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Guide to managing a Deceased Estate

If you’ve recently lost a loved one, we understand that this will be difficult for you and your family. We want to make this process as easy as possible for you. This guide will provide some advice on the steps that need to be taken once we have been notified about the loss of your loved one. 

The information is a guide only. Requirements may vary depending on the individual circumstances of the estate and on the type of accounts your loved one had with us. 

What you need to do

 

Let us know 

Contact us on 08 8227 2222 or visit or our office, 21 Chancery Lane Adelaide SA 5000. 

We’ll ask you to complete a Deceased Estate Notification form, which confirms your loved ones details. 

Fire Service Fund

If your loved one was a member of the Fire Service Fund please contact them as they provide death/funeral benefits in the event of death of the member of the Fire Service Fund.

What Happens next? 

Once we have been notified, accounts in the deceased’s name will be restricted, the access facilities such as visa cards, internet banking, mobile banking closed. Direct Credits can still be received.  All direct debits or auto transfers will be cancelled however the Credit Union may continue to debit insurance premiums depending on the circumstances. All powers of attorney, guardianships and authorised signatories cease once a person is deceased. Loan accounts will continue to have interest charges and redraw facilities maybe removed.

Joint accounts

Any joint accounts will continue to operate as normal. If the account was ‘both to sign’ and you are now the only signatory you can continue to operate on the account. 

Claim for expenses

We can release funds to pay or reimburse immediate funeral expenses when a request is received from the person who paid for the funeral or to whom the invoice is addressed. The person requesting must be identified, and provide either a:

  • tax invoice (if you’re yet to pay for the funeral), or;
  • tax receipt (if already paid).

Payment or reimbursement can be processed in our office, or you can send us a Deceased Estate Authority Release form along with other required documents.

Alternatively, the Authorised Estate Representative(s) can request payment or reimbursement of funeral expenses, as well as request payment of other unpaid bills or expenses relating to the estate.

Providing Identification

When someone passes away we can only share their account information with the executor, administrator, next of kin or legal representative and we will need to confirm their identity to satisfy legislative requirements. They can do this at our office by providing identification in person or by returning certified identification.

Providing documentation

The documents we will need to finalise the estate depend on the value of the Estate, we may ask for documents, such as: 

  • Death Certificate
  • Grant of Probate 
  • Letters of Administration 
  • A signed indemnity
  • Deceased Estate Authority Release form

For business accounts, we may ask for other documents, such as evidence of change of trustee or director. 

If you are presenting documents such as a will or death certificate, to us in our office, you can provide originals and our staff will take a copy and certify them on the spot. If you are posting in photocopies of documents to us, you will need to have them certified prior to posting them.

Settle and Close accounts

Once we received all the instructions and documents we need, we will settle the deceased person’s account(s). We will also send a final letter advising that this has been completed, together with a final statement of the accounts for tax purposes.

Frequently Asked Questions

 

Where do I get a death certificate?

The Death Certificate can usually be obtained from the Registry of Birth, Deaths and Marriages.

When will you need Probate or Letters of Administration?

We will require Probate or Letters of Administration in the following scenarios:

  • A Grant of Probate (if there is a valid Will and the estate is valued at $15,000 or over)
  • Letters of Administration (if there isn’t a valid Will and the estate is valued at $15,000 or over).

Please note: Applications for Probate (where there is a Will) or Letters of Administration (no Will) are made through the Supreme Court. The Court’s website will contain information on how to apply. Alternatively, you can seek legal advice through a solicitor or lawyer.

What if there is no will?

If there is no Will, we may be able to act on the request of the Next of Kin. Alternatively, we may require the Next of Kin to make an application to the Supreme Court for Letters of Administration.

Please contact us with the Death Certificate, and let us know that a Will has not been located.

How long does it take to settle a deceased estate?

As the circumstances of each matter varies considerably, so too will the amount of time taken to settle each deceased Estate. However, the more quickly we receive all the appropriate documentation as per our requirements, the quicker we will be able to process the request. We will endeavour to finalise as soon as possible.