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It is usually the executor's job to obtain a grant of probate from the court when the
value of an estate exceeds NZD $11,000.00 (See Administration Amendment Act 1998).
Probate is a court order saying that the will is valid and that the executor has the
right to administer the estate.
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If the deceased has not left a will, one of the beneficiaries must
apply for Letters of Administration. The estate is then
administered under the law relating to intestacy (i.e. dying without
a will or dying intestate).
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Not necessarily, however, executors often enlist the help of a solicitor
to administer the estate. Sometimes – e.g. when an estate is
intestate – an experienced professional can provide valuable assistance.
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Single Ownership – Where Probate/Letters of Administration Have Been Granted
- A certified copy of Probate/Letters of Administration; and
- A completed Transmission Application form (for the transmission
of assets into the name/s of the executor/s).
OR
If Probate/Letters of Administration is not granted or not applied for:
Notes for Overseas Holders
If the Probate/Letters of Administration is not granted in New Zealand:
- Probate is required to be resealed in NZ where the total value of the
securities of the company is more than NZD $11,000.00. Forward to the registry the
resealed Probate along with completed Estate Off Market Transfer Form(s) for each
security held by the Estate
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Single Ownership – Where No Probate/Letters of Administration Are Required
OR
Notes
If the holding value exceeds NZD $11,000.00, Probate/Letters of Administration cannot be waived.
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Single Ownership – No Will (Intestate)
OR
Notes
If the holding value exceeds NZD $11,000.00, Probate/Letters of Administration cannot be waived.
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Joint Ownership
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No, do not send the original documents. All legal documents
provided should be certified copies only. A certified copy is
a photocopy that has been certified as a true and correct copy of
the original, signed by a person authorised to witness a statutory
declaration (such as a Justice of the Peace or Solicitor of the High Court).
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The necessary forms must be completed and duly signed by the authorised
signatories of the Estate. Eg; Executor(s) or Administrator(s).
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Forms
can be downloaded from this website. Alternatively, you can obtain the necessary
forms by emailing LINK at lmsenquiries@linkmarketservices.com
, call LINK on 09 375-5998 or by writing to us at Link Market Services Limited P O Box 91976
Auckland 1030.
NB: Transmission/Estate Transfer forms must be completed for each different
issuer and each different class within that issuer. The division of the holding
between multiple beneficiaries will also require a separate form for each beneficiary.
If you are signing under a power of attorney, a certified copy
of the original power of attorney must be lodged with us for noting (if not already noted).
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Please ensure that the registry has noted all the required documentation for the
estate before attempting to sell the Estates Securities. To sell the shares held in
the name of the deceased, you will need to contact your sharebroker or financial
adviser. If you do not have a broker, you can obtain details of brokers in your area,
via the NZX website visit www.nzx.com and click on “market participants” for a list of
the members of NZX member firms.
Please ensure you have the CSN (Common Shareholder Number) or Holder Number, and FIN
(FASTER Identification Number) when you place your order to sell the shares.
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When a holding is transmitted into the name(s) of the beneficiary
or beneficiaries, a new holding is created with a new SRN or HIN.
Instructions previously provided (by the deceased and/or
the other holders), such as Tax File Number (TFN) or TFN exemption,
dividend and/or reinvestment plan details, annual report elections,
etc. are NOT automatically carried over to the new holding.
Therefore, when lodging the request for transmission into the name(s)
of the beneficiary or beneficiaries, new instructions will have to be submitted.
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Valuation of an Estate Holding
- The market value (where securities are listed) of the
securities themselves.
- The value of dividends or distributions announced before
the date of death but not actually paid until after the date
of death should be considered when preparing the tax return
as at the date of death.
- Dividend or distribution cheques paid out by the company or trust that had not
been presented by the deceased. Please note that dividends or distributions that have
been paid by companies or trusts that have not been presented by the deceased may have
been forwarded to “Unclaimed Monies” under NZ Law after 7 years.
- Check whether there have been any dividends or distributions
paid since the date of death, or whether there have been any
dividends that have been announced on the estate holding but
that have yet to be paid.
Tax and distribution considerations
- It is the executors/administrators task to lodge a
tax return for the estate as at the date of death. Any
dividends or distributions paid on the holding in the relevant
financial year are taxable income. The executor of the
estate is also responsible for completing a tax return every
year that the estate receives income.
- For further information on taxation responsibilities speak to
a tax specialist or contact the New Zealand Inland Revenue Department or online at
www.ird.govt.nz
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Have you:
- Included all relevant Estate documentation (e.g.
Probate, Death Certificate, etc.)?
- Included all relevant forms (e.g. Transmission, Estate of Market Transfer, etc.)?
- Ensured that all documentation is certified as a true and correct copy?
- Ensured that each form has been duly signed by the authorised signatory of the Estate and
witnessed?
- Ensured that the CSN (Common Shareholder Number) or Holder Number is quoted on each form?
- Included a separate Transmission/ Estate of Market Transfer form for each issuer and each class of security?
- Included a separate Estate of Market Transfer form each beneficiary?
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