LOSING A LOVED ONE

Deceased Estates

Supporting you during a challenging time

The loss of a family member or friend can be an incredibly difficult and emotional time and dealing with their finances can feel confusing and overwhelming. We are here to support you during this time by making the process of finalising their banking as easy and simple as possible.

On this page you’ll find an overview of how we can help you with their banking arrangements, what steps you may need to take and what you may expect from us to finalise these arrangements.

On this page we’ll refer to a ‘Representative’. This means a representative who is authorised by the deceased estate, such as an Executor, Administrator, or Next of kin.

What do I need to do?

Notify Us

Let us know about your loved one’s passing as soon as possible, so that we can help support you. We’ll handle your situation with care and respect.

We want to make the process of notifying us as easy as possible, so when you are ready, 

  • Call us on 13 81 51
    We are available between Monday to Friday 8am – 8pm AEDT
    and Saturday 9am – 5pm AEDT, excluding public holidays.

Where possible, it will help us if you have the below information available when you notify us:

  • Your loved one's date of birth and date of death.
  • Your contact details and how you were related with your loved one.
  • Any details you already have of any account(s) your loved one has with us.

Accessibility

We understand you may prefer to speak to us in a language other than English. If you would rather speak to us in another language, we can arrange for an interpreter to help you when you call us.

If you are deaf, hard of hearing or have a speech impairment, we welcome calls through the National Relay Service.

For more information visit our accessibility support page. 

What do I need to provide?

When you notify us of the passing of your loved one we will need some documents we need from you.

We  will ask you to provide certified copies of Proof of Death documents such as:

  • Death certificate.
  • Medical certificate.
  • Solicitor or coroner's letter.
  • Police report.

Anyone can notify us of the loss of a loved one. However, before we can share information about your loved one’s accounts, you will need to be an authorised representative of their estate.

We will ask you to provide certified copies of:

  • A signed Will naming you as the executor; or
  • If there is no Will a death certificate naming you as the next of kin.

Unless you are already a bank customer, we will need to identify you and will need acceptable photo identification such as:

  • Australian drivers licence. 
  • Passport. 
  • Proof of age card.

If there are several Representatives, for example joint executors appointed in a will, then we will need to identify both executors.

We may also ask for certified copies of:

  • Grant of Probate.
  • Letters of Administration.

At any point in time, you can appoint a legal representative to act on your behalf.

Your legal representative will need to provide us with the documents outlined above. 

What happens after you notify us?

To prevent unauthorised activity and to keep your loved one’s account(s) secure we will make changes on any accounts and services held in the sole name of your loved one.

This will include: 

Online and Mobile Banking

Removing online & mobile app banking access. 

Transaction and Savings Accounts

Placing a hold on all accounts which will restrict debit and credit payments, remove signatory access to these accounts, cancel all direct debits and transfer orders and cancel visa/debit card access and cancel all cheque books.

Any credits payments to the account, after the hold is placed on the account will be returned to the sender.

Any interest on savings accounts will still be paid until the account is closed.

We can provide the Representative with a list of all the recurring payments and direct debits for each transaction and savings account.

If the account has any recurring payments on a Debit card (such as subscription services, utility bills, mobile phone bills) you will need to contact the merchant or service provider to cancel these payments or make alternative payment arrangements.

If your loved one holds other accounts with BOQ Group (BOQ , BOQ Specialist, BOQ Finance or ME Bank) then we will support you in identifying and managing these accounts. We will also let you know what the next steps are before we release funds held in the accounts.

Joint Accounts

The joint account holder can continue to operate joint transaction and savings accounts if the other account holder has passed away. We will transfer the joint accounts into the name of the surviving joint account holder(s) once we obtain a certified copy of a Proof of Death document.

Home Loans

If your loved one held a Home Loan in their sole name then we will remove any redraw access available to these accounts. Interest on the loan will continue to accrue until the loan is paid out. You can contact the Deceased Estates Team on 1300 406 372  to discuss options to pay out and close the loans.

