Your estate includes all the money and property you own, and upon your death, it is divided according to your Will. While not a pleasant thought, making a Will and organising your affairs in advance simplifies the process for your family during their time of grief.
Estate Administration
Managing an estate begins at the time of death and concludes when assets are distributed per the Will. If no Will exists, the law dictates the estate's division.
Settling Affairs
Early in estate administration, we assist with applying for probate or letters of administration if needed, and work with banks, share brokers, and insurance companies to close accounts and collect policies. Jointly owned assets, such as relationship property, automatically go to the surviving partner and are not part of the estate. For instance, if a couple owns a family home jointly and one dies, ownership transfers to the surviving partner, as do joint bank accounts.
Applying for Probate
The executor named in the Will must apply for probate, allowing the High Court to formally recognize them as the estate administrator. Probate ensures that:
- The Will is the deceased’s last Will.
- The applicants are the named executors.
- The executors will lawfully execute the deceased’s wishes.
To file for probate, the following are required:
- A copy of the Will.
- An affidavit confirming the death, the deceased’s residence, and that the Will is the final one.
The application must be submitted to the Wellington High Court, with specific formatting rules. Our Life Law team ensures your application meets these requirements, reducing your burden during this emotional time. Probate processing typically takes four to six weeks, though complex Wills may take longer.
Estate Claims
We secure assets and hold funds in trust for at least six months to protect executors or administrators from personal liability regarding claims or challenges. After settling debts, we distribute the estate according to the Will.
Get in Touch with the Life Law Team
We understand this is a difficult time for your family and strive to handle your estate with empathy and compassion. Our goal is to make the process as smooth and stress-free as possible, keeping beneficiaries fully informed. Contact the Life Law Team at Godfreys Law on 03 366 7469 for assistance in ensuring your estate is in order.
Real people. Real solutions. Real estate, but not that kind of real estate.
Prev Article