Deceased Estate NZ

What is a Deceased Estate NZ. Deceased Estate New Zealand, How long does Probate take in New Zealand.

Meaning of a Deceased Estate NZ

A deceased’s estate covers all property a person had when they passed away. The estate includes all personal possessions, including money in bank accounts, benefits under any insurance policies (if owned by the deceased) and any other land or personal property. However, it does not include property held by the deceased as joint tenants. In this case, the deceased’s share of the property will automatically go to the surviving party and does not form part of the deceased’s estate.

Deceased Estate Sale NZ

Sometime the terms of the will provide a property held by the deceased, whether a house or things or a different interest in a property, such as a life interest. Sometimes the property is to be sold and the proceeds of the sale to be divided into equal share among the beneficiaries. In this case, the property will need to be first transferred into the names of the executors or administrators of the estate. This process is called “transmission”. Once it is complete, the executor or administrator will become a temporary registered proprietor of the property. The property can then be sold and the proceeds distributed among the beneficiaries.

How long does probate take in NZ

For a simple and straight forward probate application, it would take around 2 months for you acquire the Probate which includes the time a lawyer needs to draft the required documents (around 1 to 2 weeks) and the time the High Court needs to process the Probate application (around 4 to 6 weeks). However, the actual time may be longer if there are issues with the will or there are dynamics operating between the executors. There is a 6-month statutory period from the date of the grant of probate until the distribution of estate should be made by the executor. This is to prevent the executor from being personally liable if there is claim made against the estate by an interested party or a creditor of the estate after distribution of estate assets. 

Westpac deceased estates contact details

If your loved one has passed away and had held accounts with Westpac, you may use our service to find out the value and assist in uplifting the funds for you.

If you would like to find out the requirements and documents required by Westpac to close your loved one’s accounts, please go to the link below:

https://www.westpac.co.nz/personal/life-money/navigating-trying-times/loss-of-a-loved-one/