How we can support you A simplified guide to finalising a loved one s bank accounts
Helping you during a difficult time We understand that the loss of a loved one is incredibly difficult and dealing with finances may be the furthest thing from your mind. We would like to help put you at ease and make the process of finalising their account(s) as simple as possible. This guide is designed to outline the most common documentation and information we will require to finalise the estate. The information contained within this document is intended to be used as a guide only. The documentary requirements may vary depending on individual circumstances and the value of the estate. Contents Helping you during a difficult time 2 What do I need to do? 3 The first step to take 3 Who can certify your documents? 4 Identifying you as a party to the estate 5 What happens next? 7 Funeral & Other Expenses 8 Funeral Expenses 8 Other Expenses 8 Frequently Asked Questions 9 Glossary 11 Contact Us 13 Other Helpful Contacts 13 2
What do I need to do? The first step to take Visit your local Suncorp Store or call us on 13 11 75 to notify us of the passing of the deceased account holder and to discuss what the next steps are. When you visit us at a Suncorp Store, please ensure that you bring either an original or a certified copy of the following documents with you: Proof of Death To enable us to proceed with the finalisation of the estate, we will require Proof of Death documentation. We will need at least one of the following documents: Official Death Certificate Form 9 Cause of Death Certificate Funeral Invoice/Notice/Receipt (Original Only) Other documents that may be required Will. If the deceased left a Will and you have it available, please bring this with you as it may be required by us to proceed with finalising the estate. Grant of Probate. If there is a Will and a Grant of Probate is held, please bring it with you. If this is not available, Suncorp staff will confirm whether it is required during the process. Letters of Administration. If there is no Will and the Letters of Administration is held, please bring it with you. If this is not available, Suncorp staff will confirm whether it is required during the process. Suncorp staff can verify original documents provided. Any certified documents provided must be kept by Suncorp. (Note: We cannot accept a photocopy of a certified document). 3
Who can certify your documents? If you bring original documentation in to a Suncorp Store, our staff are able to verify them for you. Alternatively, you re welcome to provide us with photocopies of the original however they must be certified by an authorised witness and will be kept by Suncorp. Below is a list of people within Australia who can certify copies of your original documents: Commissioner for Declarations (Cdec) Justice of the Peace (JP) Notary Public Police Officer Solicitor, Lawyer or other Legal Practitioner A more comprehensive list of authorised witnesses can be found at www.ag.gov.au/statdec 4
Identifying you as a party to the estate If you are the Executor or Administrator of the deceased s estate but not a Suncorp Bank customer, we will need to identify you in order to proceed and finalise the account(s). All appointed Executors and Administrators must provide us with identification documentation. Accepted documents and requirements for our identification process are as follows: If you have Primary photographic ID (as per PART A below) two (2) documents At least one (1) item from Part A + one (1) item from any other category OR If you DO NOT have Primary photographic ID (as per PART A below) three (3) documents At least one (1) item from Part B + one (1) item from Part C + one (1) additional item from either Part B, C or D Part A Primary Photographic Identification Documents A current Driver Licence A current Australian Passport (or one which has expired within the last two years) A current Proof of Age Card issued by an Australian State/Territory (including 18+ Cards) A current foreign passport or similar travel document also containing your signature issued by a government, the UN or agency of the UN A National Identity Card issued by a foreign government, the UN or agency of the UN also containing your signature Part B - Primary Non-Photographic Identification Documents A current Driver Licence (without photograph) An Australian birth certificate/extract A citizenship certificate A foreign birth certificate issued by a foreign government, the UN, or agency of the UN A current Centrelink Pension Card 5
