This is often the longest phase. With probate in hand, you now have authority to collect assets and pay debts. But there are rules about timing and process that protect you from liability.
Collecting assets
With the grant of probate, you can now:
- Close bank accounts and transfer funds to an estate account
- Transfer or sell shares and investments
- Collect any debts owed to the deceased
- List property for sale if needed
- Claim KiwiSaver and insurance payouts
Paying debts
Before distributing to beneficiaries, you must pay all legitimate debts. These usually include:
- 1 Funeral expenses: These have priority
- 2 Administration costs: Legal fees, probate fees
- 3 Outstanding bills: Utilities, rates, medical
- 4 Tax: Final income tax return, any RWT
- 5 Secured debts: Mortgage, car finance
The waiting period
There's a 12-month period from the grant of probate during which claims can be made against the estate under the Family Protection Act. It's generally wise not to distribute everything until this period has passed.
We'll help you manage the collection and payment process. Call us on 06 835 7394.
How Carlile Dowling helps at this stage
- - Write to all institutions with certified copies of probate
- - Coordinate property sales with our property team
- - Ensure proper creditor notices are placed
- - Work with accountants on tax matters
- - Track everything and maintain proper records
We deal with the institutions
Chasing banks and insurers is frustrating. We handle the correspondence and follow up so you do not have to.