BSB 806 015

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BSB 806 015

Managing a deceased estate

How to manage a deceased estate

When someone close to you passes away, it is a difficult time. If they named you in their Last Will and Testament as the executor of their estate, you may also have the added stress of managing a complex list of tasks. With so much to do, it's hard to know where to start.

You will need to comply with the laws governing estate management and may choose to seek the help of others or, if the estate is a complex one, a legal professional to assist you.

First steps

You may be responsible for organising the funeral service according to the Last Will and Testament and reaching out to friends and family to let them know their loved one has passed away.

Several organisations will also need to be informed, these should include your loved one's bank, relevant government departments (Human Services, Taxation Office), insurance, superannuation and utility companies.

You will need the official Death Certificate and original Last Will and Testament and may have to apply for a Grant of Probate from the Supreme Court, a document that grants you power to administer the estate as executor.

If your loved one is a P&N member, our FAQs provide more information on how we can help you finalise their banking arrangements.

Identify the estate assets

One of the challenging tasks for an executor is determining the estate's assets and debts. You will need to make a list of everything the deceased owned or was entitled to. This could include bank accounts, real estate, items such as vehicles, personal effects, shares, investments, superannuation and more.

Pay any debts

Once you have determined the estate's assets, it is time to pay any outstanding debts. This could include funeral and administration expenses, outstanding bills, loan repayments, relevant taxes (including income tax) and more.

It is a good idea to open a bank account in the name of the estate (known as an "Estate of the Late" account) to easily keep track of assets sold and debts paid.

You will need to contact a number of organisations to request information on debts to be settled. You may also be required to publish a notice asking people with a claim against the estate to come forward.

Distribute the remaining assets

After all debts have been paid, the remaining assets can be distributed to the beneficiaries named in the Last Will and Testament.

Reach out for support if you need it

Managing the estate of a loved one can be a stressful experience. There are a number of people and organisations that can help you while you are going through this difficult time. Don't hesitate to reach out for support while you are grieving.

If you are finalising the banking arrangements for a deceased P&N Bank member, we are here to help you make the process simple and straight forward. Please contact us to see how we can help.

How to manage a deceased estate

Deceased estate checklist - P&N member

When finalising the banking arrangements for a deceased P&N Bank member, we are here to help you make the process simple and straight forward.

Step 1: Contact us

Complete a Notification of a Deceased Estate form and return it to us at [email protected] or at any of our branches.

Step 2: Visit a branch with documents

When you are ready, visit a P&N Bank branch with the following:

  • The original or certified copy of the Death Certificate
  • Original funeral tax invoice (if funds are required from the Estate to pay for funeral expenses)
  • Photographic identification (driver's licence or passport)

If you are an executor of the estate, please also bring:

  • Original or certified copy of the Last Will and Testament, OR
  • Original or certified copy of the Grant of Probate (which will have attached to it a copy of the Last Will and Testament)
  • Closing instructions for the finalisation of the estate

If there is no Last Will and Testament and you have been appointed the Administrator of the Estate, please bring:

  • Original or certified copy of the Letters of Administration

Step 3: P&N will contact you regarding next steps

Once we have assessed the estate, we will contact you in writing to notify you of what the next steps are.

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