If you’ve recently experienced a loss, we understand that this is a difficult time for you and want to help where we can. We’ve created this guide to make the process in releasing assets that Bank of Sydney is holding on behalf of the deceased as easy as possible.
Contact us as soon as possible to let us know when a loved one has passed away. You can speak to our team at your local branch or call us on 13 95 00.
You’ll need to provide us with original documentation or certified copies in order for us to begin the process. Our branch staff will require a Death Certificate, Medical Death Certificate and if possible a funeral account/receipt. Please bring any of these documents to a branch for verification. If there’s a will, we’ll also need an original version or a certified copy of this document.
Our staff will take copies of any original documents and return them to you straight away.
You’ll need to fill out our Notice of Deceased Customer Form. The person notifying the Bank of the death and the Executor/Administrator of the estate will be required to provide identification.
Based on the information you provide the Bank will search for all accounts held by the deceased.
Once we’ve identified the accounts, we’ll provide details to the appropriate party in writing. This will also include the next steps required from them. This correspondence would also detail if a Grant of Probate/Letters of Administration would be required.
Funeral Expenses
If you need funds from the estate to pay or be reimbursed for funeral expenses, you’ll need to indicate this on the Notice of Deceased Customer form. For reimbursements, we’ll need an original receipt marked ‘paid’ which should also include the name of the person who paid the account. You’ll also need to complete a claim form.
If the funeral expenses have not yet been paid for, we’ll need a funeral invoice which we’ll make copies of.
Once all information and identification has been verified and appropriate instructions have been obtained from the Executor / Administrator, we’ll provide you with a bank cheque.
Loan Accounts
Once the Bank becomes aware of the death of a loan customer, a new loan contract will be entered into with the surviving mortgagor (if there is one). Note, no redraws or other new advances will be permitted until a new loan contract is drawn up.
Administrator – The party(s) appointed by the Supreme Court to deal with the Estate of the deceased when he or she dies intestate (without a will).
Certified Copy – A document which has been certified as a true copy of the original. Please note, certification requirements allowing people to certify documents will vary depending on the State or Territory.
Death Certificate – a certificate issued by the Registry of Births, Deaths and Marriages, giving the date, place and cause of death along with other relevant information.
Estate of Account – An account that’s opened to receive a deposit of funds owing to a deceased person’s estate after the date of death.
Executor – Party(s) appointed by the deceased in the Will, whose responsibility it is to carry out the deceased’s wishes as expressed in the Will.
Grant of Probate – A Grant of Probate is a legal document that authorises an executor (or executors) to manage the estate of a deceased person in accordance with the provisions of the deceased’s will. A Grant of Probate is issued by the applicable states Supreme Court.
Letters of Administration – A document granted by the Supreme Court that appoints a party to administer the Estate, in the instance that the deceased did not leave a valid will.
Medical Death Certificate – A certificate issued by the attending physician, giving cause of death.
Next of Kin – The closest living relative of the deceased.
Solicitor/Lawyer – A solicitor/lawyer can assist you in the administration of the deceased Estate.
Will – A legal document outlining the deceased’s directions for the distribution of the Estate and appointing a party(s) to carry out those wishes.