Deceased Estates FAQs

Managing a deceased BOQ Specialist account

• What steps are required to manage a deceased's BOQ Specialist accounts?

  Step 1 – Notify BOQ Specialist

  If you haven’t already done so, you or your solicitor can let us know when someone has passed away. Please contact our Client Service Centre on 1300 160 160 or email client.services@boqspecialist.com.au to notify us. 

   

  To commence our actions, we need any of the following the documentation:

  - a certified copy of the death certificate,

  - doctor's medical certificate,

  - funeral bill,

  - solicitor's or coroner's letter

   

  Please post these documents to the following address:

   

  BOQ Specialist Client Service

  GPO BOX 2539 Sydney 2001

   

  Depending on the circumstances we may also require the following:

   

  i. Proof of death

  • Original certified copy of the certificate of death
  • We will also accept other proof of death documentation, including a doctor’s medical certificate, funeral bill, solicitor or coroner’s letter, grant of probate or letters of administration to start the process of investigating BOQ Specialist accounts and their balances.

  ii. Original certified copy of the last will and testament of the deceased

  iii. Original certified copy of ID for executors of the Will

  iv. Amendment to signatories form signed by executors

  v. Original certified copy of probate/letter of administration

  vi. Signed instruction to withdrawal (if applicable)

  vii. Signed letter of authority to disclose (if applicable)

   

  We will advise you if any additional documentation is required.

   

  Please have your identification documents (i.e. licence, proof of age card, passport) ready when you call us as will need to verify your identity.

   

   

  Step 2 – BOQ Specialist will review the accounts/facilities in name of deceased

  BOQ Specialist will conduct a review of accounts and facilities held by the deceased. Depending on the amount of funds in the deceased person's account, and the state or territory in which the account is held, you may need to provide additional information.  We will advise you of these requirements once we have conducted our review.

   

  Step 3 – Provide all documents listed and fulfil any additional requirements requested by BOQ Specialist

  BOQ Specialist will write to you if you are one of the following:

   

  - the executor appointed under a Will;

  - a person identified as a next of kin in the death certificate or other official document acceptable to us;

  - an administrator who has applied for and been granted letters of administration; or

  - a solicitor acting on behalf of one of these people.

   

  We will send you details of the accounts and facilities solely and jointly owned by the deceased and also what requirements need to be fulfilled prior to BOQ Specialist releasing those funds.

   

  We will also advise of you of any outstanding loans or liabilities that must be attended to as part of finalising the Estate. 

   

  Step 4 – BOQ Specialist will release estate funds

  Once all requirements have been met, BOQ Specialist will release funds held by the Estate.

• Who can notify BOQ Specialist and be provided with information about a deceased's account?

  We can only disclose information about the deceased client’s account to their Estate executor, Administrator or next of kin.

   

  We will require original or certified copies of the following documents to confirm this:

   

  • Executor: the deceased client’s last Will or grant of probate
  • Administrator: letters of administration
  • Next of kin: death certificate or an official document which confirms that you are the deceased client’s next of kin, for example, your birth certificate, marriage certificate, a statutory declaration if you are the de facto partner of the deceased client 

   

  If there is no Will and if there is no intention to apply for letters of administration, then confirmation is to be obtained from the person seeking the information stating their relationship to the deceased.  You will need to confirm this relationship by providing either a birth or death certificate, or marriage certificate.

   

  If you are not one of the people listed above, you can notify us of the passing of the deceased, but we may be limited in the information we can provide to you.

   

  In all instances, you will need to be identified so ensure you have your identification documents available when you call us (i.e. licence, proof of age card or passport). 

• What if I share a joint account with the deceased?

  If you hold a joint deposit account with the deceased, these accounts do not generally form part of the Estate. You still need to advise us as soon as possible.

   

  The surviving joint account holder will continue to have access to the account and will be able to continue to operate the account.  Joint savings and transaction accounts will be transferred to a new account in the name of the surviving joint account holder once we receive a certified copy of the death certificate in accordance with the products terms and conditions.

   

  Please contact the Client Service Centre on 1300 160 160 to discuss the transfer of the account.

• Where can I obtain the documents required?

  Death Certificate

  You should contact the Registry of Births, Deaths and Marriages in the state or territory where the person’s death was registered. Usually, only a person named as the spouse, partner, parent or child of the deceased person can apply for a death certificate.

   

  Will

  If you have not been told where the latest Will is located and you cannot find it at the deceased's home, ask their solicitor, accountant, financial advisor, other family members or close friends if they know of its whereabouts.

