BSB 806 015

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BSB 806 015

Frequently Asked Questions

Deceased Estates

Questions...

  • How do I manage a deceased estate?

    If you have a friend or family member who has passed away and they are a member of P&N Bank, please contact us to let us know as soon as possible.

    You'll need to complete the Notification of a Deceased Estate form and send this to us at [email protected] or by delivering a copy to your nearest branch.

    Who else may need to be informed?
    You will need to inform other financial institutions where the deceased holds accounts.
    You may also need to inform any relevant government departments such as the Department of Human Services, Department of Veterans Affairs, and Australian Taxation Office. Insurance, superannuation and utility providers may also need to be notified.

    Who can information be released to and when?
    After the required identification and documentation has been received, we are able to release details of the deceased's accounts to the recognised legal representative of the estate (ie executor or administrator).

    What happens to existing bank accounts?
    If an account is held in a single name only, all accounts, credit cards and overdrafts will be restricted, and no further transactions may occur.
    A surviving joint owner may continue operating an account as per normal if the account has been established with either party authorised to sign. Our branch staff may assist in arranging for the account to be amended to the sole survivor's name only.
    Our staff will contact you in relation to any joint lending.

  • What documentation is required for a deceased estate?

    To be able to finalise their accounts, we will need to receive documentation and instructions from the executor(s) or authorised administrator/next of kin(s) of the estate.

    You can bring original documents to any P&N Bank branch. Our staff are able to copy and certify the copies of original documents for the purposes of finalising the estate. 

    Understandably you may not be able to access all of the below documents at once. Please find below a list of documents that may be required to finalise the estate. We need the death certificate and Last Will and Testament as a priority, but other documents can be supplied when they are available.
    •    Death Certificate
    •    Last Will and Testament
    •    Grant of Probate may be required where the member has a Will and held more than our specified amount in deposit accounts at P&N Bank. For your information the executor(s) must apply for the Probate.
    •    Letters of Administration may be required if there is no valid Will and the member held more than our specified amount in deposit accounts. Generally, it is the deceased’s spouse or next of kin that will apply for Letters of Administration. 
    •    Identification documents if you are not an existing account holder of P&N Bank.
    •    Written instructions from the executor(s)/administrator for the finalising of deposit accounts.

    A Next of Kin Claim, if there is no valid Will and the member held less than our specified amount in deposit accounts.

    We may be able to pay the outstanding funeral account, as evidenced by a Tax invoice from the funeral home. If sufficient funds are available, P&N will debit funds from the estate and pay the invoice amount to the funeral home directly.

    If you do not have any of the above documentation, please seek independent legal advice. The above list is a guide only, and may change depending on the specific requirements of an estate.

    Who can certify a document?
    If you present the original documents at your local branch, our staff can assist you in certifying copies for P&N Bank purposes only.
    An experienced lawyer who has held a practice certificate for at least two years and holds a current certificate may also assist in providing an official certified copy. A justice of the peace may certify documents for a deceased estate.

    What if there is no Last Will and Testament?
    If there is no Last Will and Testament, you may be required to provide P&N Bank with original or certified copies of the Letters of Administration.

    Letters of Administration are documents issued by the Supreme Court, giving authority to a legal representative (in most cases the next of kin) to collect and distribute the assets of the estate, in the absence of a valid Last Will and Testament.

    What is a Grant of Probate?
    A Grant of Probate may be required from the WA Supreme Court when the deceased member left a Last Will and Testament that names executor(s) to handle the deceased estate. P&N Bank's requirement for a Grant of Probate to finalise the deceased estate will depend on whether the value of the deceased member's assets held at P&N Bank is higher than our specified amount ($15,000).

    The Grant of Probate will confirm that the information has proved to be correct and that the document is the true and Last Will and Testament of the deceased member. This is designed to protect the deceased member's assets and provide permission to the executor(s) to gain the information required to administer the estate.

    To assist with the requirements of the application, please check the Probate FAQs within the Supreme Court of WA website.

    What are Letters of Administration?
    If the deceased member did not leave a Last Will and Testament (or the document cannot be located), an original or certified copy of Letters of Administration may be required.

    P&N Bank's requirement to finalise the deceased estate will depend on whether the value of the deceased member's assets held at P&N Bank is higher than our specified amount.

    Letters of Administration are issued by the Supreme Court of WA to ascertain who should administer the deceased member's estate. This is designed to protect the deceased member's assets and provide permission to a named Administrator to gain the information required to administer the estate.

    To assist with the requirements of the application, you may need to seek independent legal advice.

  • How long will it take to finalise and close the Deceased's membership?

    As circumstances are different for each member, there is no specific timeframe for settling a Deceased's membership. We are required to wait a minimum of 30 days from date of death to close and finalise deceased accounts if surplus funds are held after meeting funeral costs. 

    Once all required documentation has been provided, our staff will assist in arranging for the membership and accounts to be closed and disbursed.

    You may like to open an "estate of the late" account and have the funds released to it. An "estate of the late" account is used when an executor requires an account to be opened to collect/manage the estate of a deceased person.

    Cheques made payable to the deceased or cheques made payable to the ‘estate of the late’ may be deposited to an "estate of the late" account.

    This is usually due to the complexity of the estate or the instructions in the Will, which results in the estate not being able to be finalised for some time.

  • Who can I contact for help with a deceased estate?

    There are several organisations who are available to provide support, counselling and financial advice to you during this difficult time. A good place to start for more information is:

    Department of Human Services (Centrelink)
    Public Trustee
    Probate section of Supreme Court of Western Australia website
    Citizens Advice Bureau of WA

    Who can I contact for further information?
    If you require further assistance, please call our Contact Centre on 13 25 77 or visit your local P&N Bank branch.

  • Can P&N Bank pay for funeral expenses from the Deceased's accounts?

    If funds are required from the deceased's account to pay for funeral expenses, please present a formal tax invoice from the funeral home to your local branch. Our staff arrange to make the payment to the funeral directors.

    If there is not sufficient funds held to cover the full invoice amount, we will close the membership and account/s and pay the balance as part payment.

    Expenses for things such as flowers, the wake, headstone and memorials cannot be paid or claimed from the Deceased's accounts.

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