Deceased estates

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 form we provide to the authorised representative to provide information as to where proceeds of the estate are transferred.   

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. 

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.