Navigating New Zealand laws and requirements to deal with New Zealand assets when you live in a different country can be a timely and costly exercise.
Overseas practitioners who are not familiar with New Zealand estate administration requirements can contact Pier Law to assist them with administering the New Zealand assets held in the estate.
In New Zealand, executor/s are required to apply to the High Court of New Zealand for a formal grant of administration if the deceased held real estate (owned property) in their sole name or had any assets worth $40,000 or more with a single financial institution (bank, Kiwisaver, life insurance policy) or $15,000 or more in shareholdings or debentures. The New Zealand assets cannot vest (be transferred to those with beneficial interest in the estate) until a grant has been obtained in New Zealand.
If the deceased resided overseas in a Commonwealth country when they died, and they also held assets in New Zealand, a reseal of the overseas grant may be required to allow the executors to administer the New Zealand assets.
For example, if the deceased was born in New Zealand and lived and worked here for some time, before relocating to a different Commonwealth country for the remainder of the deceased’s life, that person may hold assets in both countries at the time of their passing. The deceased may have executed their latest Will overseas, and a grant of administration may be required in that country to complete the estate administration.
Where a grant of administration (namely a grant of probate or a grant of letters of administration) has been issued by a Commonwealth country outside of New Zealand, an authenticated copy can be produced to the New Zealand court with an application to “reseal” the grant. A reseal acknowledges the overseas country’s grant and confirms the grant can be used in New Zealand. If the grant is issued in a foreign language, the application also involves providing a translation to the court.
Engaging with Pier Law to complete the reseal of the grant allows the executor/s to rely on our expert understanding of the laws and requirements in New Zealand. Our familiarity with New Zealand financial institutions allows for a smooth administration process. We can assist the executors with gathering in the New Zealand assets on behalf of the estate.
