Probate and Administration Regulation 2003 (NSW)

1Name of Regulation

This Regulation is the Probate and Administration Regulation 2003.

2Commencement

This Regulation commences on 1 September 2003.

Note—

This Regulation replaces the Wills, Probate and Administration Regulation 1998 which is repealed on 1 September 2003 by section 10 (2) of the Subordinate Legislation Act 1989.

3Definition

In this Regulation:

the Act means the Probate and Administration Act 1898.

4Notes

Notes in this Regulation do not form part of this Regulation.

5Prescribed amount—value of intestate estate for purpose of distribution(1)

The object of this clause is to set the amount that the value of a deceased person’s estate must not exceed for the deceased person’s spouse to be entitled to the whole of that estate (to the exclusion of any children of the deceased person) in the event that the deceased person has died without having made a will.

(2)

For the purpose of paragraph (b) of the definition of prescribed amount in section 61A (2) of the Act, the amount of $200,000 is prescribed.

6Prescribed rate—interest on legacies and annuities(1)

The object of this clause is to set the rate at which interest is payable on a legacy or on the arrears of any annuity granted under a will.

(2)

For the purpose of section 84A (1) of the Act, the prescribed rate is 6 per cent per year.

7Saving

Any act, matter or thing that, immediately before the repeal of the Wills, Probate and Administration Regulation 1998, had effect under that Regulation is taken to have effect under this Regulation.