Deceased Estate FAQ

A: Each Deceased Estate is considerably different and the amount of time to finalise the Estate will vary depending on the circumstances. Upon receiving all required documents and information including completed and signed Deceased Notification Form, we will finalise the Estate as quickly as possible. 

A: No, all Power of Attorneys, Guardianships and authorised signatories cease once a person is deceased. Only the next of kin, or Executor/Administrator/Legal representative will be able to engage with the bank regarding the deceased’s accounts after their passing.

A: These are granted by the Supreme Court in the state or territory where the Estate is held.

In most cases, these documents will only be required when the value of an Estate (balance of solely held accounts with us) is more than $15,000 or to discharge a solely held G&C Mutual Bank home loan.

A Grant of Probate is a document issued by the Supreme Court that confirms the validity of a Will and authorises the Executor(s) to act.

Alternatively, Letters of Administration may be granted by the Supreme Court giving authority to an administrator to finalise the Estate (typically granted when there isn’t a valid will).

A: Once we have been notified that an account holder has passed away, a hold will be placed on their deposit account(s) unless it is a joint account. This means that no funds can be withdrawn from the account and all recurring payments and direct debits will be stopped. Deposits can continue to be paid into the account if transferred from an external bank.

During this time withdrawals cannot be made except for approved debts or funeral expenses.

A: Direct debits – No debits will be permitted once the hold has been applied to the account. We can provide you a list of all recurring payments and direct debits for each deposit account(s). This list will be mailed to the authorised person or Next of Kin for the Estate. We will also assist you with handling any direct debits on the account, however you can also contact the merchant directly.

For any recurring payments on the account, the authorised party will need to contact the providers to make alternative arrangements (this includes cancelling the authority on any regular debit transactions).

A: If the deceased was a joint account holder of a deposit account, the surviving joint account holder will be able to continue to operate the account as usual. In these circumstances the deceased’s name will be removed from the account title once Proof of Death documentation is provided.

A: Without a Will, your loved one’s Estate may be ‘intestate’. This means that the rules of intestacy will be applied to divide their assets.

If the Estate is under $15,000 with no Loan accounts, Letters of Administration are not required, and the Next of Kin will be the authorised party to act on behalf of the Estate.

For any Estates with a total value above $15,000 or an Estate with Loan accounts, Letters of Administration will be required when there is no Will. In this instance, the Administrator will be the authorised party to act on behalf of the Estate. The authorised party will be responsible for gathering all relevant documents and requirements to help with settling the Estate.

If you haven’t managed someone else’s finances before, it can be overwhelming. Please contact our Member Service Team on 1300 364 400 to find out how we can assist you with the process.

If possible, we will try and pay any outstanding balance from any deposit accounts before the accounts are finalised.

We’ll cancel any credit cards where the deceased person was the primary cardholder. This means all their existing credit cards will stop working. However, some regular payments may still be processed on a cancelled account if a service provider doesn’t request authorisation from the us before processing a payment.

If the deceased was the primary cardholder of a credit card, any additional cards associated with the account will be automatically cancelled and you’ll need to apply for a card in your own name.

A: If the deceased held a home loan (either solely or jointly), all access and activity to the account will be stopped. Interest continues while the Estate is being finalised. Once we are notified of the death of a borrower on a home loan, we will be in contact with you to advise what the next steps are and if any further documentation is required.

A: Yes, all loan repayments must continue until the relevant loan is fully repaid. We recommend that you seek legal guidance before you consider making any voluntary repayments while the Estate is being finalised.

Should you have any concerns about meeting the minimum monthly repayments, would like to discuss your options with the loan or need more information, please contact us on 1300 364 400.