We are here to help. A guide to finalising deceased accounts.

Transcription

1 We are here to help. A guide to finalising deceased accounts.

2 Help at a difficult time. This guide is designed to help you cope with some of the administrative tasks that come with the loss of a family member or friend. Inside you ll find practical advice on managing the accounts, credit cards, deposits and other products your family member had with their bank. We ve included instructions on what you need to do and when, along with what you can expect from Westpac to make your role easier. If you need more advice about the broader responsibilities of an Executor or Administrator, including applying for Probate, what to do with car registration or dealing with other financial institutions you should seek the guidance of Centrelink, the Public Trustee s Office as well as your own solicitor or financial advisor. Contents What happens and when 5 Documents you ll need 6 How we can help 12 Settling accounts and releasing funds 15 Managing expenses and insurance 16 Any questions? 18 Certifying your documents 27 Contact us 29

3 What happens and when What happens and when You will need to provide us with a Proof of Death document. This can be one or more of the documents listed on page 11. You can do this by visiting any Westpac branch. If you aren t a Westpac customer please bring some identification with you, as shown on page 7. Once we receive Proof of Death you will receive a letter within 7-10 days detailing what s required to settle each account. Use this booklet to gather your documents. Once we have all the necessary documents we can close and settle the accounts. If at any time you have questions please call us on and quote the reference you ll find on our correspondence. We ll be happy to help. 5

4 Documents you ll need Documents you ll need Proof of Death We ll need at least one of the following documents as Proof of Death: a Death Certificate, Medical Certificate, Funeral Bill, Solicitor s or Coroner s Letter, Grant of Probate, Letters of Administration or a Probate Bond. If you need information about getting the Death Certificate visit centrelink.gov.au Identifying yourself If you are not a Westpac customer and you are managing the financial affairs of our customer we will have to identify you. You must show at least TWO original documents from Table A or Table B. The combination of identification documents must contain your full name, residential address and date of birth. At least one document must be from Table A. All documents must be current unless specified otherwise. If any document is written in a language other than English, you must provide an English translation prepared by an accredited translator. Table A Primary Identification Birth certificate Australian (must be a full birth certificate) Birth certificate Foreign (issued by a foreign government, the United Nations or an agency of the United Nations; must be a full birth certificate) NSW birth card* Citizenship certificate Australian Citizenship certificate Foreign (issued by a foreign government) Driver s licence Australian* Learner driver s licence Australian* Passport Australian (can either be current or expired within the last 2 years; must not be cancelled, defaced or mutilated)* Passport Foreign (issued by a foreign government, the United Nations or an agency of the United Nations; must not be cancelled, defaced or mutilated)* Travel document Foreign (issued by a foreign government, the United Nations or an agency of the United Nations)* Boat licence Australian* Taxi licence Australian* Pension card Centrelink Pension card Department of Veterans Affairs KEYPASS photo ID card* 18+ Proof of Age card* NSW RTA photo card or Proof of age card* National identity card (issued by a foreign government, the United Nations or an agency of the United Nations)* *must contain a photograph and signature Table B Secondary Identification Driver s licence Foreign* Security guard s licence* Shooter s/firearms licence* Blind Citizens Australia ID card* Multiple Sclerosis Society photo ID card* Public Service employee ID card Australian* Student ID card Australian higher education (TAFE or University)* Working With Children check card (Blue card) QLD, VIC, WA* Australian Taxation Office (ATO) notice issued within the last 12 months which includes your name and residential address Financial benefits notice issued by a Commonwealth, State or Territory government issued within the last 12 months which includes your name and residential address (e.g. a notice from Centrelink) Financial institution passbook (Australian) which must be current and have a black light signature Utilities notice issued by a local government or utilities provider within the last 3 months which shows your name and residential address Health Care Card Centrelink Health Care Card Department of Veterans Affairs Marriage certificate Australian Medicare card Commonwealth Seniors Health Card or State Seniors Card *must contain a photograph and signature 7

