Deceased Estates

So we can determine who can administer the Estate, we first need to know whether there is a Will, and who the Executor(s) are. An Executor is the person appointed to administer and distribute an estate according to the wishes set out in a person’s Last Will and Testament.

In some situations, the Public Trustee in the relevant state or territory may also be named in the Will as the Executor responsible for managing the Estate.

If the deceased has passed away without a Will (known as dying intestate), Letters of Administration may be required before we, in conjunction with our banking partners Auswide Bank can release funds or close any account(s). Letters of Administration are legal documents issued by the Supreme Court that appoint one or more people to act as Administrator of the Estate.  These appointed Administrators are the only individuals legally authorised to manage the Estate. They may make enquiries on accounts and provide instructions to our banking partner Auswide Bank in line with estate administration laws.

You may also choose to have your solicitor act on behalf of the Executor or Administrator. Auswide Bank can share information with the solicitor once they have confirmed in writing that they are formally representing the Estate.

Once you notify us, the documents required for your circumstances will be confirmed to you. This is so we can verify the Estate and ensure all requests are handled correctly before releasing any Estate funds.

Certified copies of the original documents will be required. 
Additional information may be requested depending on the Estate; however the following will generally be required:

Where there is a valid last Will and Testament:

• Notification of Deceased Customer
• Death Certificate
• The current Last Will and Testament, or Grant of Probate (and resealing where applicable) for estates valued at $50,000 or more, or where loans or secured property are involved
• Proof of identity for each executor.

Where there is no valid last Will and Testament:

• Notification of Deceased Customer
• Death Certificate
• Proof of relationship to the deceased, such as birth/marriage certificates
• Letters of Administration, for Estates valued at $15,000.00 or more.

Depending on the documentation provided, additional paperwork, such as a Statutory Declaration may be required. We'll let you know if anything else is needed.

Please send the documents to Elders Finance. Remember, we only need certified copies.  You can:

• Email them to us
• Deliver them to your local Elders branch 
• Post them to: Elders Finance, GPO Box 551 Adelaide, SA 5001.

If you are unsure about what is needed, please contact us before sending any documents.

Generally, only funeral-related payments can be released before the estate is fully finalised. Any request to release funds is assessed on a case-by-case basis. Please send the invoice and a written request to Elders Finance to provide to our banking partner Auswide Bank for review.

If funeral costs or reimbursements need to be paid from the Estate, Elders Finance will require the following documents:

• Tax Invoice from the Funeral Directors
• Payment receipt and the name of the person to be reimbursed, if the funeral tax invoice has already been paid.

Where there is a valid Last Will and Testament:

• Electronic Payment Form, available from your local Elders branch, signed by all executors (where possible)
• The current Last Will and Testament
• Proof of identity for each person signing the Electronic Payment Form.

Where there is no valid Last Will and Testament:

• Electronic Payment Form, available from your local Elders branch, signed by invoice addressee/receipt payee
• Death Certificate, for reimbursement, if the funeral tax invoice has already been paid
• Proof of identity for each person signing the Electronic Payment Form.

One of our priorities during this time is to protect your loved one’s accounts. When we are notified that a banking client has passed away, all funds held in any sole accounts will be placed on hold by our banking partner Auswide. This means no withdrawals, debit transactions, direct debits or scheduled payments will be processed from that point onwards. Electronic access and any cards linked to the account will also be cancelled to protect the Estate.

Joint accounts with us are normally held on a joint and several basis. This means that when one account holder passes away, the surviving account holder can continue to operate the account. The surviving account holder remains responsible for any loan, overdraft or overdrawn balance linked to the account.

Savings accounts or term deposits can be transferred into the surviving holder’s sole name by closing the existing joint account and completing the appropriate application forms. Download either: Personal Deposit Account application form, or New and existing Term Deposit application form.

If a third party had authority to act on an account held in the name of the deceased, that authority ends once the customer has passed away.

This includes authorities granted to signatories, Powers of Attorney or Guardianship orders. Only the Executor, Administrator or verified Next of Kin can obtain information or make enquiries about an estate account.

Once we are notified of a banking customer’s passing, we will contact our banking partner Auswide Bank. They will contact the Estate representative using their preferred contact method (post or email) within 14 business days. If a solicitor has been appointed, they will communicate directly with them.

An Estate will be finalised within 14 business days of Auswide Bank receiving all required documents. If multiple Executors or Administrators are involved, processing may take longer while all paperwork is being provided. If we need additional documents, the Estate representative will contacted directly.
Once the Estate has been finalised, confirmation will be sent using the nominated contact method.

Estate administration can feel complex and, at times, overwhelming.  You can access general information from organisations such as Centrelink, the Public Trustee in your state or territory, solicitors and financial advisers.
Note: If the deceased held accounts with other financial institutions, please contact those providers directly, as each organisation may have different requirements.