When Is Probate Required in NZ?

The $15,000 threshold rule

The $15,000 figure is the small-estate threshold under section 65 of the Administration Act 1969. It is the dollar limit at which institutions holding the deceased's assets are entitled to pay out without sighting a grant of probate from the High Court.

Three points are commonly misunderstood:

• The threshold is per asset, not per estate. Several accounts of $10,000 each may add to more than $15,000 in total but no single asset crosses the line. The bank can pay each out without probate (subject to its own internal policy).
• Each institution applies the rule. Banks, KiwiSaver providers and share registries each test their own assets. One provider may release funds while another insists on probate.
• Real estate in sole name almost always needs probate. LINZ transmissions require a sealed grant before a property can be transferred or sold from a sole-name title.

When probate is required

Probate is almost always required in these situations.

Real estate held in sole name

If the deceased was the sole registered owner of a house, apartment, land or commercial property, LINZ requires a grant of probate (or Letters of Administration if there is no will) before transmission. This applies whether the property will be transferred to a beneficiary or sold.

Sole-name bank account or term deposit above $15,000

Banks may release smaller balances on production of the death certificate and a small-estate declaration. Above $15,000 most banks require the grant. Exact thresholds vary; ANZ, BNZ, ASB, Westpac and Kiwibank each publish their own deceased-estate procedures.

Share holdings above $15,000

NZX-listed shares held by the deceased are administered through Computershare or Link Market Services. Both registries normally require a sealed grant for transmissions above the threshold.

KiwiSaver above $15,000 without a valid nomination

KiwiSaver providers can usually pay balances under $15,000 on a small-estate declaration. Above $15,000 the default position is that the balance forms part of the estate and probate is required. Some providers offer binding beneficiary nominations that allow direct payment to the nominee — practice varies by provider, so check the scheme documents.

Multiple sole-name assets each over $15,000

If the deceased had, say, a sole-name term deposit of $40,000 and a share holding worth $25,000, both institutions will require the grant. Filing once with the High Court secures a grant that the executor can present to all institutions.

When probate is not required

Jointly held assets with right of survivorship

Assets held by the deceased and one or more other people as joint tenants pass automatically to the surviving joint owner on death. The most common example is the family home in joint names. A certified copy of the death certificate is enough to update the LINZ title or remove the deceased's name from a joint bank account. The asset never enters the estate.

Note: this is different from "tenants in common", which gives each owner a defined share. A tenant in common's share does enter the estate and may need probate.

KiwiSaver paid to a valid nominated beneficiary

Where the deceased completed a valid binding beneficiary nomination with their KiwiSaver provider, the balance is paid directly to the nominee rather than to the estate. Forms and rules vary between providers; not all NZ KiwiSaver schemes offer binding nominations.

Life insurance paid to a named beneficiary

Life insurance policies with a named beneficiary pay the sum insured directly to that person. The proceeds do not enter the estate and probate is not required for the policy. Where no beneficiary is named, the proceeds fall into the estate and standard threshold rules apply.

Assets held in a family trust

Assets transferred to a family trust during the deceased's lifetime are owned by the trustees, not the deceased. They do not form part of the estate and are not subject to probate. The trust continues under the existing trustees and the Trusts Act 2019, with any successor or appointor mechanism set out in the trust deed.

All sole-name assets under the small-estate threshold

If every sole-name asset is under $15,000 and no real estate is held solely, probate is usually not required. Each institution will accept a small-estate declaration plus the certified death certificate.

What to do if probate is not required

For each institution holding a sole-name asset under the threshold, the personal representative (usually the executor named in the will, or the closest next of kin if intestate) signs a small-estate declaration. Banks and KiwiSaver providers publish their own form. Typical evidence required:

• Certified copy of the death certificate
• Certified copy of the will (if any) and proof of executor identity, or evidence of next-of-kin status
• Signed small-estate declaration accepting personal liability if other claimants emerge
• IRD number of the estate or the personal representative

Joint assets are updated on production of the death certificate. KiwiSaver paid to a nominated beneficiary, and life insurance paid to a named beneficiary, are claimed direct from the provider on their own forms.

If you are unsure

Take a clear inventory of the deceased's assets first: every bank and term deposit account, all share holdings, KiwiSaver, life insurance, vehicles, and any real estate. Check ownership for each (sole, joint, tenant in common). Contact each institution and ask whether the balance can be released without a grant.

If even one sole-name asset exceeds $15,000 or any real estate is held solely, plan on a probate application. The $200 filing fee and a tidy executor's affidavit are usually cheaper than running multiple parallel small-estate processes.

A 30-minute call with an estate lawyer can confirm whether probate is needed before any work begins. Use the form on this page to request a consultation, or return to the probate guide for the broader process.