5 Other documents you might need Certifying Documents All the documents you provide must be either originals or, if they re photocopied, certified as original by an eligible witness. See page 27 for a list of eligible witnesses. After we have identified all the accounts held by the deceased we may also need: Letters of Administration, Probate or a Probate Bond. For information on how to apply for a Probate Bond, we recommend you contact: Australian Probate Bonds Underwriting Agency (ABN: ) [email protected] Web: Telephone: Mobile: Details of who is authorised to represent the Estate: - If it is a Solicitor, you ll need to instruct them to write to Westpac confirming their authorisation. If it is the Executor of the Estate, as per the Will, we will need a certified copy of the Will. If an Executor has not been appointed, or there is no Will, we will need Letters of Administration or a Probate Bond. Our Estates Management Team will tell you which and how to go about it. For information on how to apply for Letters of Administration, we recommend you contact your Solicitor. For information on Probate Bonds, and how to apply for one, we recommend you contact Australian Probate Bonds Underwriting Agency on the details listed above. If the authorised representative lives overseas, they will need to contact the Estates Management Team on If at this point we have determined we require Probate, Letters of Administration or a Probate Bond, our Estates Management Team will advise you after we have completed a review of accounts. 9

6 Checklist Use this list to tick items as you cover them off, or to identify things you may have overlooked. Joint account holders On joint accounts where the account can be operated by either party independently, the surviving account holder will not need to be formally identified in order to access funds from the joint accounts. Proof of Death Documents Death Certificate Probate Letter of Administration Medical Certificate Solicitor s Letter Coroner s Letter Funeral Bill Probate Bond Bills Gas Electricity Internet Phone Mobile Phone Nursing Home Medical Fees Council Rates Water Rates Australian Taxation Other Westpac Accounts Everyday Bank Account Other Transaction Account Business Bank Account Credit Card Secondary Credit Card Personal Loan Home Loan Investment Home Loan Business Loan Equipment Finance Agri Finance Other Loans Safe Custody Insurance Policies Funeral Policy Life Insurance Credit Card Insurance Personal Loan Insurance Home/Contents Insurance Income Protection Insurance Vehicle Insurance Boat/Caravan/Trailer Insurance Landlords Insurance Business Insurance Other Insurance Investments BT Margin Lending BT Private Portfolio Management BT Wrap BT Superannuation Westpac Diversified Property Fund Westpac Protected Equity Loan Westpac Range Accrual Deposits Westpac Self Funding Deposits Westpac Superannuation Westpac Broking Other Financial Planning/ Investment Products Other documents Will Others: (Please list) 11

7 How we ll help How we can help Others who can help With convenient expert assistance Our branch staff will be able to help you in most circumstances. We also have a dedicated Estates Management Team who are experts in this area and are available to take your questions over the phone. We offer three convenient points of contact: Personal service at a branch Bring your documents into a Westpac branch. Be sure to bring identification with you when you visit. By mail (Westpac customers only) Mail your documents to: Estates Management Team IBN11 Westpac Banking Corporation GPO Box 3433 Sydney NSW 2001 Please include a covering letter with your documents giving your name, address and contact number. We ll get back to you quickly Once we receive your documents, we will review all the accounts held with us. You will then receive a Letter of Requirement within 7 to 10 business days. This will include a reference number to quote when contacting us and a list of any further information we need. Depending on the value of the Estate, we may also ask for documents such as the Will, Probate, Probate Bond or Letters of Administration. Once we have everything we need, we ll finalise the accounts as soon as possible. Australian Funeral Directors Association May be able to assist in planning the funeral and selecting a funeral director of your choice. Centrelink The Federal Government provides a range of supportive resources including: information on where to obtain the Death Certificate; who to speak to about organising the funeral; suggestions on who to advise and the government assistance available. BT Estate and Claims Management Team The Estate and Claims Management Team takes a proactive, customer focused approach to the Claim process. They can help assist in Deceased Estates (Superannuation and Investment) and Insurance Claims. Westpac Financial Advisers A financial professional is available to advise on your investments and insurance. Westpac Assist A team of specialists who can assist if you re experiencing financial stress. Westpac Assist can help you with a potential solution that may suit your financial needs and goals. You can contact Westpac Assist on free call This service is available Monday to Friday from 8am to 8pm EST. Visit afda.com.au Visit centrelink.gov.au Call Call Call Any questions, just call us Our Estates Management Team is knowledgeable, helpful and available on am to 5pm Monday to Friday (EST). St George Estates Management Can assist where our late customer holds St George accounts. Call

