Supporting you during this challenging time.
When you lose a loved one, there are many responsibilities to attend to and decisions to make.
Dealing with these while you are still grieving can be overwhelming. We can help you with banking arrangements, provide guidance on what’s required and offer support at every step. This includes working with you to complete paperwork, stop account activity and handle the release of money from the estate.
What do I need to do?
The timeframe to finalise the estate could vary from a few weeks to several months. It depends on the deceased estates' assets, accounts and the required documentation.
We are required to wait a minimum of 30 days from the date of death to close and finalise deceased accounts.
We may also need more information or instructions from the parties involved in this process.
1. Notify us.
- Call us on 13 25 85 (Monday – Friday 8am – 8pm, Saturday 9am – 3pm ACST) or visit your nearest branch. If visiting a branch, please ensure that you bring along all required documentation and identification from steps 3 and 4 below.
- If you plan to use legal counsel to act on your behalf, please ask them to mail us a letter of representation and certified copies of any relevant documents to Beyond Bank Australia, Deceased Estates, GPO Box 1430, Adelaide SA 5001.
After you have notified us, we will write to you outlining our requirements and next steps for the estate.
2. Submit a claim for funeral expenses and probate fees.
Where there are available estate funds these can be used to pay for funeral expenses and probate filing fee, if required.
Please note the following:
- A tax invoice provided in the name of the deceased person.
- Quotations for funerals cannot be used for payment.
- Invoices in jointly held names cannot be accepted unless evidence is provided that both individuals are deceased.
- Wakes, house maintenance and real estate costs are not eligible for payment from the estate.
- Cash payments for estate matters will not be reimbursed.
Depending on the specific requirements of an estate, the above may vary and certain other expenses may also be claimable. Please contact us if you need help with this.
3. Provide us with the required estate documentation.
For the estate to be finalised, we require documentation and instructions from the representative(s) of the estate as follows:
- Certified copy of a Death Certificate
- Certified copy of the Will*
- Certified copy of the Grant of Probate or Letters of Administration*
- Supporting form(s) may be required. Please see the forms section below for more information.
*These documents may be required and conditional depending on the estate.
4. Provide us with required certified identification.
- 2 valid forms of certified ID are required for each executor*.
- Accepted forms of ID: Valid driver's licence, Passport, Medicare card.
If you visit a branch:
If you visit a branch, our staff can help you take copies of original documentation.
If you don't visit a branch:
When identification is not presented in person at one of our branches and you're sending us documentation by post.
You must:
- Ensure the person certifying your identification documentation must also complete the Certification of Original Documents form. Without this correctly completed, we cannot process your application
- Ensure that the scan or photocopy of your ID documents can be clearly read. Otherwise, they may be rejected and requested again, which will cause delays.
*Not required for joint account owners.
5. Estate finalisation.
Once we have received all the required documentation, we will process the release of our customer's funds in their estate.
What happens to our deceased customer's accounts and services.
To prevent unauthorised access to our customer's accounts, once we have actioned the notification, we will place a restriction on any solely-held transaction accounts.
- No money can be withdrawn from the account(s)
- Outgoing payments will be stopped. This includes direct debits, BPAY, recurring payments and quick debits
- Cards, including credit card, cheque books, internet and mobile banking will be cancelled
- Credits will continue to the account(s)
- Power of Attorney or Signatories will no longer be able to act on the account(s)
For joint accounts, account holders will continue to have access without any impact to the surviving joint owner. These will be converted to single accounts upon receipt of the certified documents.
For business accounts, due to the complexity of these accounts, once notified, the deceased team will contact in writing of the requirements to manage this sort of account.
Any additional cardholders on the estate will be cancelled. Any outstanding amounts will be repaid from the funds held in the estate. If it cannot be repaid in full, repayments should be maintained by the estate until closure.
On notification, we will stop direct debits. The insurance provider's policy will cease in line with the insurer's process for solely held direct debits that have been closed.
Where an existing Allianz policy was provided by Beyond Bank, the verified legal representatives of the estate can provide instructions for the policy by contacting our insurance team on (08) 8472 0310, Monday to Friday, 8:30am until 4:30pm (ACST).
As each situation for an estate is unique, once the executor or administrator of an estate has been verified, the loan can be discussed in detail. If you are having financial difficulty, please contact our Credit Team to discuss the loan details on (08) 7201 2403, Monday to Friday, 9:00am until 5:00pm (ACST).
If the deceased has a Consumer Credit Insurance policy to repay the loan or credit card in the event of death, please contact our insurance team on (08) 8472 0310, Monday to Friday, 8:30am until 4:30pm (ACST).
For soley-held personal or car loans, any outstanding amounts will be repaid from the funds held in the estate. For jointly-held loans, if there is any financial difficulty please contact our Credit Team to discuss the loan details on (08) 7201 2403, Monday to Friday, 9:00am until 5:00pm (ACST).
Term deposits will continue until the accounts have been closed. There will be no early redemption fee.
- Formal Trust - We may require copies of the full Trust Deed to determine the structure and control of the accounts and, where applicable, request that any deed of amendments also be provided.
- Informal Trust - If there is an informal trust arrangement and the deceased customer was the sole trustee, this will then form part of their estate. Where there are multiple trustees, we can discuss and advise of the requirements to the verified executor or administrator.
Beyond Bank Australia does not hold documents as way of security or safe custody.
Forms and Guides.
Some or all of the following forms may be required to assist our team with finalising the estate. Each estate may require different forms. If you are unsure which form(s) you may need to complete, please contact us on 13 25 85.
Glossary.
A person who has been appointed by the court to manage the deceased estate when a customer has passed without a Will or with an invalid Will.
A person or entity that receives a gift or benefit from an estate as outlined in the Will.
A copy of an original document that has been verified as being a true copy of the original by an authorised person. Example: such as a Justice of the Peace or Police Officer.
A certificate issued by the Registry of Births, Deaths and Marriages. Foreign death certificates not in English will require translation by a public notary. Medical certificates cannot be accepted.
An 'estate of the late' informal trust is used when an executor or administrator requires an account to be opened to collect/manage the estate of assets.
An executor is the legal representative named in a Will who is responsible for administering the estate.
A document issued by a court that confirms the validity of a Will and authorises the executor to act. Beyond Bank's policy requires the Grant of Probate when the estate's value is over $35,000 or when the estate must apply for probate for other assets.*
Are granted by a court, appointing an administrator when there is no Will or an invalid Will, giving authority to the administrator to act. Beyond Bank's policy requires the Letters of Administration when the estate's value is either over $35,000 or when the estate must apply for Letters of Administration for other assets.*
The next of kin is listed on the Death Certificate, namely the person's spouse or defacto partner, adult children and then parents, who may be required to administer the estate where there is no Will.
Provides the legal authority to act for another person in specified legal or financial matters. This ceases legally once the person is deceased.
A legal document that expresses a person's wishes as to how their estate is to be managed.
Other organisations that can help.
Contact us.
If you need assistance through this challenging time, our friendly staff are here to help.