Estates Process.
We know it can be a difficult time when a friend or loved one passes away. At SBS we are here to help, with our dedicated team here to guide you through the process of winding-up a deceased SBS Member’s finances.
There are 3 main steps in the Estates process:
Step 1: Get in Touch
Step 2: Provide Documentation
Step 3: Account Closure or Transfer
Step 1 - Get in touch.
It is important that you let us know as soon as possible when a loved one has passed away, so that we can update their accounts. We will then put any necessary safeguards in place to prevent unauthorised transactions from occurring.
To help us correctly identify your loved one, we will need a certified copy of their Death Certificate.
When you are ready to get in touch, or if you have any questions, you can contact us by:
- Visiting an SBS Branch
- Calling 0800 727 2265
- Having the Estate’s Solicitor contact us directly
Once we have been notified, the Estates Team will update their accounts. This process includes:
- Closing cards
- Removing internet banking access
- Cancelling automatic payments and direct debits (excluding rates and insurance)
- Removing Power of Attorney authority and access
Step 2 - Provide Documentation.
In order for us to provide information in relation to the accounts held and action any instructions to close or transfer these accounts, documentation will need to be provided to us confirming your authority to act on behalf of the Estate along with your identification. The documentation we then require to close or transfer accounts will differ depending on the type of accounts, and the amount of funds held.
If there is any lending or property security held by us (such as a mortgage) there are additional requirements that must be met. We will be able to help guide you through these requirements where applicable.
Individual Bank Accounts
If the total funds held are less than $40,000, you will need to provide:
- A completed Estate Claim and Instructions Form
- A certified copy of the Will
- A certified copy of the Death Certificate
- Proof of bank account for distribution
- Certified ID and Address Verification for all claimants/executors
If the funds held are $40,000 or greater you will need to provide a certified copy of Probate.
This is a document issued by the High Court to confirm that the deceased’s Will has been proved in court. You may need to obtain legal advice in order to complete this process. In addition to this document we will also need:
- A completed Estate Instructions Form
- Certified copy of the Death Certificate
- Proof of bank account for distribution
- Certified ID and Address Verification for all executors/administrators
Joint Bank Accounts
When a joint account holder passes away, the funds held in joint names will typically belong to the remaining account holder (the survivor). As part of winding-up the Estate any joint accounts are usually transferred into the survivor’s sole name.
If you are the survivor, you will need to complete a new Account Operating Authority and you may need to provide certified copies of identification. Alternatively, you are welcome to visit your nearest SBS Bank branch to complete this paperwork.
We will also require a certified copy of the Death Certificate for the member who has passed away.
If there is any lending or security held by us (such as a mortgage) in your joint names, there are additional requirements that must be met. We will be able to help guide you through these requirements where applicable.
Other Account Types
Partnerships, Companies, Trusts, Capital Bonds, lending and security (such as a mortgage) all have different rules and requirements which must be met. We will be able to help guide you through these requirements where applicable.
Funeral Invoice Payment
It is possible to pay the funeral invoice (if the amount is less than $40,000) from the funds held by the deceased at SBS before the Estate is paid out.
To do this, we require the following documents:
- A completed Estate Funeral Claim Form
- A certified copy of the Will
- A certified copy of the Death Certificate
- A copy of the funeral invoice or funeral invoice receipt
- Certified ID and Address Verification for all claimants/executors
Step 3: Accounts Closure or Transfer.
Once the requested documents have been received, we will then be able to action Account Closure or Transfer as requested.