What happens to assets and belongings if a person dies without a Will and has no family?

If you do not have a Will and do not have any identifiable relatives who could benefit from your assets when you die, your property could end up going to the Government.

In recent years almost two million dollars has been transferred to Treasury from those who have died without a Will and/or identifiable family to get their assets. 

If money from somebody’s Estate ends up with the Government it becomes Government funds.  It is held as public money in a Crown Bank account until such time as someone makes a valid claim for the funds. It is possible to get the money back, but making a claim can be lengthy and time consuming.

If you do have family, but do not make a Will then the law decides which of your relatives gets your property.

This issue and process can be avoided if people take time to make a Will.  It is estimated that around 50% of New Zealanders over the age of 18 do not have a Will. If you make a Will you can decide what happens to your property and who inherits it.

Leading law firms committed to helping clients cost-effectively will have a range of fixed-price Initial Consultations to suit most people’s needs in quickly learning what their options are.  At Rainey Collins we have an experienced team who can answer your questions and put you on the right track.