Deceased Estates

We're here to support you.

We understand that the loss of a loved one can be a challenging and overwhelming time for you and your family. From processing, managing and settling the estate, we're here to help you make this process as seamless and swift as possible.

Here is a step-by-step guide of what you'll need to do:

  1. Let us know.
  2. Locate the will (if there is one).
  3. Understand any changes to your loved one’s accounts.
  4. Prepare funeral arrangements and expenses.
  5. Fill out and submit the appropriate documents.
  6. We’ll take it from here.

Steps for you to take.

To help guide you through this process, we've detailed each of the steps below and included some extra things you may wish to consider. 

1. Let us know.

We understand that letting us know of your loved one’s passing can be difficult. By notifying us as soon as possible, we can help provide you with the support you need and protection to your loved one’s accounts.

You can let us know by:

 Sending us a message online;
 Speaking to one of our team members over the phone by calling 1300 132 249 (Mon-Fri, 9am-5pm AEST). If you’re calling from overseas, please call us on +61 2 4252 1200 (Mon-Fri, 9am-5pm AEST).
 Talking to one of our team members in person by visiting our branch at 38-40 Young Street, Wollongong 2500. You can book an appointment here;
 Writing via post to Locked Bag 29, Wollongong NSW 2500.

2. Understand any changes to your loved one’s accounts.

Once you notify us we’ll take some steps to protect the deceased’s accounts.

Accounts

  • We’ll freeze any accounts and cards that belong solely to the deceased, and block access to their internet banking. This includes stopping any ongoing recurring payments and direct debits. However, while the account remains open, direct credits can still be received.
  • We’ll also stop charging any fees on any products or services that can no longer be provided.

Credit Cards

  • We’ll cancel any credit cards the deceased owned as the primary cardholder, even for cards held by additional cardholders.
  • We’ll also stop charging any interest or fees on their credit cards.

Home and Personal Loans

  • We’ll prevent any further access to the deceased’s home loans or personal loans, including stopping any attempts to redraw funds.

Joint Accounts

  • If the deceased held funds in a joint account, any money in that account will go directly to the surviving joint holder/s of the account. Funds in any joint accounts will not form part of the deceased’s estate as per our Conditions of Use.

3. Locate the Will (if there is one).

It is important that we act carefully on the instructions of the deceased and the executor that they have appointed in their will. However, we understand that not everyone has prepared a will or it may be difficult to locate.

If there is a Will.

If there is a Will, an executor will be named and verified.

The named Executor in the Will is responsible for administering the Estate, managing the repayment of the deceased’s liabilities and distributing any remaining assets according to the Will.

Please ensure that when you locate the Will, no amendments or alterations are made to the original copy in any form.

If you are the executor, you may be required to apply to the Probate Registry of the Supreme Court for a grant of probate. Probate is an order of the court confirming the validity of the will and your right to administer the estate.

Importantly, if you are acting as an executor of the estate and are planning to manage the financial affairs of one of our customers, we will be required to verify your identity before we can proceed. More information on how to provide us with sufficient identification is outlined in Step 5.

If there is no Will.

In the case that no Will is found, whether it can’t be located or it was never written, your loved one will have ‘died intestate’. This means that the law will determine the beneficiaries of the Estate and the division of the deceased’s Estate.

If you are entitled to a share of the deceased’s Estate, you can apply to the Probate Registry of the Supreme Court for Letters of Administration. This is a court order that gives an eligible next of kin, such as a spouse, the ability to administer the deceased’s Estate.

Additionally, if you cannot locate the Will, you may be required to provide us with additional documentation. Step 5 will outline which documents need to be supplied.

Importantly, if you are acting as a representative or executor of the estate and are planning to manage the financial affairs of one of our customers, we will be required to verify your identity before we can proceed. More information on how to provide us with sufficient identification is outlined in Step 5.

4. Prepare funeral arrangements.

We understand that preparing funeral arrangements can be overwhelming as it is. If you are seeking funds to cover the funeral expenses, whether you’re an executor of the will or are responsible for paying for the funeral, remember to retain either a tax invoice or tax receipt.

We may be able to release funds to pay or reimburse funeral expenses for amounts not exceeding $15 000.

To help with the processing of funeral expenses, we will waive all staff assisted fees (SAFs) on any of the deceased’s individually owned accounts and any SAFs for transactions made on the deceased’s joint accounts in relation to funeral costs.

If you need assistance managing these expenses, reach out to a member of our team on 1300 132 249 (Mon-Fri, 9am-5pm) or by booking an appointment here.

5. Fill out and submit the appropriate documents. 

Whilst every situation is different, the following table includes documents that may be required to finalise the Estate. This list is not exhaustive, and there may be additional documents required. We know this is a difficult time for you, so once you have notified us one of our team members will be in touch to walk you through the documents required and how you can submit these.

To see what documents you may need to provide, choose the tab which corresponds with the total value of the accounts held by the deceased at the Illawarra Credit Union.

Please note that any statutory declaration forms that need to be filled out by you will be provided by our team upon notification.

