Overseas Estates

What happens to New Zealand assets where the deceased lived overseas?

New Zealand estate administration requirements apply to all estates where there are assets held in New Zealand, even if the deceased lived overseas and estate administration is being conducted in that country. Often this means that an application to the High Court in New Zealand is required before the New Zealand assets can be dealt with.

The usual small estate procedures apply. That is, if there is no real estate and no financial asset worth more than $15,000 per bank or institution as at date of death, in many (but not all) cases the assets can be uplifted without the need for a court application. Instead, the institution involved will have their own procedures which will usually include the completion of a statutory declaration and provision of certain information.

If there is real estate involved, or there is an asset worth more than $15,000 as at date of death, more formal administration of the New Zealand estate will be required.

Commonwealth countries – if there is already a grant of administration (either Probate or Letters of Administration) in a Commonwealth country, usually an application to Reseal the grant can be made to the High Court. The Reseal process is a simpler and more economic process than obtaining a new grant of administration. Upon receipt of the Resealed grant, the New Zealand assets can be sold or uplifted.

Other countries – it is necessary to obtain a New Zealand grant of administration. Generally, if there is a will, a grant of Probate will be required, or if there is no will or the executor named in the will is unable to act, a grant of Letters of Administration will be required. Sometimes it is appropriate for the executor to appoint a New Zealand attorney for the estate administration and the application for the grant can be made in the attorney’s name.

Each estate has its own unique set of circumstances and sometimes there can be more than one way to deal with the administration of the New Zealand assets. The Estates Team at Pier Law is experienced at dealing with a wide variety of estates and navigating the path required to deal with most asset types in an efficient and timely manner.

If you need assistance dealing with an estate with New Zealand assets, please contact us to discuss your requirements.

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