8 Settling accounts and releasing funds What we ll do 1 We ll restrict access to the accounts (this does not apply to joint account holders where the account can be operated by either party independently). 2 If you requested one, we ll provide a Certificate of Balance. This details all the accounts with Westpac. The person(s) representing the Estate the Executor(s) or Administrator(s) or Solicitor acting for the Estate will all need to request a Certificate of Balance individually in writing. 3 We ll begin settling the accounts and releasing funds to the Executor(s), Administrator(s) or Solicitor acting for the Estate. Settling accounts and releasing funds When we have everything we need from you, this is what we ll do: Please note: simply cancelling a credit card does not cancel any automatic direct debits connected to the credit card. You ll also need to contact the individual organisations. If you require statements to assist with identifying these, please contact any Westpac Branch. 15

9 Managing expenses Managing expenses and insurance Funeral costs To help cover funeral costs, Westpac can release funds from the Deceased s accounts. All we need is an original funeral tax invoice or tax receipt. If there isn t enough money available in the account(s) to pay the funeral bill, we will make a partial payment with the money that s available. Please note: You will generally be unable to access managed funds for this purpose. Need special financial assistance? When someone passes away, representatives of the Estate can find themselves facing a range of costs on top of funeral expenses. Funds from the Estate may be available to help pay these costs. Westpac will: Consider releasing funds from the account(s) to cover our late customer s utility bills, money owed in tax, aged care facility bills and medical fees. Assess other bills on a case-by-case basis. We will also assist and release funds to cover costs associated with applying for a Grant of Probate or a Probate Bond. Please visit your nearest branch or call the Estates Management Team on for more information. Finalising other insurance policies? If our customer held any insurance policies with Westpac such as vehicle, home and contents, credit card protection or investment insurance we will already have identified these policies. We will contact you with details of the policies and any requirements. Please note: If the policies are held with another provider, you will need to contact them for details of their requirements. Making a funeral or life insurance claim If our customer held an Estate Plan with Westpac the funds are usually released within a few days of submitting the claim. If your policy is held with another provider, you will need to contact them. Life Insurance policies are a little more complex and usually need some investigation and additional information before a claim is settled. In some cases they can take several months to settle. If your Life Insurance policy is held with BT, contact the BT Estate and Claims Management Team on If your Life Insurance policy is held with Westpac, phone If it is held with another provider you will need to contact that provider. Please note: If our late customer held a Westpac or BT policy, and premiums have been debited after the date of their death, you will need to notify us so arrangements may be made for reimbursement. 17

10 Any questions? Any questions? This section may help you find the answers you need. Will Westpac release funds from the Deceased customer s account(s) to pay for additional expenses associated with the funeral (e.g. the wake, flights for relatives to attend the funeral, etc)? Westpac will usually not release funds from our late customer s account(s) to pay for these kinds of expenses. Where do I get the Death Certificate? Each state and territory has a government register for births, deaths and marriages. For more information visit centrelink.gov.au. Please contact the office in your state or territory to obtain a copy of the Death Certificate. Do I need a Solicitor? This is a decision only you can make. Things that you should take into consideration are the size of the Estate, as well as the variety of assets including real estate and investments, the number of beneficiaries, their location and whether you anticipate any disputes. What does an Executor do? The Executor administers the Will. They are responsible for locating the Will and following the Will s instructions for funeral requirements, collecting all assets, finalising outstanding liabilities and distributing the assets in accordance with the Deceased person s instructions. What is an Executrix? An Executrix is the name used for a female Executor. What if there is no Will? If someone dies without a valid Will (Intestate), Letters of Administration may need to be obtained from the Supreme Court, appointing someone to administer the Estate. Generally, in such situations, the Estate passes to the Deceased person s next of kin. This is a good time to seek advice from a solicitor. What happens to a Power of Attorney? A Power of Attorney issued by our customer is no longer valid once they ve passed away. If you were appointed as an attorney by the Deceased you can no longer rely on the Power of Attorney to access bank accounts or conduct any other transactions on behalf of the Deceased. Who can apply for Probate? An Executor, Trustee, Administrator, Legal Representative or next of kin can apply for Probate. To initiate the process, this person will need to contact the Supreme Court in the state in which the Deceased s assets are held. You should seek advice from Centrelink, the Public Trustee in your state, or your solicitor. What is an Australian Probate Bond? If you need to release cash from the Estate in lieu of a Grant of Probate, you can apply for a Probate Bond. This is a document issued by Australian Probate Bonds Underwriting Agency (APBUA) that provides the bank with the security that no financial loss will be incurred as a result of not receiving an alternative legal document such as: A Grant of Probate Letters of Administration Reseal of Probate Australian Probate Bonds Underwriting Agency is underwritten by QBE Insurance. Please note, you are unable to use a probate bond when real estate forms part of the Estate. What happens to joint bank accounts? After you ve instructed us to do so, wherever possible we will change the account title in accordance with your instructions. In some instances we may need to change the type of account held in order to do this as the account held may no longer be available. We will select the newer product that best corresponds with the obsolete product. Please note, we are unable to do this for term deposits as there are tax implications. Where two or more signatures are required to operate the account, some different restrictions apply. Visit a Westpac branch if you require clarity of what restrictions apply and our requirements. 19