Joint Home Loans

The other joint borrower(s) and or the Estate will need to continue making loan repayments. Interest on the loan will continue to accrue until the loan is paid out. You can contact the Deceased Estates Team on 1300 406 372 to discuss options such as paying out and closing the loan or refinancing/restructuring the loans.

If you are worried you can't pay what you owe, won't be able to manage your upcoming repayments, or if you are having difficulty meeting your repayments - we are here to help. For more information on how to apply for Financial Difficulty Assistance visit https://virginmoney.com.au/help/financial-difficulty

Funeral and estate expenses

You can ask us to pay funeral and Estate related expenses from your loved one’s accounts if there are sufficient funds available in the accounts.

These expenses may include funeral costs, government payments and costs to protect the Estate (e.g. insurance).

To arrange for the release of funds, you can contact the Deceased Estates Team on 1300 406 372. You will need to provide a copy of the original invoice in the name of your loved one or in the name of the Estate of the Late. 

If you are a Representative and want us to reimburse you for expenses you have paid, then we will need a copy of the original tax receipt/s.

If the account has insufficient funds for the full payment of the expenses then the balance in the account/s can be used as a part payment of the bill and the accounts closed. 

Finalising the estate

Once we receive all the necessary documents, instructions from the Representative and any completed claims forms we need then we we’ll close all personal accounts held in your loved one's sole name and release the funds.

Once any loans held by your loved one has been paid out we will close the loan accounts.

Key Documents and Terms

We have provided some helpful information and supporting links to help you with the documents you require.

Death Certificate

You can contact the Registry of Births, Deaths and Marriages in the State or Territory where your loved one’s death was registered. 

Usually only a person named as the spouse, partner, parent or child of the deceased can apply for a death certificate.

For more information, for each state refer here:

• ACT: https://www.accesscanberra.act.gov.au/births-relationships-and-deaths/deaths

• NSW: https://www.nsw.gov.au/family-and-relationships/deaths

• NT: https://nt.gov.au/law/bdm

• QLD: https://www.qld.gov.au/law/births-deaths-marriages-and-divorces/deaths-wills-and-probate

• SA: https://www.sa.gov.au/topics/family-and-community/births-deaths-and-marriages

• TAS: https://www.justice.tas.gov.au/bdm/home

• VIC: https://www.bdm.vic.gov.au/deaths

• WA: https://www.wa.gov.au/organisation/department-of-justice/the-registry-of-births-deaths-and-marriages

Will

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

If they have not left a Will, they are considered to have died intestate. Letters of Administration may be needed in this case.

Grant of Probate or Letters of Administration

A Grant of Probate is a document issued by the Supreme Court that confirms the validity of a Will and authorises the Executor(s) to act. 

Letters of Administration may be granted by the Supreme Court giving authority to an administrator to finalise the estate (these are commonly granted where there isn't a valid Will or no Will).

For more information and on the process of obtaining either a Grant of Probate or Letters of Administration for each state refer to the below:

• ACT: https://www.courts.act.gov.au/supreme/law-and-practice/wills-and-probate

• NSW - Probate: https://supremecourt.nsw.gov.au/wills-probate/applications/applying-for-probate.html

• NSW - Letters of Administration: https://supremecourt.nsw.gov.au/wills-probate/applications/letters-of-administration.html

• NT: https://supremecourt.nt.gov.au/about/registry/wills-and-probate

• QLD: https://www.courts.qld.gov.au/services/wills-and-probate

• SA: https://www.courts.sa.gov.au/civil-cases/probate/

• TAS: https://www.supremecourt.tas.gov.au/probate/

• VIC: https://www.supremecourt.vic.gov.au/wills-and-probate/applying-for-a-grant-of-probate-or-administration

• WA: https://www.supremecourt.wa.gov.au/W/wills_probate.aspx?uid=4990-4252-1751-3375

Other organisations that can provide assistance and support

Losing a love one can be incredibly difficult and there is external support available to help. We have provided a list of support available to you during this difficult time. 

