- Hon Paul Goldsmith
The Government has agreed to increase the probate threshold from $15,000 to $40,000 to save families time and money when accessing assets of deceased loved ones, Justice Minister Paul Goldsmith says.
"The threshold was last set in 2009 before the implementation of KiwiSaver. Most estates now include KiwiSaver balances well over $15,000, but still have to go through the High Court process. This results in a significant proportion of smaller estates being eaten up in court costs and legal fees.
"Executors need to be able to distribute lower-value assets, ensuring more of an estate goes to the beneficiaries, helping grieving families. The last thing they need is a costly legal process with extra paperwork to deal with.
"I'm assured $40,000 is still sufficiently low enough to ensure there are still appropriate safeguards through the oversight of the High Court for higher value assets, to ensure against potential dishonesty, fraud, or the deceased person's wishes not being followed.
"The Ministry undertook targeted consultation with key stakeholders, including the law profession and financial services industry to gain feedback on an appropriate threshold level.
These changes will come into force on 24 September 2025.
