Financial assets include funds held in bank accounts, life insurance, and superannuation proceeds. However, if land is involved, the executors will have to apply for probate through the estate lawyer.
If the estate qualifies as a small estate, no grant of administration is required. Any institution holding assets, such as a bank, needs to be advised of the death, and should be asked what their requirements are to pay out or transfer the asset to the administrator or beneficiaries. Institutions are likely to need a certified copy of the death certificate, and may need an indemnity from the person entitled to receive the asset.
Once the requirements are known, the necessary forms and documents should be sent to the bank or other institution with a bank account number for payment of the proceeds. It’s best to set up an estate account for this purpose, either through the estate lawyer’s trust account or directly with a bank.
All estate debts must be paid from funds received before any distribution is made to the beneficiaries. This includes checking with Inland Revenue to ensure all tax requirements have been met.
Finally, the estate may be distributed to the beneficiaries under the Will or, if there is no Will, the people entitled to benefit under the Administration Act.