Where can I find information on Deceased Estates?

Where can I find information on Deceased Estates?

If you’ve recently suffered the loss of a family member or friend, we know it can be overwhelming and are here to help support you. The following information aims to make this challenging time as simple as possible and explain what may be required to finalise your loved one’s estate.

Step 1. Let us know as soon as you can

You can either:

• Speak to one of our team members in person at one of branches (and bring original or certified copies of any relevant documents you already have on-hand e.g. Death Certificate, Will)
• Call our Estates Section on 13 12 21 (select option 4 for general banking then option 5) Mon – Fri, 9:00am – 5pm (Sydney time) 
• Email us [email protected] with information of the deceased’s full name, date of death and your contact information as the notifier and attach certified copies of documents you may already have e.g. Death Certificate, Will/Grant of Probate (if applicable)
• If you’ve engaged a solicitor to support settlement of the estate, ask them to provide us with a letter of representation, stating that they act for the estate

Once notification is received, information will only be shared with the legal representative (executor/administrator or solicitor acting for the estate).

After notifying us, we may contact you by phone or a confirmation letter will be posted within 14 days outlining the requirements for next steps.

What will happen to the accounts?

To ensure we protect our members Estate from unauthorised access we will take the following steps upon receipt of a deceased notification:

• Accounts belonging solely to the deceased are stopped to prevent further transactions, including existing recurring payments and direct debits (direct debits related to insurance or utilities may be paid on a case by case basis).  Direct credits can still be received until the membership is finalised
• All facilities such as cards, internet or mobile banking access held by the deceased will be cancelled
• Any Third Party access held on the membership for Power of Attorney, Authority to Operate or Guardianship will cease
• RediCredit and/or credit cards where the deceased was the primary cardholder will be cancelled, including cards for any additional cardholders
Joint accounts will remain unchanged and the surviving joint account holder can operate them as normal. These accounts will be transferred into the name of the surviving joint account holder once required documentation is received
• Circumstances for loan products vary. We will provide information in writing with options and requirements to the authorised legal representative and/or surviving borrower

What about Home loans?

If the loan was solely owned by the Deceased, the title of the security property will need to be transferred into the executor/s name, and can then be settled in accordance with the Will. Documentation will be required.

If the property is to be sold please complete the Request to release security property

If the loan is held in joint names and the surviving account holder would like to transfer the mortgage into their name solely, a new loan application will be required with a full affordability assessment.

Can funeral expenses be paid directly from the Estate?

If sufficient funds are available, we can pay for funeral costs or reimburse for expenses already paid directly from the estate:

• If you provide us with the tax invoice, we can make payment directly to the funeral company
• To reimburse you for expenses paid towards funeral costs, clear copies of proof of payment will be required (e.g. bank statement) along with the original tax invoice and receipt
• If there are insufficient funds to cover the invoice, we may close and pay the balance of the account to the funeral company as a part payment.

Step 2. Gather and send us the relevant documentation

The following documents will be required if the account/s are held solely by the Deceased:

• Death Certificate
• Current Will; or Letters of Administration if there is no Will
• Grant of Probate including the Will if the Estate is valued over $15,000.00
• Proof of Identity for all appointed legal representatives (executor/administrator) – See Certify-Identity Adult form for acceptable certifiers.

A reseal of Probate in NSW may be required for Probate granted in other states.  This will only be requested on estates of significant value, if required we will inform the legal representative.

The following documents will be required if the account/s are held in joint names with the Deceased:

• Death Certificate
• Will (if available) only if the surviving joint is the sole beneficiary to enable us to receive electronic credits or refunds in the Deceased members name

You can provide these documents by:

• Visiting one of our branches with the originals or certified copies of the documents
• Posting the certified copies of the originals to: Teachers Mutual Bank, PO Box 77, Mount Druitt NSW 2770
• Emailing us the certified copies of the originals to [email protected] (we may request the physical copies by post)

Step 3. Finalise the Estate

Once the required documents are verified, the legal representatives will be provided the following forms to finalise the estate:

• Indemnity
• Disbursement Authority

A letter confirming the release of funds and closure will be posted within 14 days of receipt of all required documents. 

Where can I get more information on Death and Bereavement?

The following Australian government website contains many useful links and guidance on death and bereavement:

• Supreme Court of New South Wales
Services Australia
• Australian Tax Office