  If the deceased has not left a Will, the deceased is considered to have died intestate.  The Public Trustee in your state or territory can advise the process for dealing with the Estate and who will be appointed Administrator of the Estate.  Letters of Administration will be provided in this case. 

   

  Probate or Grant of Probate

  An Executor/Executrix, Administrator, Legal Representative or Next of Kin can apply for Probate by contacting the Supreme Court in the State or Territory in which the deceased’s assets are held. You can seek advice on this matter from Centrelink, the Public Trustee in your State or Territory, or your solicitor.

  Probate expenses are usually incurred by the Executor and reimbursed from funds held in the deceased’s Estate.

   

  Documents not accepted

  A Power of Attorney ceases to be valid upon the death of the principal (the person making the Power of Attorney). This means that persons appointed as attorneys under a Power of Attorney will no longer be able to access bank accounts or conduct other transactions on behalf of the deceased.

  We cannot accept a medical certificate in place of the Death Certificate or Probate.

• What happens to accounts and facilities until the estate is finalised?

  What happens to accounts only in the name of the deceased?

  BOQ Specialist will revoke access to these accounts by account signatories, we will act on instructions from the executor upon receipt of the relevant documentation

   

  Requests to pay bills

  If requested by the Executor/s, BOQ Specialist may agree to arrange payment of bills associated with the Estate directly from the deceased person’s account, provided there are sufficient funds in that account. Such bills may include funeral costs, government payments and costs to protect the Estate (e.g. insurance).

  In order for BOQ Specialist to consider the payment, you will need to provide the original invoice and/or receipt (where payment was made independently and reimbursement is requested). Where the bill is approved and the deceased person’s account has insufficient funds for the full payment amount, the deceased’s account/s may be closed and the total balance sent as part payment of the bill.

   

  What happens to loans held by the deceased?

  Unfortunately, loans held by the deceased (whether by themselves or jointly with other borrowers) become immediately repayable upon their death. Generally, the Executor must ensure that all of the deceased’s debts are repaid before distributing the remaining assets to the beneficiaries.

  Where the deceased person held a home loan jointly with another person, BOQ Specialist will contact the surviving joint borrower/s to discuss options for repaying the loan.

   

  What happens to accounts which the deceased held as trustee?

  What happens to assets held by a person as trustee depends on the terms of the trust, which are usually set out in a trust deed. If the deceased person was acting as a trustee prior to their death, it is recommended that you seek independent legal advice regarding the continuance of the trust.

• What are the duties of the Executor of an Estate?

  The Executor, in effect, steps into the shoes of the deceased person and winds up their personal affairs. Examples of tasks usually performed by an Executor include:

   

  • applying for probate
  • informing relevant entities of the death e.g. investment bodies
  • locating assets and having their value assessed
  • paying debts, income tax and funeral expenses
  • transferring assets and paying stamp duty
  • distributing the surplus to beneficiaries

   

  For comprehensive information regarding the duties and actions of an Executor, please contact The Office of the Public Trustee in your State or Territory or a solicitor.

• What are the common terms I may need to know?

  Administrator: The Court may appoint an administrator under Letters of Administration to manage an Estate, for example, when there is no Will, no Executors are appointed under the Will, or the Executors are unwilling or unable to act.

   

  Beneficiaries: People who are entitled to a portion of the assets of the Estate. They are usually named in the Will. If no Will exists, they are usually the deceased person's next of kin but this is determined by the law so you should seek legal advice.

   

  Estate: When a person dies, their property and assets are called their “Estate”. The deceased’s Estate is held by the Executor or Administrator of a Will on trust until the assets can be distributed in accordance with the terms of the Will.

   

  Estate Account: An account established by the Executor/s or Administrators of an Estate to receive funds identified as part of the Estate, prior to distributing funds according to the terms of the Will.

   

  Executor: The individual/s (or office of The Public Trustee) nominated in the Will to control the assets of the Estate and carry out the terms of the Will.

   

  Executrix: A female Executor.

   

  Grant of Probate: An official grant by the Courts to the Executor named in the Will, enabling the Executor to effect the terms of the Will. Until Probate is granted by the Courts, an Executor does not have legal authority to collect monies, pay debts or distribute assets of the Estate.

   

  Intestate: When a person dies without leaving a Will.

   

  Probate: see ‘Grant of Probate’

   

  Will: A legal document that sets out a person’s directions for the administration and disposal of their Estate after their death.