What happens now?
Notify us
Let us know of your loved ones passing.
Accounts are protected
Understand how accounts are impacted once we are notified.
Provide documentation
We'll ask you to provide documentation to help us finalise the estate.
Claim for expenses
We can release estates funds to pay for funeral costs.
Finalise estate
Let us know how to finalise your loved ones accounts.
You can notify us of your loved one’s passing in a number of ways
What we do when you let us know
We'll search across NGM Group (both Greater Bank and Newcastle Permanent) to identify products held by your loved one and act to keep your loved one's accounts safe by preventing unauthorised access.
When we’re notified of your loved ones passing, we’ll provide the Deceased Estate Representative with a letter confirming the actions we have taken to protect the accounts and/or what is required to provide you with information on your loved one’s accounts.
Upon receipt of the required documents, we will provide a detailed listing of accounts to the Deceased Estate Representative and outline what is required to settle and close those accounts.
Providing you with information on your loved one’s account
Anyone can let us know, but we can only provide account information or act on requests from a Deceased Estate Representative such as the executor listed on the Will, the next of kin or a solicitor who has been engaged to represent the estate.
To verify the Deceased Estate Representative’s we will require the following documents:
- Evidence of your entitlement to represent the estate such as:
- A certified copy of a Will to verify the executor/s or
- A certified copy of the Death Certificate to verify Next of Kin, if a Will doesn’t exist and
- Acceptable identification documents:
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For existing customers, we can rely on identification information in our records, if the identification is current, or
- If you are not an existing customer, you will need to provide acceptable identification documents. Please refer to the list of acceptable identification documents online, by visiting a branch or by contacting our Estates Management Team.
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All documents can be sent to Estate Management Team via post, or dropped into your local branch.
Making a claim for estate expenses
The Deceased Estate Representative can request payment for:
- Funeral expenses (including wake/catering)
- Essential estate costs such as council or water rates, electricity, strata fees, general insurances
- The court’s Probate/Letters of Administration application fee.
Expenses we can’t pay from the estate may include:
- Solicitor fees
- Costs on jointly owned property
- Travel costs for funeral or memorial
- Any other unrelated expenses.
Releasing funds and closing accounts
You may choose to instruct us to close your loved one’s accounts and disburse the estate funds to;
- Your legal representative’s trust account,
- An ‘Estate of the Late’ account held with another financial institution, or
- An ‘Estate of the Late’ account with us.
You should consider whether the accounts should remain open to facilitate receipt of any deposits which may still be made to the deceased’s accounts such as superannuation benefits, tax refunds, or other deposits.
If the account is required to stay open to receive further deposits you will need to wait until those deposits have been received before you instruct us on how you wish to disburse the funds. Once funds have been disbursed the account will be closed.
The following documents are required to release assets and close accounts:
- Certified copy of the original Death Certificate
- Certified copy of the original Will, if there is no Will, Letters of Administration
- Grant of Probate, if requested.
Helping you with your loved one's accounts
Sometimes you may need to obtain up to date balances. The Deceased Estate Representative can obtain balances on accounts by calling or emailing our Estates Management team or by dropping into a branch.
We’ll update all mailing details to the Deceased Estate Representative’s nominated address. All ongoing statements will then be forwarded to the Deceased Estate Representative in line with existing statement frequency.
Recurring payment is a payment authorising a third-party to debit the customer’s account at set times, by using their card number.
Unlike direct debits, we are unable to cancel a recurring payment on the customer’s behalf. You should contact the authorised party to stop future debits on your loved one’s accounts. Until you cancel the authority, the merchant is entitled to request us to debit the account and we are obliged to process this request.
A periodical payment is an instruction the customer has given us to forward funds periodically to another account.
When we are notified of the customer’s passing, we’ll cancel all periodical payment instructions as part of the notification process.
In some circumstances, you may need to obtain documentation to understand your loved one’s estate.
Prior to Grant of Probate or Letters of Administration being obtained, we may be able to provide copies of those documents on a case-by-case basis.
Once a Grant of Probate or Letters of Administration is obtained and issued to us, we can provide you with any documentation we hold in relation to your loved one. We may charge you fees to retrieve those documents.
An Estate of the Late Account is established to facilitate the continued management and finalisation of a deceased person’s affairs.
When we’re notified, we’ll place restrictions on the accounts to ensure no further funds can be withdrawn without approval from the authorised representatives of the estate. Deposits can continue to be made into these accounts.
We’ll remove all signatories and third-party accesses as they are no longer authorised to access the deceased’s accounts.
Power of Attorney authorities are no longer valid after passing and cannot be relied upon to act on behalf of the estate.
Whilst the product remains open, fees may be charged in line with the product terms and conditions.
Joint transactional and savings accounts are not considered part of the estate.
When we’re notified, we’ll transfer the ownership of these accounts to the surviving account holder(s).
Whilst the product remains open, fees may be charged in line with the product terms and conditions.
A Term Deposit will continue to accumulate interest at the agreed rate prior to the deceased’s passing.
The Term Deposit can continue to mature and roll over to the advertised rate until the next of kin or executor informs us, they are ready to finalise the accounts.
We won't apply an interest adjustment for breaking the term and the notice period won't apply.
Credit cards held by the deceased will be cancelled. Any outstanding liabilities will be paid out using the Deceased’s accounts prior to account funds being released.
You’ll need to contact the relevant organisations to cancel any regular ongoing payments from the card.
Additional cardholders
Credit cards held by the deceased that have an additional cardholder attached will also be cancelled and will result in the additional cardholders no longer having access to the credit facility.