Grief Counselling

 

Lifeline

  • Call them on 13 11 44 
  • Visit their website https://www.lifeline.org.au/

 

Grief Australia

  • Call them on 1800 642 066
  • Visit their website https://www.grief.org.au/

 

Beyond Blue

  • Call them on 1300 224 636
  • Visit their website https://www.beyondblue.org.au/ 

If you or someone you know is at immediate risk of harm, please contact emergency services on 000

Government Support

You may need additional government services to help you finalise your loved one’s Estate.

  • ATO: https://www.ato.gov.au/individuals-and-families/deceased-estates
  • Centrelink: https://www.servicesaustralia.gov.au/death-loved-one 

FAQ's and
Glossary of terms

  • What is an Estate of the Late Account?

    An Estate of the Late Account is a bank account that can be opened by the Executors or Administrators of a deceased person’s Estate. It is used to manage the financial affairs of the estate including receiving and holding funds related to the estate.

    This account allows the Executors or Administrators to distribute the estate assets and manage any estate related expenses.

  • What if I am an attorney appointed under a Power of Attorney for a deceased person?

    A Power of Attorney is no longer valid, and we can no longer provide you information or access to their accounts and services unless you are an identified Estate representative.

    This will also apply if you were a signatory on their account or acted as a financial administrator for the deceased person.

  • What happens if Government Payments have been received after the death of a loved one?

    Occasionally, payments from a government department (e.g. Centrelink, the Department of Veteran's Affairs) are credited to your loved one's accounts after the date of death. We are obliged to return these payments to the specific department if requested by that department.

  • What needs to happen to the loans and debts in the name of the deceased person?

    It is important to understand that loans and debts held only in the deceased person's sole name need to be paid out and closed as part of finalising the estate. We can work with you and support you in the steps to complete this.

  • How long will Estate funds take to be released when instructed?

    Depending on the accounts held by your loved one, the time required to release the Estate funds will vary. We will send you a letter confirming payments and account closures once this has been completed. 

  • Glossary of terms
    Administrator Person/s appointed by the court to manage a deceased person’s Estate when there’s no Will or no valid Will.
    Beneficiaries People who are entitled to a portion of the assets of the Estate. They are usually named in the Will.
    Certified Copy A copy of an original document, signed by a Justice of the Peace or other person who has legal authority, to say that it is a true copy of the original document.
    Direct Debit The regular payments from a deposit account. This is where you have given your deposit account details (BSB and account number) to allow a Merchant or service provider to debit your account regularly to pay for the services they provide you.
    Deceased Estate Refers to all of the property, assets and liabilities belonging to the person when they passed away.
    Estate of the Late Account A new account set up by the Executor/s or Administrator/s of an Estate after a person has passed away. The account can receive funds that are part of the Estate and can be used to distribute funds to the beneficiaries of the Estate.
    Executor Means the person(s) nominated to administer and distribute the Deceased Estate in the Will. 
    Grant of Probate/Probate A document issued by the Supreme Court (of the relevant state or territory) that confirms the Will is valid, and the Executor(s) has/have authority to administer and distribute the Deceased Estate. 
     Intestate When someone has passed away without leaving a valid Will.
    Letter of Administration Documents granted by the Supreme Court (of the relevant state or territory) which allows the administrator(s) (the person who is appointed by the Court) to administer and distribute the Deceased Estate where there is no Grant of Probate.
    Next of Kin The deceased closest living relative who is 18 years or older identified on the deceased’s death certificate and who is entitled at law to deal with the Deceased Estate.
    Recurring Payments The regular payments from credit or debit cards. This is where you have given your credit or debit card details (card number, expiry date and security code) to allow a Merchant or service provider to charge your credit or debit card regularly to pay for the services they provide you.
    Representative Person/s we are able to share account details and information with, and who can provide payment or account closure information. This may be Executor/s, Administrator/s, or a next of kin.
    Will A legal document typically nominating a person(s) to administer the Deceased Estate and with directions for how the deceased would like their property and other assets distributed after their death.