Deceased estates: where do I start?
If you’re the Executor of an estate, you’ll need to complete a deceased estate form, and send it to us along with certified copies of:
- 100 points of ID if you are not a UBank customer (driver’s license, Medicare card, passport etc.)
- The death certificate
- Any other relevant documents, such as a Will, Probate or Letters of Administration
The fine print
The deceased estate form contains lots more info (and we’ve included a handy glossary of terms below) and useful notes on exactly what can be used for your 100 points of ID. The main things you need to be aware of up front are:
- If there are multiple executors of an estate or Will, they all need to provide 100 points of ID
- Signatures need to be raw (scanned) and photocopies won’t suffice
- Your 100 points of ID must be certified by a Person of Standing (see below for examples)
We want to make things easy, so you have the option of emailing these forms, or posting them:
UBank Bereavement Support
Reply Paid 1466
North Sydney NSW 2059
What about joint accounts?
We sometimes find that joint account holders don’t always keep their banking front of mind.
Even if you’re in good health, you should ensure that when one person is responsible for the day-to-day financial stuff, both account holders know the ins-and-outs of account access and any automatic payments associated with that account.
What about a Power of Attorney (POA)?
A POA can only be granted when a loved one is still with us. To prepare for the time when the owner of an account, the ‘Donor’, may be unable to make financial decisions or meet obligations, it can be useful to give another family member (of sound mind and legal capacity), called the ‘Attorney’, the power to access and transact on their bank accounts - for example to pay bills. It’s important to remember that a POA arrangement doesn’t continue once the ‘Donor’ passes away.
If you’re seeking to become an Attorney for a current UBank customer, you can download our information pack here.
The person who appoints an Attorney needs to be able to understand the implications and consequences of their decision, so we recommend they seek independent legal advice before deciding to appoint one.
Everyone’s bereavement experience is going to be unique. Some of us will have more time, for example when a loved one has received a terminal diagnosis. For others, it will come as extremely unexpected news.
Whatever your situation, we’re here to help you through this difficult time.
If you have any questions, we have a dedicated Bereavement and POA Support Team to assist you. Call us on 1300 822 651, 9am-5pm Monday to Friday, or email us at firstname.lastname@example.org.
Learning the language - prepare yourself
Dealing with the death of someone you love is hard enough, let alone having to navigate the financial realities. We’ve prepared a few key guides for you as well as a list of phrases that may come up when you’re discussing an estate.
- Deceased estate: Property and assets belonging to the person who’s passed away.
- Power of Attorney (POA): A POA is a legal document which allows someone else to make certain decisions on another person’s behalf, including handling financial affairs.
- Donor: the customer who appoints one or more people to manage their affairs.
- Attorney: the person or persons who the customer appoints to manage their affairs.
- Financial Management Order (FMO): A legal decision that grants an organisation or individual to manage a person’s financial affairs.
- Will: A legal document expressing a person’s wishes for their property/estate after they pass away.
- Executor: of Will or estate. Executors can either be named in a Will or appointed by the court if no Will exists. The Executor is responsible for managing the deceased person’s estate.
- Probate: If an estate is worth more than $50,000, it needs Probate. This is the process of proving and registering a Will in the Supreme Court.
- Intestate: If someone dies before making a Will, they are known as intestate.
- Letter of Administration: Required when there’s no Will and the estate is valued at over $50,000. This process is also undertaken by the same state trustee’s authorities that manage Probate and is applied for by the nearest Next of Kin.
- Persons of standing: People qualified to certify original documents when handling financial affairs of the person who’s passed away. Examples include judges, police officers and chartered accountants.