Part C Secondary Identification Documents A notice issued by an Australian Government Entity within the last twelve months recording the provision of financial benefits to you A notice issued by the Australian Taxation Office within the last twelve months recording a debt payable to or by you under a Commonwealth taxation law (eg. Tax Assessment Notice) A notice issued by a local Australian Government Entity or utilities provider within the last three months recording the provision of services to you at your residential address (eg. Rates Notice, Gas, Electricity, Phone) Part D Additional Identification Documents Current Australian Medicare Card Current Credit/Debit ATM Card (issued by an Australian Financial Institution) Other Financial Institution records issued within the last 3 months (eg. Bank Statement, Passbook, Term Deposit Certificate) Current Tertiary Education Identity Card with Photo (eg. Student Card) Current Government Issued Identity Card with a Photo 6
What happens next? Once we have received initial notification of the passing of the account holder as well as all required documentation, we will commence review of the estate. As each estate can vary considerably, further documents may be required. If further information is required, we will contact you via mail or email to advise what is needed. Once all required information and documentation is obtained, we will endeavour to finalise the estate and release the funds as soon as possible. 7
Funeral & Other Expenses Funeral Expenses If there are sufficient funds available in the deceased s transaction/savings account(s), we can release funds to pay for funeral expenses (including headstones). Note: Wakes and Memorials cannot be paid out of the deceased s account. If funeral expenses are unpaid, we require an original invoice so we can arrange payment directly to the funeral home/director. If funeral expenses have been paid, we require the original invoice and an official receipt so we can reimburse you. Other Expenses We may also be able to assist with the release of funds from the deceased s transaction/savings account(s) to pay for expenses incurred solely by the deceased prior to their death or incurred by the estate of the deceased. These are known as Just Debts. If any debts are held jointly, the surviving party inherits the debt. Examples of approved Just Debts are: Funeral Expenses (including headstones). Note: Wakes and Memorials are not classed as Just Debts and cannot be paid out of the deceased s account. Hospital Expenses incurred in respect to the deceased person no more than 6 months prior to the date of death. Medical Expenses incurred in respect to the deceased person no more than 6 months prior to the date of death. Debts payable to Federal, State, Local Government, Semi-Government and Public Utilities (eg. telephone and electricity), incurred by the deceased before the date of death. It does not include debts owed to a company, business or individual. Rates and Insurance premiums related to assets of the deceased (eg. Home, Contents and Vehicle insurance). The rates notice and/or insurance policy must be solely in the deceased s name. Partially paid shares. Fees for Probate costs can be paid only on presentation of an itemised invoice on company letterhead. We do not pay for Solicitor/Lawyer fees associated with estate expenses and sundries. Please visit a Suncorp Store should you require more information. 8
Frequently Asked Questions Suncorp is here to support you and we understand you may have questions you need answered. Below is a list of commonly asked questions: How long will it take for the account(s) to be finalised and for funds to be released? Each deceased estate is considerably different and the amount of time to finalise the estate will vary depending on the circumstances. Upon receiving all required documents and information including a completed and signed Authority for Release of Funds Held form, we will finalise the estate as quickly as possible. Can funds be released from the deceased s account(s) prior to the finalisation of the estate? Once we have received notification that an account holder has passed away, a restraint will be placed on their account(s). (Note: This restraint is not applicable for Joint accounts). During this time withdrawals cannot be made with the exception of approved Just Debt payments. Deposits can be made into the account(s) up until closure. Note: From the date of death, all Power of Attorney & Third Party signing authorities will cease. What happens to scheduled direct debits and direct credits to the bank account(s) after the Bank has been notified that the account holder has passed away? Direct Debits - Direct debits will not be withdrawn from the account(s) once the restraint is in place. We recommend that you contact relevant organisation(s) to cancel any direct debits associated with the deceased s account. Direct Credits Direct credits will continue to be accepted into the account(s). I have a joint bank account with the deceased. What happens? If the deceased was a joint account holder of a transaction or savings account, the funds in joint accounts will not be included in the deceased s estate. Joint bank accounts belong to the surviving account holder and they will be able to access the account as usual. In these circumstances the deceased s name will be removed from the account title once Proof of Death documentation is provided. Note: This is not applicable for credits cards, personal loans or home and investment loans. For more information, please visit your local Suncorp Store or call us on 13 11 75. 9
