Administration Act 1969, ss 64–65, 82A; Administration (Prescribed Amounts) Regulations 2009, reg 4
If the estate is a small one, it may not be necessary to apply to the courts for approval to deal with the estate (probate for a will, or letters of administration if there’s no will). Banks, company directors and so on can transfer or pay the following to the executor-administrator or to family members or the beneficiaries who are entitled to it, without any need for probate or letters of administration:
money in bank accounts up to $15,000
shares worth up to $15,000
life insurance policies up to $15,000
government stock up to $15,000 and local authority stock up to $15,000.
The executor/administrator or beneficiary will usually need to provide a copy of the death certificate in these cases. The person or organisation paying or transferring the money or other property must also be satisfied that probate or letters of administration haven’t been granted.
Note: Even if court approval isn’t needed because it’s a small estate, the executor has to follow the directions in the will – and if there’s no will, the rules of intestacy saying who is entitled to what property are still binding.