When There Is No Will
When someone passes away without a Will, this person is said to have died intestate. When this happens New Zealand law takes over and dictates how that estate will be distributed based on the Administration Act 1969.
Below we’ve outlined a few of the different scenarios. Have a look through and if you currently don’t have a Will see where your stuff would end up…
Spouse (no parents or children)
The spouse receives the whole estate.
Spouse & Children (no parents)
The spouse receives personal chattels, $155,000 (with interest) and one third of anything remaining.
The children receive the remaining two thirds. If any of them have died, their children receive their share.
Spouse & Surviving Parents (no children)
The spouse is entitled to personal chattels + $155,000 (with interest) and two thirds of anything remaining.
The parents receive the remaining one third.
Children (no spouse, no parents)
The children receive the whole estate equally and if any of them have died, their children receive their share.
No spouse or any living relatives
Everything passes to the state. Dependents and anyone who might reasonably expect to have benefitted may apply to the New Zealand Treasury which may pay out some of the estate to them.
Just by having a Will you get to decide how your estate is distributed it’s that simple.