What happens if the deceased did not leave a Will? If the deceased did not leave a Will, the Next of Kin or closest living relative will generally be responsible for completing the documentation and requirements. Letters of Administration may be required in some circumstances. What happens to Term Deposit accounts? If the deceased held a Term Deposit account solely in their name, the account will form part of the estate. The account will be handled accordingly dependent of the balance. If funds are required for payment of a Just Debt, funds can be drawn from the Term Deposit account held by the deceased if necessary. What happens if the deceased held a Credit Card? If the deceased held a Credit Card, upon receiving notification of the account holders passing we will be in contact with the Executor or Next of Kin to advise what the next steps are. Please ensure to arrange cancellation of any direct debits attached to the Credit Card. What happens if the deceased held a Home Loan? If the deceased held a Home Loan (either solely or jointly), upon receiving notification of the account holders passing we will be in contact with you to advise what the next steps are and if any further documentation is required. Do Home Loan repayments still need to be made? Yes, all outstanding loan repayments must continue until the relevant loan is fully repaid. As the loan will not cease upon death, it may need to be refinanced. To discuss your options and for more information, please visit your local Suncorp Store or call us on 13 11 75. 10
Glossary When dealing with a deceased estate we understand that there are a number of unfamiliar terms that may be used. Listed below are some common terms and definitions. Administrator Where the deceased passes away Intestate (without a Will); or did not appoint an Executor; or the appointed Executor is unwilling or able to act, an Administrator needs to be appointed (by an order of the Court) to administer the assets of the estate. Persons who have a beneficial interest in the deceased estate may apply to the Supreme Court for Letters of Administration. Beneficiary/Beneficiaries A person who is entitled to take a benefit under a Will or under the intestacy rules. Certified Copy A copy of an original document that has been verified as being a true copy once the original has been sighted by an authorised witness. The certified copy of the document will be signed and stamped by the authorised witness. Death Certificate A recognised identity document that informs government agencies and financial institutions of a person s death. Deceased Estate Property and assets (including money) of a deceased person and held by an appointed Executor or Administrator in trust pending distribution to the Beneficiaries. Estate Account An account opened with a financial institution for the purposes of administering a deceased person s estate. The account is usually opened by the person(s) named the Executor(s) in the deceased s Will or by the Court appointed Administrator(s) (as may be applicable). Executor The person(s) appointed to administer the estate of a deceased person under the terms of their Will. 11
Grant of Probate A legal document issued by the Supreme Court to validate the deceased s Will. Once granted, the appointed Executor(s) named in the Will have the authority to act on behalf of the estate to deal with the assets and liabilities of the deceased. Intestate The deceased passes away without leaving a valid Will. Just Debts Debts that relate to expenses incurred solely by the deceased prior to their death or incurred by the estate of the deceased. Letters of Administration A legal document granted by the Supreme Court that appoints a party to administer the estate of someone who has passed away without leaving a valid Will. Next of Kin The closest living relative of the deceased by blood or marriage. Testate The deceased passed away leaving a valid Will. Will A legal document by which a person expresses their wishes as to how their property and assets are to be distributed at death, and names one or more persons, the Executor, to manage the estate until it is finalised. 12
Contact Us There are a number of ways you can get in contact with us: Visit your nearest Suncorp Store Call us on 13 11 75 Email our Support Team DeceasedEstates@suncorp.com.au Or via Post at: Deceased Estates, PO Box 1453, Brisbane QLD 4001 Other Helpful Contacts Bereavement Support Beyondblue www.beyondblue.org.au 1300 224 636 LifeLine www.lifeline.org.au 13 11 14 Australian Centre for Grief and Bereavement www.grief.org.au 1800 642 066 Other Helpful Organisations Australian Funeral Directors Association www.afda.org.au 03 9859 9966 Centrelink www.humanservices.gov.au 13 23 00 Births, Deaths & Marriages www.australia.gov.au 13
Contact us for more information: suncorp.com.au Call 13 11 75 Local Suncorp Store Issued By Suncorp-Metway Limited ABN 66 010 831 722, AFSL 229882 29316 21/10/16 A 14