When someone dies, the thought of managing a loved one’s estate can be overwhelming. We are here to help and guide you through the process.
It is important to note if your loved one had Enduring Powers of Attorney, these come to an end when they die. No one has the legal authority to deal with assets until Probate has been granted (if the value of the estate is more than $15,000 at date of death). Funeral expenses can be paid from the deceased’s bank account if the account has sufficient funds. This can be requested by either yourself or the funeral director.
The family should not access the deceased’s bank account directly but should contact the relevant bank who will assist with paying the funeral costs to the funeral director. Joint accounts won’t be frozen as they revert to the survivor. Bank accounts in the deceased’s sole name will be frozen to protect the account. When the account is frozen, all direct debits (including insurance) will be stopped. The bank will provide a summary of the account which includes a list of all the direct debits that will need dealing with.
It is important that all assets remain insured while the estate is being administered. Most of these expenses are usually born by a family member who is then reimbursed once there are funds in the estate.
There are a lot of decisions to be made regarding funeral arrangements, accounts and other assets and closing the bank account is only one step in the process. When a loved one passes, contact us as soon as possible so that we can guide you through next steps and help you make a difficult process a little easier.