11 What happens with credit cards? If the Deceased person had a credit card, you ll need to cancel any existing direct debits attached to the card. If he or she was the primary cardholder, the card needs to be cancelled, which will cancel any secondary cardholder s cards automatically. Secondary cardholders may then apply for their own card, subject to Westpac s normal lending criteria. The credit card was an Altitude card and had Altitude Points. What happens to the points? Westpac will redeem the Altitude points for cash and credit the cash to the deceased s card(s). This should take about four weeks from when we receive notification of death. Please note, we are unable to transfer the points due to tax implications. The points must form part of the Estate and be disbursed along with all other assets in accordance with instructions outlined in the Will. Please note, if the card was closed prior to death any available points were forfeited by the deceased and are no longer redeemable. The Deceased person and I have a home loan together. What happens to it? You will need to continue paying your loan and interest will still accrue on the account until the loan is finalised. If you are unable to meet your regular loan repayments, you may contact Westpac Assist on How do I remove a name from a Westpac home loan after someone has passed away? Firstly, you will need to contact the land title office in the State where the property is located as each State has its own specific requirements. Once you receive the form you will have to complete all the relevant sections and then fax it to Westpac Consents Department on NB: If the property is located in Victoria, you will not be able to fax the form as legislation stipulates the original is required in all instances. Westpac will then send you a letter informing you of any other requirements. You should expect to receive this letter within 10 business days. What happens to Trust accounts? This varies considerably from case to case. If the Deceased held a trust account and you are a beneficiary, we recommend that you seek independent financial and/or legal advice. You will then need to visit a branch to make any changes to the trust account. How do I cancel or change a direct debit (automatic payment)? If the account is still open, Westpac will provide you with a list of direct debits attached to a transaction account. This is called a Regular Payment Summary and will be mailed to you if you are the authorised representative of the Deceased. Simply contact a Westpac branch to request a copy. You should receive the summary within 5-7 business days. If the transaction account is held solely in the name of the deceased, a restriction will be placed on the account preventing further direct debits. Direct debits on a credit card won t stop and you will need to contact each creditor to cancel direct debits attached to a card. If the account is already closed, we can provide you with copies of the last 12 months of statements for both a transaction account and a credit card facility. You will need to identify which organisation(s) to contact. This could include gyms, telephone accounts, insurance, annual subscriptions such as computer software protection and other memberships. If you are having difficulty dealing with any organisation or supplier Westpac may be able to help. Call us or visit your local branch. What is Safe Custody? Safe Custody is the safe keeping of important documents and valuables. Items commonly requested by customers to be held in safe custody by the bank include property deeds, a Will as well as other valuables and documents. If you wish to release items from Safe Custody you will need to visit the branch where the Safe Custody is held. How long does it take to settle an Estate after a customer s passing? Each Estate is unique, and the time it takes to finalise accounts can vary considerably, depending on the complexity and number of accounts held. Considerations include the number and type of banking products held, whether a Grant of Probate is required and the ability for us to obtain all the necessary information. What happens with business accounts? Business accounts can be quite complex and are dependent on how they were established. Please speak with the Deceased Relationship Manager or seek independent advice. 21

12 What do I do if Westpac is still sending mail to the Deceased? It is normal to receive a final statement for any transaction account once it s been finalised, showing a nil balance. If you continue to receive mail in our late customer s name beyond this point, please contact our Estates Management Team on You will continue to receive statements until the balance is nil, such as when accounts have a debit or small credit balance. What happens with broking charges? Once you ve told Westpac Broking of the passing, we will inform you of the documents you will need to complete and provide to us. Depending on the circumstances, stocks can be moved into an account in your or the Estate s Executor name within a day. If Probate is required this will take longer. What happens with superannuation? Superannuation benefits, including any insurance component, are generally released upon death regardless of the age of the member. For Westpac and/or BT superannuation funds, you will be required to complete a Death Benefit Information Form (which we can give you), and a copy of the Death Certificate. In most cases you will also need to provide a copy of the Will and a Grant of Probate or Letters of Administration. For superannuation funds held elsewhere, you will need to contact the Trustee and/or Administrator of the superannuation fund for details about their death benefit notification requirements. What happens with managed funds? If the Deceased held a managed funds portfolio, the fund will require a Grant of Probate and an original copy or certified copy of the Will in order to disburse the funds. Settlement of managed funds is a complex matter and is dependent on a number of factors. As a rule, settlement will take a minimum of 30 days after receiving all the required information. This timeframe may vary depending on the complexity of the Will. 23

