Helping Loved Ones With Their Finances



Find answers to our customers' most frequently asked questions about how you can help your loved ones manage their finances. From becoming Power of Attorney to managing a Deceased Estate.

You asked, we answered.

What is a Power of Attorney?

What is a Power of Attorney?

A Power of Attorney is a legal document whereby one person appoints another person(s) to act on his or her behalf in relation to financial, property and in some cases, medical and lifestyle matters.
 

How can I check on the status of a Power of Attorney that has been lodged?

How can I check on the status of a Power of Attorney that has been lodged?

A Beyond Bank Staff Member will happily check the status of your application. Simply call us on 13 25 85 or visit your nearest branch.
 

What do I do if my application for Power of Attorney is urgent?

What do I do if my application for Power of Attorney is urgent?

At Beyond Bank we process all Power of Attorneys applications as quickly as we can, the review of a Power of Attorney application has a time frame of up to 10 business days.  Whilst the application is being processed we can assist by assessing and paying any bills that are deemed urgent.
 

What do I need to do if my loved one has Dementia or Alzheimer’s?

What do I need to do if my loved one has Dementia or Alzheimer’s?

If your loved one has any legal or mental incapacity then you must provide a medical certificate from your family members’ doctor for their access to be removed. Some power of attorney agreements only come into effect in the event of your family member or loved one suffering mental or legal incapacity. Therefore Beyond bank cannot grant you access to their accounts without a medical certificate.
 

What happens once the Power of Attorney is processed?

What happens once the Power of Attorney is processed?

As we have now been advised by their medical practitioner that they no longer have legal or mental capacity and therefore the Power of Attorney is managing their affairs, your loved one has their access removed and the Power of Attorney has their access granted. You will receive a membership number and the appropriate forms of access to the account dependant on the level of access granted granted/requested.
 

Am I an Executor or Administrator?

Am I an Executor or Administrator?

An Executor is the person named in a Will to carry out the wishes of a person after they die. They collect the assets of the deceased, pay the debts and distribute the property as set out in the deceased’s Will.

An Administrator is a person (normally a next of kin) appointed by a court to administer the estate of a deceased person who has not left a Will.
 

If there is a Will, what documents do I need to provide to prove I’m an Executor?

If there is a Will, what documents do I need to provide to prove I’m an Executor?

The original or certified copies of the Will and Death Certificate, or Grant of Probate where necessary.
 

If there is not a Will, what documents do I need to provide to prove I’m an Administrator?

If there is not a Will, what documents do I need to provide to prove I’m an Administrator?

The original or certified copy of the Death Certificate, or Letters of Administration where necessary.
 

What is a Grant of Probate?

What is a Grant of Probate?

Probate is an order granted by the State Supreme Court confirming the identified Will is the true and last Will of the Deceased, and declaring that the Executor(s) are lawfully entitled to finalise any Deceased Estate matter within the state that the Probate is granted.
 

What are Letters of Administration?

What are Letters of Administration?

Letters of Administration are granted by the State Supreme Court and authorise the appointed Administrator to finalise the estate.
 

What Identification am I required to provide as the Executor or Administrator?

What Identification am I required to provide as the Executor or Administrator?

Acceptable forms of identification are a drivers licence or passport and these are required for all Executors, Administrators and next of kin, unless you are an existing customer of Beyond Bank Australia.
 

How do I settle and close the deceased’s accounts?

How do I settle and close the deceased’s accounts?

  • If the account was only held in the name of the deceased, Beyond Bank will stop all access to the account/s (cancel cards, cheque books and direct debits).
  • All person’s access including any Power of Attorney’s or Signatory’s access will cease at death and will be removed from the deceased account/s.
  • If there are any recurring direct credits or debits on the account you’ll need to contact these individual organisations to notify them.
  • If the account is a Joint account the account can continue to be operated by the surviving owner.
  • If the loan is a Single loan it will need to be paid out upon settlement of the estate. If there is any difficulty meeting the contractual obligations of the loan you will need to discuss future arrangements with us.
  • If the loan is a Joint loan the repayments will need to continue to be made. If there is any difficulty meeting the contractual obligations of the loan you will need to discuss future arrangements with us.
     

What happens if there is an Insurance Policy?

What happens if there is an Insurance Policy?

If there is an insurance policy held with us, this will need to be amended to either make arrangements for future payments, remove the deceased persons name from the policy, or cancel the policy.
 

What happens to Term Deposits?

What happens to Term Deposits?

These will continue to accrue interest until the account is finalised as per above.

What expenses can be paid before the Estate is finalised?

What expenses can be paid before the Estate is finalised?

If funds are required from the estate to pay the funeral expenses, the Bank requires the original funeral invoice. If there isn’t enough money available in the accounts to cover the funeral expenses, we will make a partial payment with the money that is available.
 

How do I finalise the Estate?

How do I finalise the Estate?

Once all the documents have been received we will begin settling the accounts and releasing funds to the Executor/s, Administrator/s or Solicitor acting for the Estate.
If there are proceeds to come to the Estate from the sale of property, rebates, etc. we recommend an ‘Estate of…’ membership be opened which can be operated by the Executors. To do this we require the Death Certificate along with the Will, Probate or Letters of Administration, whichever is relevant.
 

How can I find out more information?

How can I find out more information?

If you require any further clarification or have any questions regarding a deceased estate, please contact us.
 

Helpful Tips...

Helpful Tips...

  • The original Grant of Probate, required by the Bank for funds held in excess of $35,000.
  • The original Letters of Administration, required by the Bank for funds held in excess of $35,000.
  • An Indemnity form will be provided by the Bank if there is no will and the funds held are less than $35,000.

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