Wills & Estates Practice Area: Estate Administration

The Wills & Estates practice area focuses on helping people manage the legal aspects of a person's estate after they have passed away. In New Zealand, this is particularly important for ensuring that a person's wishes are followed and that their assets are distributed fairly.

What is Estate Administration?

Estate administration is the process of managing and distributing a deceased person's estate. This includes everything they owned, such as their house, bank accounts, and personal belongings. The goal is to make sure that the estate is settled according to the law and the wishes of the deceased.

Key Steps in Estate Administration

• Obtaining a Grant of Probate: If the deceased left a will, the executor (the person named in the will to manage the estate) must apply for a Grant of Probate. This legal document confirms that the will is valid and gives the executor the authority to act.
• Identifying Assets and Liabilities: The executor needs to find out what the deceased owned and owed. This includes property, savings, debts, and any other financial matters.
• Paying Debts and Taxes: Before distributing the estate, the executor must pay any outstanding debts and taxes. This ensures that all financial obligations are settled.
• Distributing the Estate: Once debts are paid, the executor can distribute the remaining assets according to the will. If there is no will, the estate is divided according to New Zealand's laws on intestacy.

Why is Estate Administration Important?

Estate administration is crucial because it helps to ensure that a person's wishes are respected and that their loved ones are taken care of. It can also prevent disputes among family members by providing a clear process for how the estate will be handled.

Example Scenario

Imagine a person named John who has passed away, leaving behind a house, some savings, and a car. John had a will that states he wants his house to go to his daughter, his savings to be shared between his children, and his car to be given to his best friend. The executor will need to apply for a Grant of Probate, pay any debts John had, and then distribute the assets according to his wishes.

Conclusion

In summary, the Wills & Estates practice area, particularly in estate administration, plays a vital role in helping families navigate the legal process after a loved one has died. It ensures that everything is handled fairly and according to the law, providing peace of mind during a difficult time.