  • Proof of identification of the Executor. This can be completed in one of two ways:
    • Visiting our branch and showing at least one form of ID: driver’s license, passport or birth certificate; OR
    • Sending us a verified copy of one form of ID: driver’s license, passport or birth certificate. Please note that we can only accept a copy of your ID if it has been verified by a Solicitor or Justice of the Peace (JP).
  • Original or a certified copy of the Death Certificate;
  • Original or a certified copy of the Will;
  • Original or a certified copy of grant of Probate ;
  • Statutory Declaration Form 1 (when there is no grant of Probate);
    • Original or certified copies of identification of the beneficiary(ies) nominated on Form 1;
  • Withdrawal Form – This provides written confirmation of how you would like the estate funds to be distributed.

6. We’ll take it from here.

Once we’ve received and finalised the necessary documents, we will work to act on the estate instructions within 14 days. You’ll also receive a letter within 14 days confirming any release of funds and information relating to account closures.

Find extra support.

If you need extra support, don't hesitate to reach out for help.

Grief Counselling

Beyond blue website

or 1300 224 636

Lifeline website

or 13 11 14

Grief Australia website

or 1800 642 066

FAQs

When we are notified of your loved one’s death, we will no longer have authority to act on the deceased’s mandate. We will place a hold on all their accounts, cancel any cards solely linked to them and cancel Internet Banking. This is to protect the deceased’s account from any unauthorised access or fraud.

It is important to note, that without the production of probate or letters of administration, we are only able to grant an amount not exceeding $15 000 for one or more of the following purposes:

  • To pay to the deceased customer’s funeral expenses or debts;

Once we’ve received and finalised the necessary documents, we will work to act on the estate instructions within 14 days. You’ll also receive a letter within 14 days confirming any release of funds and information relating to account closures.

As each Estate is dealt on a case-by-case basis, finalisation of an Estate may vary due to different factors and complexities such as how big the estate is, the types of assets that are being distributed, the amount of people involved and whether the estate is being managed by a solicitor.

Providing all the correct documents in a timely manner may speed up the process.

The rules of intestacy will apply. The rules govern the distribution of the deceased’s Estate to a next of kin such as a spouses, de facto partners, issues (children or grandchildren), parents, brothers, sisters, etc.

If you are entitled to a share of the deceased’s Estate, you can apply to the Probate Registry of the Supreme Court for Letters of Administration. This is a court order that gives an eligible next of kin, such as a spouse, the ability to administer the deceased’s Estate.

You can apply for a death certificate through your State’s Registry of Births Deaths & Marriages.

If you are the executor named in the Will, you can apply to the Supreme Court for Probate of the Will. Probate is official recognition of the Will, the executor and the beneficiaries indicated in the Will.

If the deceased had money in a joint account, the money will automatically pass to the surviving holder or holders of the joint account as per our Conditions of Use.

Generally, after collecting any joint access instruments such as VISA cards, and verified all appropriate documentation, we will transfer the account into the name(s) of the surviving account holder(s).

If the deceased’s term deposit is held in their name solely, we may be able to release the funds prior to maturity if we receive all the necessary documentation. You can refer to the product’s terms and conditions for more details.

Letters of Administration is a court order made by the Supreme Court which gives an eligible next of kin the authority to access and distribute the deceased estate.

Letters of Administration are essential when the deceased did not leave a valid will and did not appoint an executor or the executor is unable or willing to take on the role.

You’ll need to inform us as soon as possible so that we can start to help you through the process. Follow our step-by-step instructions above to make sure you provide us with all the necessary information.

It is common that payments will need to be made to the deceased’s accounts in the months following their passing. Examples of these payments are Superannuation benefits, shares, tax refunds, lost super cheques in the ‘estate of deceased person’s name, and so on. Re-opening a closed account in the name of the deceased can be a complex, lengthy and time consuming process. Keeping accounts open ensures that funds can be easily accepted into the estate.

No, all Power of attorneys, Guardianships and authorised signatories cease once a person is deceased. Upon their passing, only the next of kin, or Executor/Administrator/Legal representative will have the authority to engage with the bank regarding the deceased’s account.

We assess each estates circumstances on a case-by-case basis. Sometimes, we may require probate or Letters of Administration to be granted in order to release the funds. If this is the case, you’ll be advised.

Illawarra Credit Union will usually not release funds from our late customer’s account(s) to pay for additional kinds of funeral expenses, for example the wake, flights etc.

It’s normal to receive a final statement for any transaction account once it’s been finalised, showing a nil balance. Please also note that when accounts have a debit or small credit balance, you’ll continue to receive statements until the balance is nil.

If you continue to receive mail in our late customer’s name beyond this point, please contact us on 1300 132 249.

As circumstances of each matter vary considerably, so too will the amount of time taken to settle each deceased estate. However, the earlier we receive all required documentation, the quicker we will be able to process the request.

This is a legal requirement. The Anti-Money Laundering and Counter-Terrorism Act 2006 states that all signatories must be identified if instructing a financial institution about a deceased estate’s funds before such moneys can be released.

Once we have received the original tax invoice from the funeral director, only the funeral bill can be paid for directly from the deceased’s account. If you would like to claim for funeral costs already paid, we’ll need the original receipt – in addition to the tax invoice – to reimburse any payment.

If there aren’t enough funds in the account to cover the invoice, we’ll consider alternatives and look to compensate the funeral director with other available funds from the estate. No other related expenses such as the wake, headstone or memorial can be paid from the deceased person’s account.

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