Deceased Estates

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.

Sole Accounts

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 (where one party is deceased)

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.

Third Party Access

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.

Payment of funeral accounts

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.

Payment of other Estate invoices/bills

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.

Where there is no Will (intestate)

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).

Loans or Overdrafts

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.

Certification of documents

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:

• Death Certificate
• Last Will and Testament
• Proof of Relationship to the deceased, such as birth certificates showing the family relationship
• Letters of Administration
• Probate
• Photo Identification executors / claimants