When a loved one passes away
Managing financial affairs can often be a challenging task, especially when dealing with the grief of losing someone close.
At Summerland, we understand the difficulty that comes with such a loss. Our dedicated team is here to provide you with the care and pragmatic advice to help you settle your loved one’s accounts. We aim to simplify the process for you, striving to make it as uncomplicated and free from stress as we can.
The Process
1. Notification
2. What happens to the accounts?
3. Funeral Costs
4. Required Documentation
5. Settle and close accounts
1. Notification
Please reach out to Summerland Bank at your earliest convenience so we can support you during this challenging time.
Talk to one of our friendly banking advisors in branch or call our contact centre on 1300 728 728.
Kindly share the following details when you get in touch
Full name of the deceased.
Date of birth.
Date of death.
Member number or account number of known.
Your relationship to the deceased.
Your contact details or the name of the best contact moving forward.
Whether a solicitor will be handling the estate or not and the details of the solicitor if one has been appointed.
2. What happens to the accounts?
Accounts
Solely held accounts and cards will be restricted and any direct debits or recurring transfers will be stopped. Note: Credits will still be received. Scheduled payments for insurance or loans held with Summerland will continue.
Joint Accounts?
The surviving joint party will continue to have full access and accounts will be converted into the sole name of the surviving owner once the death certificate is received.
Internet Banking
Internet banking, Banking app and other account access for the deceased member will be cancelled.
Credit Card Accounts
Access by additional card holders is cancelled upon notification. If no funds are owing the account will be closed once the death certificate is received. If funds are owing, we will liaise with the estate representative to finalise the account.
Signatories, Financial Management Orders & Powers of Attorneys
These documents are no longer valid for a deceased customer, so access to the accounts is withdrawn for these parties upon notification of the deceased estate. Note: Cases vary where joint accounts are involved.
Home Loans
Cases can vary but generally the estate will be required to continue making repayments, this may be covered by scheduled payments already established. We will liaise with the estate representative to work through the finalisation of loans.
3. Funeral Costs
Summerland Bank can release funds from the estate to cover essential funeral expenses up to a total of $15,000.
Please note that costs associated with a wake or tombstone are not routinely covered and require special approval. An invoice or receipt must be provided.
- The invoice must state the deceased’s name if unpaid.
- If the funeral has been paid, the tax receipt must be addressed to the person making the request for reimbursement and state the deceased person’s name. Please also provide payment details to process the reimbursement, this should be an account owned by the same person who paid the funeral.
4. Required Documents
We are required to collect a variety of information and documents to finalise an estate.
The documents required will vary but they may include:
- Death certificate (required)
The Will (required if available, please advise us if one does not exist). - A Grant of Probate or Letters of Administration (required for estates above
$15,000 or involving property), or Request to Waive form. - Summerland Bank Certifying ID form
- Summerland Bank Deceased Estates Claim Form
- All documents are to be original or certified true copies and handed in at our branches or posted. Please do not post original copies of non-Summerland documents e.g. Death Certificate or Will. Please note if a Solicitor is involved, we can accept emailed documents from their office only.
- If the Grant of Probate/ Letters of Administration are granted electronically a Summerland staff person must sight the document online or be provided with a certified copy unless they are coming direct from a solicitor’s email.
The requirement for a Grant of Probate or Letters of Administration
To safeguard the financial interests of both the deceased person and the estate’s beneficiaries, we cannot release funds from the estate without the provision of a Grant of Probate or Letters of Administration for estates that hold $15,000 or more.
A request can be submitted for us to consider waiving the requirement for Probate or Letters of Administration; however, this will only be approved in limited cases. If you would like us to consider waiving our requirement, please complete the Request to
waive form as well as the Certifying ID form.
Certifying ID Form
Summerland’s duty to protect our customer’s privacy does not end upon the passing of a customer. We appreciate your understanding that we can only disclose account details to their estate executor, administrator, or immediate next of kin. To confirm
your authority as one of these roles, you will need to complete Summerland’s Certifying ID form.
It can be completed in branch by our staff. Alternatively, we can send you the form via email and it can be mailed to our PO Box. The Certifying ID form must be completed with a certified copy of your identification attached.
If you have engaged a solicitor to act on behalf of the estate, we will send this form to them as part of our correspondence.
If you are a Summerland Customer and we have previously verified your current identification we do not require this form.
Deceased Estate Claim form
If you are obtaining a Grant of Probate or Letters of Administration, please complete only Page 1 of this form. For all other circumstances please complete all pages of the claim form.
Page 1:
This page provides us with your details and the payment details to close out the estate.
- Payment details are identical on each claimant(s) form. (Summerland will only pay funds to one account)
- If not paying to a solicitor’s trust account, payment details should be an account owned by one of the claimant(s).
Page 2:
This page is a Statutory Declaration and must be completed along with Page 1, unless you are providing a Grant of Probate or Letters of Administration.
How to send us the documentation
Post:
Certified true copies to (please do not send originals):
Summerland Bank
Deceased Estates
PO BOX 657
Lismore NSW 2480
Email:
(Direct from a Solicitor’s address only) certified true copies to:
[email protected] or [email protected]
In Person:
Bring documents into any of our branch locations.
5. Settle & close accounts
Once we have received all the required documentation, we will commence the settlement of the estate. This involves releasing the funds in accordance with the payment instructions on the claim form(s) and providing the estate with a finalisation letter confirming the funds transferred and closure of all accounts.
Please note that if a Solicitor is acting, we will email closure documents directly to them.
Please be aware that the information provided above serves as a general reference and is subject to change based on the individual circumstances of each estate.
List of Definitions
Administrator
An administrator is an individual appointed by the court to manage the estate of a deceased person in cases where there is no valid Will.
Beneficiary
A beneficiary is an individual who inherits or receives a portion of the money or assets from the estate of a deceased person.
Certified copy
A certified copy is a photocopy of the original document that is signed and stamped by a legal authority, such as a Justice of the Peace or a notary public, to confirm that it is a true and accurate
copy of the original document.
Death Certificate
A legal paper provided by the government’s Registrar of Births, Deaths and Marriages that states the date, location, and reason for a person’s death.
Deceased estate
The term used to refer to the property and assets of a person who has passed away.
Executor
The executor is the individual designated in a Will to manage the deceased person’s assets and
properties. Their responsibilities include ensuring that all the deceased’s expenses, such as funeral expenses, debts, or any unpaid bills, are paid. Additionally, the executor distributes any remaining assets to the beneficiaries according to the instructions outlined in the Will.
Financial Management Order
An official document that authorises another person (referred to as the financial manager) to manage the affairs of the principal. The financial management order ends upon the death of the principal.
Grant of Probate
When an individual dies without leaving a valid will, they are said to have died intestate.
Intestate
The executor is the individual designated in a Will to manage the deceased person’s assets and
properties. Their responsibilities include ensuring that all the deceased’s expenses, such as funeral expenses, debts, or any unpaid bills, are paid. Additionally, the executor distributes any remaining assets to the beneficiaries according to the instructions outlined in the Will.
Letters of Administration
Legal documents granted by the Supreme Court that give the administrator the authority to manage and distribute the assets of a deceased person’s estate when there is no valid Will
Immediate next of kin
The closest living relative of the deceased.
Power of attorney
An official document that authorises another person (referred to as the principal) to manage their
affairs. The Power of Attorney ends upon the death of the principal.
Will
A legally binding document that outlines a person’s desired distribution of their assets and property after their death.
Schedule a free call back
Choose a time that works for you and our local team will give you a call.
Or give our team a call during business hours (8:30am-5:00pm AEDT or Northern Rivers time, Monday to Friday) on 1300 728 728.
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