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 a representative of the Estate or the solicitor acting for the Estate let us know as soon as possible when someone has passed away so that we can update the Member’s accounts and put any necessary safeguards in place to prevent unauthorised transactions from occurring. To help us identify the correct Member we will need a certified copy of the 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 $15,000 an Estate Accounts Claim and Instruction Form can usually be completed. In addition to this form we will also need:
- A certified copy of the Will
- A certified copy of the Death Certificate
- Bank Account Deposit Slip for transfer
- Certified ID for the claimant
- Certified proof of relationship to the deceased (e.g. birth or marriage certificate)
If the funds held are $15,000 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, and it can take up to 9 weeks to be issued, you will need to obtain legal advice in order to complete this process. In addition to this document we will also need:
- Certified, signed written authority by trustees/executors to close or transfer accounts
- Bank Account Deposit Slip for transfer
- Certified ID for all trustees/executors
- Certified copy of Death Certificate
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.
Other Account Types
Partnerships, Companies, Trusts, and Capital Bonds all have different rules and requirements which must be met. We will be able to help guide you through these requirements when applicable.
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.