Deceased estates
Losing a loved one is a stressful time
While you’re grieving your loss we’re here to help you manage the banking side of things.
Let us know
It's important that you, or your nominated representative, contact us as soon as possible.
What happens next?
We will begin the process to finalise the Member’s account/s, supporting and guiding you through this process.
What does it all mean?
A guide to help you understand key terms you will hear throughout this process.
FAQs
You will have questions along the way. Find answers to the most commonly asked questions.
Let us know
While you’re dealing with your loss, banking will be the last thing on your mind. However, it’s important that you, or your nominated representative, contact us as soon as possible.
If your loved one or you have a solicitor, you should also contact them.
The process
Next steps
Legal personal representative/s are the only people we are authorised to share detailed account information with.
This can be an Executor, Administrator, prospective Administrator or Next of Kin.
What we need
Every estate is different, Probate or Letters of Administration may be required, contact us and we will let you know what documentation we’ll need.
If you have a grant of representation in another state or overseas, it will be required to be re-sealed in Victoria to be accepted.
Final stage
Once you have been confirmed as the appropriate legal representative, we will provide you with information about all accounts held by the deceased Member.
What happens to the Member's account?
Account type | Process |
|---|---|
Cards | All card access to the account will be cancelled. |
Individual loans, Credit Cards or Overdrafts | Any available credit may be used to clear any outstanding debt on credit card and/or overdraft facility. |
Joint loans, Credit Cards or Overdrafts | Joint personal loan and mortgage loans will continue to operate unchanged, if this is likely to result in any ongoing hardship issues, please contact us. We will talk you through any changes to your joint credit card and/or overdraft facilities (we may be able to convert these facilities into the surviving account holder’s). |
Cheque facility | Cheque facility will be cancelled. |
Insurance | Please contact the deceased’s insurance provider to ensure coverage for their assets remains in place. |
Direct Debits | These will be cancelled and a message returned to the debiting company notifying them that the account is frozen. |
What does it all mean?
A guide to help you understand key terms you will hear throughout this process.
This means following the terms of a deceased person’s Will to ensure their intentions are followed in finalising their estate.
This is a regulated process and can include transferring assets or gifts to beneficiaries, converting assets into cash, closing bank accounts, transferring shares, selling a house, transferring interest in business etc.
The administration of a deceased estate is governed by legislation in each state.
This is the person (or people) named in the Will who will receive assets from the deceased estate.
If the deceased person did not leave a Will, the beneficiaries may be determined in accordance with the legislation in the relevant state.
This is the process of gifting personal property through a Will.
Any document which has the legal effect of adding to or amending the terms of an existing Will.
This is a legal document which appoints a trusted person (or people) to deal with or manage financial and health decisions on your behalf.
This is the person, institution or entity appointed to administer the deceased estate. The administration of the estate may be complex, and the executor may need to seek legal advice or other assistance with carrying out the administration.
This is a certificate issued by a court which authorises the executor to carry out the administration of the estate of the deceased person.
Probate confirms the Last Will of the deceased person, and grants the executor the right to administer the estate of the deceased person.
Bank First may require a Probate be produced in order to close the deceased’s bank accounts and release the funds held in those accounts in accordance with the executor’s instructions.
This is a person who you appoint to be legally responsible and care for any children. The guardian will take control of the important decisions about a child’s welfare including who will care for them, their education and where they will live.
You are also able to appoint a guardian for a person who is incapable of making decision in regards to their living arrangements and personal health due to a mental incapacity/disability.
An application is made to a court in the relevant state for a guardianship order to be made.
This term applies when a person dies without executing a Will. In this situation, the law determines who receives the assets of the deceased person’s estate.
This describes a form of ownership. If you own property as a joint tenant with another person, you own the property equally with the other person. When a joint tenant dies, that person’s share of the property passes to the surviving joint tenant.
Letters of Administration are obtained where a person dies intestate. The legislation in each state determines who the person (or people) are who can administer the estate of the deceased person.
That person then applies for a document called “Letters of Administration” through the relevant state court.
Bank First is required to verify any individual’s identity prior to providing access to products and services. This form must be completed if you are unable to attend one of our branches in person.
A testamentary trust is a trust created by a Will and arises on the death of the testator.
Frequently asked questions
You may have questions along the way. We have summarised the most frequently asked questions with responses.
If your question isn’t listed and you need help or if you are having difficulty with any part of this process, please don’t hesitate to contact our team on 1300 654 822.
Funds can be transferred into an Estate Account or a solicitor acting on behalf of the Estate. In order to open an Estate Account with Bank First, a Grant of Probate is required.
For savings and transactions accounts, the funds generally will not form part of the estate – depending on how your account is set up we will either leave the account open and remove the deceased person’s name from the account or establish new accounts in the surviving parties name only.
Joint Credit Cards and Personal Loans become the responsibility of the surviving account holder.
Any home loans in the name of the deceased person will be considered in the finalization of the Estate; we cannot change the names listed on the loan or the title.
The Executor may consider selling the property or refinancing the home loan. If it’s a joint loan, the surviving Member can lodge a survivorship application to have the title changed into their name only.
Yes, provide us with an invoice and assuming there are sufficient funds available we can pay the funeral home.
Our Customer Care Team will work with you in the case of any financial difficulty. This team can be contacted on 1300 654 822.
Yes, you can continue to utilise your joint account in the short term. When you are ready, we can remove the deceased’s name from the account
Our Customer Care Team will work with you in the case of any financial difficulty. This team can be contacted on 1300 654 822.
Additional resources
There are many different services available to support you through the loss of a loved one.
Australian Centre of Grief and Bereavement
Find support in dealing with grief and bereavement. Call 1300 664 786.
Births, deaths and marriages registries
Apply for a death certificate, change your name or search your family history.
Australian Taxation Office (ATO)
Advise the ATO and provide them with the name of the executor or administrator. Call 13 28 65.
This information does not take into account your objectives, financial situation or needs. Therefore, you should firstly consider the appropriateness of this information and refer to the Terms and Conditions or the relevant Product Disclosure Statement (PDS) before acquiring a product.