Deceased Estates 

Managing a deceased BOQ Specialist account

What steps are required to manage a deceased's BOQ Specialist accounts?

Step 1 – Notify BOQ Specialist

 

Please contact the BOQ Specialist Client Service Centre on 1300 160 160 or email client.services@boqspecialist.com.au to notify us.  Please collect the documentation listed below and post to the following address:

 

BOQ Specialist Client Service

GPO BOX 2539 Sydney 2001

 

Documents required:

  • Original certified copy of Death Certificate
  • Original certified copy of Will
  • Original certified copy of ID of Executors
  • Original certified copy of Probate/Letter of Administration
  • Signed instruction to withdrawal (if applicable)
  • Amendment to Signatories form signed by Executors
  • Signed letter of authority to disclose (if applicable)

 

Step 2 – BOQ Specialist to review accounts/facilities

BOQ Specialist will conduct a review of accounts and facilities held by the deceased. Depending on the amount of funds in the deceased person's account, and the State or Territory in which the account is held, you may need to provide additional information.  We will advise you of these requirements once we have conducted our review.

 

Step 3 – Provide additional information requested in Step 2 (if applicable)

 

Step 4 – BOQ Specialist will release Estate funds

 

Who can notify BOQ Specialist and be provided with information about a deceased's account?

 

Information regarding a deceased client's account can only be provided to:
 

The Executors of the Estate named in the last Will

The persons to whom a Grant of Probate or Letters of Administration are granted

In an Intestacy where no grant has been applied for, to the person who is first entitled to apply for Letters of Administration
 

If there is no Will and if there is no intention to apply for Letters of Administration, then confirmation is to be obtained from the person seeking the information stating their relationship to the deceased. You will need to confirm this relationship by providing either a birth or death certificate, or marriage certificate
 

If you are not one of the people listed above, you can notify us of the passing of the deceased, but we may be limited in the information we can provide to you.
 

In all instances, you will need to be identified and provide certified identification documents as requested.

What if I share a joint account with the deceased?

If you hold a joint deposit account with the deceased, these accounts do not form part of the Estate.  Ownership will be transferred to the surviving party on receipt of a certified copy of the Death Certificate and a completed Existing Account Authority form. 

Where can I obtain the documents required?

 

Death Certificate

You should contact the Registry of Births, Deaths and Marriages in the State or Territory where the person’s death was registered. Usually, only a person named as the spouse, partner, parent or child of the deceased person can apply for a death certificate.

 

Will

If you have not been told where the latest Will is located and you cannot find it at the deceased's home, ask their solicitor, accountant, financial advisor, other family members or close friends if they know of its whereabouts.

If the deceased has not left a Will, the deceased is considered to have died intestate.  The Public Trustee in your State or Territory can advise the process for dealing with the Estate and who will be appointed Administrator of the Estate.  Letters of Administration will be provided in this case. 

 

Probate or Grant of Probate

An Executor/Executrix, Administrator, Legal Representative or Next of Kin can apply for Probate by contacting the Supreme Court in the State or Territory in which the deceased’s assets are held. You can seek advice on this matter from Centrelink, the Public Trustee in your State or Territory, or your solicitor.

Probate expenses are usually incurred by the Executor and reimbursed from funds held in the deceased’s Estate.

 

Documents not accepted

A Power of Attorney ceases to be valid upon the death of the principal (the person making the Power of Attorney). This means that persons appointed as attorneys under a Power of Attorney will no longer be able to access bank accounts or conduct other transactions on behalf of the deceased.

We cannot accept a medical certificate in place of the Death Certificate or Probate.

What happens to accounts and facilities until the estate is finalised?

What happens to accounts only in the name of the deceased?

BOQ Specialist will revoke access to these accounts by account signatories, we will act on instructions from the executor upon receipt of the relevant documentation

 

Requests to pay bills

If requested by the Executor/s, BOQ Specialist may agree to arrange payment of bills associated with the Estate directly from the deceased person’s account, provided there are sufficient funds in that account. Such bills may include funeral costs, government payments and costs to protect the Estate (e.g. insurance).

In order for BOQ Specialist to consider the payment, you will need to provide the original invoice and/or receipt (where payment was made independently and reimbursement is requested). Where the bill is approved and the deceased person’s account has insufficient funds for the full payment amount, the deceased’s account/s may be closed and the total balance sent as part payment of the bill.

 

What happens to loans held by the deceased?

Unfortunately, loans held by the deceased (whether by themselves or jointly with other borrowers) become immediately repayable upon their death. Generally, the Executor must ensure that all of the deceased’s debts are repaid before distributing the remaining assets to the beneficiaries.

Where the deceased person held a home loan jointly with another person, BOQ Specialist will contact the surviving joint borrower/s to discuss options for repaying the loan.

 

What happens to accounts which the deceased held as trustee?

What happens to assets held by a person as trustee depends on the terms of the trust, which are usually set out in a trust deed. If the deceased person was acting as a trustee prior to their death, it is recommended that you seek independent legal advice regarding the continuance of the trust.

What are the duties of the Executor of an Estate?

The Executor, in effect, steps into the shoes of the deceased person and winds up their personal affairs. Examples of tasks usually performed by an Executor include:

 

applying for probate

informing relevant entities of the death e.g. investment bodies

locating assets and having their value assessed

paying debts, income tax and funeral expenses

transferring assets and paying stamp duty

distributing the surplus to beneficiaries

 

For comprehensive information regarding the duties and actions of an Executor, please contact The Office of the Public Trustee in your State or Territory or a solicitor.

 

What are the common terms I may need to know?

Administrator: The Court may appoint an administrator under Letters of Administration to manage an Estate, for example, when there is no Will, no Executors are appointed under the Will, or the Executors are unwilling or unable to act.

 

Beneficiaries: People who are entitled to a portion of the assets of the Estate. They are usually named in the Will. If no Will exists, they are usually the deceased person's next of kin but this is determined by the law so you should seek legal advice.

 

Estate: When a person dies, their property and assets are called their “Estate”. The deceased’s Estate is held by the Executor or Administrator of a Will on trust until the assets can be distributed in accordance with the terms of the Will.

 

Estate Account: An account established by the Executor/s or Administrators of an Estate to receive funds identified as part of the Estate, prior to distributing funds according to the terms of the Will.

 

Executor: The individual/s (or office of The Public Trustee) nominated in the Will to control the assets of the Estate and carry out the terms of the Will.

 

Executrix: A female Executor.

 

Grant of Probate: An official grant by the Courts to the Executor named in the Will, enabling the Executor to effect the terms of the Will. Until Probate is granted by the Courts, an Executor does not have legal authority to collect monies, pay debts or distribute assets of the Estate.

 

Intestate: When a person dies without leaving a Will.

 

Probate: see ‘Grant of Probate’

 

Will: A legal document that sets out a person’s directions for the administration and disposal of their Estate after their death.

 


Can't find the answer to your question? 
Ask us here. 

 

 

BOQ Specialist - a division of Bank of Queensland Limited ABN 32 009 656 740 AFSL and Australian Credit Licence no. 244616 (BOQ Specialist). Use of the information contained on this page is governed by Australian law and is subject to the Terms and Conditions which can be read by clicking here. View the BOQ Specialist Privacy Policy by clicking here.

The information contained in this webpage is general in nature and has been provided in good faith, without taking into account your personal circumstances. While all reasonable care has been taken to ensure that the information is accurate and opinions fair and reasonable, no warranties in this regard are provided. We recommend that you obtain independent financial and tax advice before making any decisions.