Creating and maintaining an up-to-date Will is important to avoid the complexities of dying intestate.
When someone dies without a will, it’s called an intestacy. If the person has no real estate or assets under $15,000 from each institution, their estate is considered small, and their next of kin can manage and distribute their assets. If the person’s assets exceed $15,000 or they own property, formal administration of the estate is required by law.
The process for managing someone’s estate without a will is longer and more complex than with one. The administrator is responsible for managing the estate, and Public Trust can help with this process.
When administering an estate without a will, the key beneficiaries’ relationships to the deceased need to be proven. Once the letters of administration are granted, the administrator needs to take care of the paperwork, close accounts, settle debts, and pay taxes. Assets are divided according to the law, which distributes them based on the deceased’s family circumstances, including de facto relationships and civil union partnerships recognized as equal to marriage by New Zealand law.
The administrator must obtain legal authority, which involves preparing and filing an application to the High Court to be granted letters of administration. Consent from the deceased’s relatives or Public Trust must also be obtained, and steps must be taken to find the will.
If you are interested in creating a Simple Will, click on the link below and follow the instructions.