The estate is liable for any outstanding balances/repayment of the loan.
When we’re notified, we will transfer the liability to the surviving borrowers.
The terms and conditions of the loan will continue and the minimum monthly repayment, as per the loan contract, will still be applicable.
The estate is liable for any outstanding balances/repayment of the loan.
Until such time as a Grant of Probate is issued, and the executor or administrator gives us direction on how they wish to resolve the loan, we will work with the estate representative to discuss ongoing payment and maintenance of the loan.
Whilst the product remains open, fees and interest may be charged in line with the product terms and conditions.
For joint home loans, the remaining borrower/s are required to continue making the required repayments until arrangements are made with us about the home loan moving forward. If the remaining borrowers are unable to make repayments they should contact our Customer Assist team.
In most cases, the transfer of the property and the loan can be done without any requirement for the surviving borrowers needing to re-apply for a new home loan. The loan will continue with the relevant terms and conditions associated with the existing loan contract.
When a guarantor passes away, it may impact the loan. A home lending specialist will discuss the impact on the loan with the borrowers.
Sole traders
Business accounts opened under a sole trader registration (where there is only one registered owner of the business) are considered part of the estate.
The account will be restricted from any unauthorised withdrawals but will continue to be able to accept deposits. All listed signatories will have their access removed.
We understand that in some circumstances this may impact people who may be reliant on the funds in those accounts, such as for wages. If this is a concern, please contact our Estates Management team to discuss how we can further support you.
Partnerships
Business accounts opened under a partnership registration (where there are multiple registered business owners) are not considered part of the estate.
When we’re notified, we’ll remove the deceased’s access to operate the accounts. We will require written instructions from the remaining partners on further steps they want to take with respect to the account.
For remaining directors, we will require a new certificate of registration with the deceased removed so we can identify the appropriate authorities to act on the accounts.
Business loans in the name of the deceased
The estate is liable for any outstanding balances/repayment of the loan.
Until such time as a Grant of Probate is issued, and the executor or administrator gives us direction on how they wish to resolve the loan, we will work with the Deceased Estate Representative to discuss on-going payment and maintenance.
Whilst the product remains open, fees and interest may be charged in line with the product terms and conditions.
Business loans held in the name of a partnership or company
When we’ve been formally notified that one of the borrowers of the business loan, held in the name of a partnership or company, has passed away, we can arrange for a Business relationship Manager to contact the surviving business owners to assess the needs and restructure the loan.
Your questions answered
If the Deceased did not leave a will, the Estate becomes Intestate. It is usually the responsibility of the Next of Kin, or closest living relative, to complete all relevant documentation to finalise the accounts.
A Death Certificate is the official document issued by the Registry of Births, Deaths and Marriages containing the information registered when someone passes away, including the date, place and cause of death. Contact the Registry in your relevant State/Territory to obtain a copy of the certificate.
You can provide notification of death even before you receive a Death Certificate.
In accordance with our legal obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), we are required to verify the identity of any person we provide financial services to. This also allows us to better protect your loved one’s accounts from fraud.
Administrator: Person(s) nominated by Court to manage a deceased persons Estate.
Beneficiaries: Someone who receives or shares in the proceeds from a deceased person’s Estate.
Certificate of Death: An official document issued by the relevant State or Territory Registry of Births, Deaths and Marriages which records the date, place and cause of death.
Certificate of Product: List of accounts held by the Deceased containing balances as at date of death.
Deceased Estate or Estate: 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.
Direct Debit (Savings and Transactions Accounts)
A payment you have authorised a third party (this includes a person, company, or merchant) to debit from your account at set times, by using your BSB and account number.
Estate of the Late: The term applied to a new bank account opened and managed by the Executor(s) of the Will after a person has passed away.
Executor: Person or persons nominated in a Will to administer the Estate on behalf of beneficiaries of the deceased. 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.
Funeral Bond: 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.
Funeral costs: Costs including but not limited to cremation, burial, tombstone, memorial service and live streaming.
Grant of Probate: A document issued by the Supreme Court that confirms the validity of a Will and authorises the Executor/s to act.
Intestate: When a person passes away without a valid Will they are said to die ‘intestate’.
Letters of Administration: A grant of Letters of Administration is a legal document issued by the Supreme Court of your State or Territory, which allows the administrator(s) to manage and distribute the deceased’s assets.
Next of Kin: Closest living identified relative of the Deceased.
Original: The official true and first version of a document.
Power of Attorney: A Power of Attorney is a formal instruction whereby a person (who is called the Principal) appoints another person (called the Attorney) to act on their behalf. Any authority issued under a Power of Attorney ends with the death of the Principal.
Probate: A grant of probate is a legal document issued by the Supreme Court of your State or Territory that authorises an executor (or executors) to manage the estate of a deceased person in accordance with the provisions of the deceased’s will.
Tax invoice: A document referring to the payment owing for outstanding services. For example, a tax invoice is required to evidence funeral costs.
Testator: Is a person who makes a valid will, setting out their wishes for how their property, assets, and responsibilities should be managed and distributed after their death. The testator must be of sound mind and typically over the age of 18. Once the testator passes away, they are referred to as the deceased.
The Late: The term applied to the deceased Member once they have passed away.
Trustee: Another name for Executor. This refers to the person(s) responsible for handling the Deceased’s Estate.
Will: A will is a legal document that expresses a person’s (testator’s) wishes about how their property and assets should be distributed after their death.