Petition request
That the House of Representatives raise the financial threshold from $15,000 to $25,000 for requiring probate or letters of administration before estate funds can be released by a financial institution.
Petition reason
The current $15,000 threshold was set in 2009. Executors or families must apply to the High Court for probate (of a valid will) or letters of administration (if there is no will or no executor) before they can uplift more than $15,000 from any one financial institution. Most lawyers charge over $1,000 (plus GST) to apply for probate. Many charge more than $2,000. Applicants must also pay the High Court fee of $200. If adjusted for inflation, the threshold would now be at least $20,465.
Signatures are now being accepted
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Closing date: 16 Jul 2023 11:59 PM NZST
515 signed
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Petition progress
- Open for signatures
- Closed for signatures
- Select Committee
- Reported
- Referred to Minister
| Number of signatures: | 515 |
|---|---|
| Date presented: | 09 Aug 2023 |
| Considered by: | Petitions |
| SC Report(s): | 07 May 2024 (Final) |
| Presenting member: | Hon Matt Doocey |
| Closing date: | 16 Jul 2023 |