The death of a loved one is an emotional time and shouldn’t be made more difficult when it comes to organising their finances. This guide is designed to make these difficult times easier, and to prepare you and your family for the process of administering accounts held with MyState Bank. While working closely with us, this information will help you feel prepared when it comes to administering an estate. While we’re with you every step of the way, this information is not to be used as a substitute for legal or financial advice, and is intended as general information only.
There are a number of steps that will need to be taken before we can release the deceased’s assets. You can advise us that a customer has passed away by visiting your nearest branch, by calling us on 138 001, or by writing to GPO Box 1274, Hobart, Tasmania 7001.
It is important that you let us know as soon as possible to ensure we can help you or the appointed Executor manage the Estate with as little additional burden as possible. Our staff will need to ask you for certain information. We understand that you may not have all the details to the questions we ask, however if you are able to provide some information, this will assist us to guide you through what will be required.
Estate Administration can be a complex and sometimes confusing issue but we’re here to help.
More general information is available from sources such as Centrelink, Public Trustees offices in each state, solicitors and financial advisers. Each financial institution may have their own requirements so you will need to contact them directly if the deceased held accounts with other providers.
Review our FAQs on Deceased Estates and if you require further information or have questions, please visit any branch, phone 138 001 or email Estate@mystate.com.au
The next step is to determine if there was a Will, and who the Executor(s) are. An Executor is the person who is appointed to administer and distribute an Estate according to the terms of a person’s last Will and Testament.
If the deceased customer has died intestate, that is, without a Will, Letters of Administration may be required to release the funds and close the account(s). Letters of Administration are applied for through the Supreme Court, and is a document that appoints a person(s) as Administrator of the estate. These people are the only people legally entitled to administer the estate. Generally only the person(s) named as the Executor in the Will, or appointed Administrators (or their legally appointed representatives such as a solicitor) can make enquiries on accounts and give instructions to us in accordance with the laws pertaining to Estate Administration.
When we receive notification of a customer passing away, all funds held will be immediately frozen to any debit transaction or withdrawal. This will include direct debits, periodical payments or payment on any non-presented cheques. We will also cancel electronic access, cards and cheque books that have been issued.
Joint accounts held are operated on the basis of being joint and several, which is if one party to the account is deceased the surviving party to the account is entitled to continue to operate the account. This means that the surviving party will remain liable for any loan, overdraft or overdrawn amount owing on the account.
The surviving party can transfer the accounts to their sole name by completing the Joint Account Transfer Form along with the providing a certified copy of the Death Certificate.
If any third party has authority to act on accounts held in the name of the deceased customer, that authority ends upon the account holder’s death.
Persons operating accounts as signatories, Power of Attorney or under a Guardianship Board Order will be unable to operate or enquire on the deceased’s account(s). Only the Executor/Administrator or verified Next of Kin can enquire on an Estate account.
If you need funds from the Estate to pay or be reimbursed for funeral expenses, we will require the Funeral Payment Form to be completed along with the documents required as noted on the form.
Generally only funeral payments will be released prior to the Estate being finalised. However, we will consider requests to release funds to meet other requirements on a case by case basis.
The documents that we require to consider the release of funds and closure of the Estate accounts are determined generally by the value of funds held in sole account(s) by the deceased customer. To initiate the closure, the Deceased Estate Account Closure Form will need to be completed and the relevant supporting documents provided.
The exact requirements will be advised to you by MyState’s Estate Administration team once they are notified of the customer being deceased and the credit balances outstanding.
When the deceased dies without leaving a valid Will, known as intestate, we reserve the right to request Letters of Administration to release funds, depending on the circumstances of the particular estate and the value of funds in the sole account(s).
If the deceased person has a loan or overdraft account with us, the Executor(s) or Administrator(s) must contact us to discuss what arrangements are required to finalise these accounts. In some instances, the deceased person may have taken out insurance to cover their loan balance. Our specialist staff can provide assistance in this area.
Our branch staff are able to take copies and certify documents if you are able to attend the branch with the originals. Alternatively, you can mail in certified copies when providing required documents.
The possible documents that we will require copies of dependant of the estate are: