See what’s involved when a loved one passes and how the release of funds to the Estate works. You’ll also find answers to common questions and links to useful resources. Anytime you need help, please contact us.
It’s a step by step process. There are documents to provide and forms to complete before we can help with the release funds to the Estate.
1. Provide certified copies of these documents
These documents can be supplied by the executor of the Estate or by family members:
- Death Certificate
- Will of the deceased
- Funeral invoice or receipt of made payment
The certified copies must be provided in person or by post. You can send a copy via email to start the process while the certified documents are in the post.
248 Commercial Road, Morwell VIC 3840
Or if you’re near one of our Bank Australia branches, you can bring in the originals for us to certify.
2. Complete and return these forms
Whoever is managing the Estate – typically, the executors or administrators – should return these forms:
(Or you can post them to the address above.)
3. Additional requirements (as needs)
- Accounts hold more than $15,000 – Grant of Probate will be required
- No valid Will – Letters of Administration may be required
In both of these instances, we’ll advise the executor if needed once we review your documentation.
Release of funds for settling the estate
If there are sufficient funds available, we may release funds from the accounts of the deceased estate to pay for funeral expenses or any other expense related to settling the estate (such as obtaining Probate or Insurances).
Costs paid from the account are capped at $15,000 without the production of probate/letter of administration under section 69B of the Banking Act.
How to request release
Send us a receipt of payment together with the invoice and we may reimburse you for these expenses. Both must be certified copies of the original.
Email to: email@example.com (or you can post them to the address above.)
Deceased estate trust account
An ‘Estate of’ account is an account opened by the Executor(s) / Administrator(s) / Next of Kin generally for the purposes of managing the financial affairs of the deceased Estate.
Common questions about deceased estates
Where estate funds are transferred to
We release funds by EFT or bank cheque payable in the name of the Estate only, not to personal accounts.
The Executor may choose to open an ‘Estate of’ account with Bank Australia and have the funds deposited directly into the account.
For savings and transaction accounts, the funds in the account generally don’t form part of the Estate. The account will usually remain open for the other account holder.
For loans and credit cards, the account will become the surviving account holder’s responsibility.
Once we receive the Death Certificate, we can remove the deceased person’s name from the account.
Any home loans in the name of the deceased person will be considered in the finalisation of the Estate. Unfortunately, we cannot change the names listed on the loan or title.
The Executor may consider selling the property or refinancing the home loan. If it’s a joint loan, the survivor can lodge a survivorship application to have the title changed into their name only.
You are required to provide a certification form when providing certified documentation. A list of acceptable certifiers are listed on the back of this form.
More links and information
- Australian Taxation Office (13 28 65) – There may be some important tax and superannuation factors to evaluate on a deceased estate for the executor and the beneficiaries.
- Birth, Deaths and Marriages Registry – The provision of certificates is the responsibility of your state and territory government.
- Centrelink (132 300) – The Department of Human Services can offer payments, counselling and other services to help people adjust after someone close to them has died.
- Griefline (1300 845 745) – Free, confidential support for help dealing with grief and loss. Includes 24/7 online chat.
- Lifeline (13 11 14) – Crisis support and suicide helpline. Includes online chat 7pm – midnight.
- Beyond Blue (1300 22 4636) – Depression and anxiety helpline. Includes online chat 3pm - midnight.
- Redkite (1800 733 54) – For children and young people with cancer, and their families.