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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22309
Experience:  37 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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My brother and I will be inheriting my father's estate. Do

Customer Question

My brother and I will be inheriting my father's estate. Do we both need an active bank account and IRD number for everything to be transferred?
Submitted: 2 months ago.
Category: New Zealand Law
Customer: replied 2 months ago.
We both live in the USA and want to know before flying over to nz just to open bank account
Expert:  Chris The Lawyer replied 2 months ago.
Once the estate has been settled, I don't see why the money cannot be just sent over to you. There is no need to have bank accounts or get a tax number
Customer: replied 2 months ago.
But there is a house and car involved too. We were told that we have to have active bank account in order to get an IRD Number number in order for the higher courts to transfer everything in our names. But I want to know if I can just have a bank account and IRD number and if the higher courts will transfer everything to my brother and I or if we both have to have bank accounts and IRD numbers
Expert:  Chris The Lawyer replied 2 months ago.

Once the assets have been sold then the executor can just transfer the funds to you. There is no need for the accounts or tax numbers. The courts dont have any part in the winding up of the assets, but only confirm the will by the process of obtaining an order of probate. Once this order is sealed the executor will use this to sell the assets. Do you have a lawyer acting in New Zealand for the estate? Did they tell you to get a bank account?

Expert:  Chris The Lawyer replied 2 months ago.

Usually in New Zealand the lawyer acting for the estate will obtain probate and then assist in selling the assets, and the money is held in their trust account until distribution. But the funds can be sent directly to you from the trust account

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