Wills, Probate and Administration Regulation 1998 (NSW)

His Excellency the Lieutenant-Governor, with the advice of the Executive Council, has made the following Regulation under the Wills, Probate and Administration Act 1898.

Minister for Industrial Relations

1Name of Regulation

This Regulation is the Wills, Probate and Administration Regulation 1998.

2Commencement

This Regulation commences on 1 September 1998.

3Definition

In this Regulation:

the Act means the Wills, Probate and Administration Act 1898.

4Notes

The explanatory note and table of contents 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 at or below which a deceased person’s spouse is entitled to the whole of the deceased person’s 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 $150,000 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.

7Repeal(1)

The Wills Probate and Administration Regulation 1993 is repealed.

(2)

Any act, matter or thing that, immediately before the commencement of this Regulation, had effect under the Wills Probate and Administration Regulation 1993 is taken to have effect under this Regulation.