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.
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.
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.
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.
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.
The original or certified copies of the Will and Death Certificate, or Grant of Probate where necessary.
The original or certified copy of the Death Certificate, or Letters of Administration where necessary.
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.
Letters of Administration are granted by the State Supreme Court and authorise the appointed Administrator to finalise the estate.
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.
- 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.
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.
These will continue to accrue interest until the account is finalised as per above.
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.
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.
If you require any further clarification or have any questions regarding a deceased estate, please contact us.
- 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.