Glossary of terms
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.