13 What does that mean? A quick guide to legal terms Power of Attorney A Power of Attorney is a formal instruction whereby a person (who is called the Donor) appoints another person (called the Attorney) to act on their behalf. Power of Attorney ends with the death of the Donor. Administrator Beneficiary Certificate of Balance Certificate of Death Person or persons legally authorised by Letters of Administration to administer the Estate when there is no Will or when there is a problem with the Executor named in the Will. A person who is left something in a Will, or a person for whose benefit property is held by Trustees or Executors. List of accounts held by the Deceased containing balances and accrued (but unpaid) interest amounts as at date of death. An official certified copy of the information registered when someone passes away, including the date, place and cause of death. Probate Tax Invoice Order granted by State Supreme Courts confirming the identified Will is the true and last Will of the Deceased, and declaring the Executor(s) are lawfully entitled to finalise any Deceased Estate matter within the state the Probate is granted only. Probate is usually required when there is a large sum of money or assets involved and particularly when there are multiple beneficiaries. A tax invoice is an original invoice as identified by Australian GST taxation legislation. The requirements vary depending on the total taxable sales but items the invoice must include are: the words tax invoice stated prominently; the name of the supplier; the ABN of the supplier; the date of issue of the tax invoice; the brief description of the service provided; and the total price invoiced (including GST). Deceased Estate Or Estate Executor Funeral Bond Intestate The property and assets belonging to a person who has died is called their Deceased Estate. The Deceased Estate is held in trust from the death of the person until the transfer of the property and assets to the beneficiaries. Person or persons nominated in a Will to administer the Estate on behalf of beneficiaries of the Deceased. A Funeral Bond allows you to set aside an amount of money to cover your funeral expenses and, if you wish, specify how your funeral is to be conducted. If the customer had a Funeral Bond, be sure to contact the provider. When a person passes away without a valid Will they are said to die intestate Tax Receipt Testamentary Trust A tax receipt must include the same information listed under tax invoice above, and be presented in the form of a receipt or, alternatively, an invoice which has been stamped and dated as Paid. A Testamentary Trust is a trust established by a Will. It does not come into effect until after the death of the person making the Will. At this point, specified Deceased Estate property is transferred to a Trustee who holds the assets in trust for the beneficiaries. A Testamentary Trust is not the same trust as the Deceased Estate. A Testamentary Trust may last for many years after the Estate has been fully administered. The information provided within this document does not apply to Testamentary Trusts. Additional information about Testamentary Trusts can be found on the Australian Taxation Office website at ato.gov.au Letters of Administration Letters of Administration refers to a certificate issued by the Supreme Court that authorises a person to act as an Administrator when there is no Will or when there is a problem with the Executor named in the Will. Will A Will is a legal document that contains information on who receives assets and belongings after a death. A Will can also be used to appoint a guardian to look after children until they are old enough to look after themselves. 25

14 People who can certify your documents If you bring your original documents in to the branch, our staff can verify them. Alternatively, you can bring in photocopies but they must be certified by a qualifying witness. If posting, please send a certified copy but they must also be certified by one of the witnesses outlined below. Within Australia people who can certify copies of your original documents include: Justice of the Peace. Notary Public. Commissioner for Affidavits. Police officer. A permanent employee of the Australian Postal Corporation with 5 or more years of continuous service who is employed in an office supplying postal services to the public. A person who is enrolled on the roll of the Supreme Court of a state or territory, or the High Court of Australia, such as a barrister or solicitor. A full list of eligible signatories can be found at ag.gov.au/statdec Certifying your documents If you live overseas, you will need to visit your local court and get a Notary Public (or equivalent) to sign the original and certify the copy document. 27

15 Contact us We re here for you While there may be other departments you need to speak with during the process of finalising accounts, the Estates Management Team will always be your first point of contact. Call (Monday to Friday, 8.30am to 5pm AEST) Fax

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