be put in place to protect your legacy and make it clear who gets what – and who does what – when you die.  

Watch the full episode for more in-depth information from Belinda, Fergus and Kelley about all things Wills, estates and funerals. 

Disclaimer: The Where’s My Money? podcast and the information shared by host Reagan White and his guests does not constitute individual financial advice. If you’re interested in receiving financial advice, you can book a consultation with an enable.me coach. Costs apply.