Although we check the Daily News death notices daily, we also rely on family members notifying us when someone has died because death notices are not always put in the paper. If the deceased has assets over $15,000.00 in value and/or an interest in land then Probate will need to be obtained through the High Court if the deceased has a will, or Letters of Administration will be required if the deceased does not have a will. This enables the estate to be administered.
An initial meeting is held with the family to ascertain the level of assets and to get the relevant documentation signed. Once Probate/Letters of Administration is granted then we are able to collect in the assets – close bank accounts, uplift KiwiSaver and Life Insurance proceeds etc.
Estates are generally not distributed until a minimum of 6 months has elapsed from the date Probate/Letters of Administration has been granted in case anyone makes a claim against the estate and to ensure that creditors are all paid.