Deceased Estate Assistance

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  • What steps are required to manage a deceased's account?

    Step 1 – Notify us at Virgin Money

    Contact us on 13 81 51

    We will require a certified copy of the following: 

    • Death Certificate and Will; or
    • Grant of Probate; or 
    • Letters of Administration.

    We will advise you if any additional documentation is required.

    Step 2 – Virgin Money will review the Estate

    Virgin Money will conduct a review of accounts and facilities held by the deceased. Depending on the amount of funds in the deceased person's account, and the State or Territory in which the account is held, you may need to provide additional information.  

    Step 3 – Virgin Money will write to you

    Virgin Money will write to you detailing the accounts and facilities solely and jointly owned by the deceased and also what requirements need to be fulfilled prior to us releasing those assets. We will also advise of you of any outstanding loans or liabilities that must be attended to as part of finalising the Estate.

    Step 4 – Complete requirements

    You will need to complete and return all documents and requirements requested by Virgin Money including the Deceased Customer Notification Form.

    Step 5 – Virgin Money will release Estate funds

    Once all requirements have been met, Virgin Money will release funds held by the Estate.

  • Who can notify Virgin Money and be provided with information about a deceased's account?

    Information regarding deceased customer's accounts can only be provided to:

    • The Executors of the Estate named in the last Will
    • The persons to whom a Grant of Probate or Letters of Administration are granted
    • In an Intestacy where no grant has been applied for, to the person who is first entitled to apply for Letters of Administration
    • If there is no Will and if there is no intention to apply for Letters of Administration, then confirmation is to be obtained from the person seeking the information stating their relationship to the deceased. You will need to confirm this relationship by providing either a birth or death certificate, or marriage certificate

    If you are not one of the people listed above, you can notify us of the passing of the deceased, but we may be limited in the information we can provide to you.

    In all instances, you will need to be identified, our team will advise you of the process to have this completed.

  • What if I share a joint account with the deceased?

    If you hold a joint Companion account with the deceased, this account does not form part of the Estate.  Ownership will be transferred to the surviving party on receipt of a certified copy of the Death Certificate and a completed Existing Account Authority form.  Call 13 81 51 to arrange the transfer.

  • Where can I obtain the documents required?

    Death Certificate

    You should contact the Registry of Births, Deaths and Marriages in the State or Territory where the person’s death was registered. Usually, only a person named as the spouse, partner, parent or child of the deceased person can apply for a death certificate.

    Will

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

    If the deceased has not left a Will, the deceased is considered to have died intestate.  The Public Trustee in your State or Territory can advise the process for dealing with the Estate and who will be appointed Administrator of the Estate.  Letters of Administration will be provided in this case. 

    Probate or Grant of Probate

    An Executor/Executrix, Administrator, Legal Representative or Next of Kin can apply for Probate by contacting the Supreme Court in the State or Territory in which the deceased’s assets are held. You can seek advice on this matter from Centrelink, the Public Trustee in your State or Territory, or your solicitor.

    Probate expenses are usually incurred by the Executor and reimbursed from funds held in the deceased’s Estate.

    Documents not accepted

    A Power of Attorney ceases to be valid upon the death of the principal (the person making the Power of Attorney). This means that persons appointed as attorneys under a Power of Attorney will no longer be able to access bank accounts or conduct other transactions on behalf of the deceased.

    We cannot accept a medical certificate in place of the Death Certificate or Probate.

  • What happens to accounts and facilities until the estate is finalised?

    What happens to accounts only in the name of the deceased?

    Virgin Money will revoke access to these accounts by account signatories, and will cancel all Direct Debits and Transfer Orders.

    Upon instructions from the Executor, Virgin Money will close sole accounts and issue a bank cheque for the closing balance payable to the ‘Estate of the Late …’, which can then be deposited into the Estate Account ready to be distributed in accordance with the terms of the Will.

    Requests to pay bills

    If requested by the Executor/s, Virgin Money may agree to arrange payment of bills associated with the Estate directly from the deceased person’s account, provided there are sufficient funds in that account. Such bills may include funeral costs, government payments and costs to protect the Estate (e.g. insurance).

    In order for Virgin Money to consider the payment, you will need to provide the original invoice and/or receipt (where payment was made independently and reimbursement is requested). Where the bill is approved and the deceased person’s account has insufficient funds for the full payment amount, the deceased’s account/s may be closed and the total balance sent as part payment of the bill.

    Overpayment/s to an account held by the deceased

    Occasionally, payments from a government department (e.g. Centrelink, the Department of Veteran’s Affairs) are credited to a deceased person’s account after the date of death. Virgin Money is required by law to refund such overpayments to the specific department if requested by that department.

    What happens to loans held by the deceased?

    Unfortunately, loans held by the deceased (whether by themselves or jointly with other borrowers) become immediately repayable upon their death. Generally, the Executor must ensure that all of the deceased’s debts are repaid before distributing the remaining assets to the beneficiaries.

    Where the deceased person held a home loan jointly with another person, Virgin Money will contact the surviving joint borrower/s to discuss options for repaying the loan.

  • What are the duties of the Executor of an Estate?

    The Executor, in effect, steps into the shoes of the deceased person and winds up their personal affairs. Examples of tasks usually performed by an Executor include:

    • applying for probate
    • informing relevant entities of the death e.g. investment bodies, Centrelink
    • locating assets and having their value assessed
    • paying debts, income tax and funeral expenses
    • transferring assets and paying stamp duty
    • distributing the surplus to beneficiaries

    For comprehensive information regarding the duties and actions of an Executor, please contact The Office of the Public Trustee in your State or Territory or a solicitor.

  • What are the common terms I may need to know?

    Administrator: The Court may appoint an administrator under Letters of Administration to manage an Estate, for example, when there is no Will, no Executors are appointed under the Will, or the Executors are unwilling or unable to act.

    Beneficiaries: People who are entitled to a portion of the assets of the Estate. They are usually named in the Will. If no Will exists, they are usually the deceased person's next of kin but this is determined by the law so you should seek legal advice.

    Estate: When a person dies, their property and assets are called their “Estate”. The deceased’s Estate is held by the Executor or Administrator of a Will on trust until the assets can be distributed in accordance with the terms of the Will.

    Estate Account: An account established by the Executor/s or Administrators of an Estate to receive funds identified as part of the Estate, prior to distributing funds according to the terms of the Will.

    Executor: The individual/s (or office of The Public Trustee) nominated in the Will to control the assets of the Estate and carry out the terms of the Will.

    Executrix: A female Executor.

    Grant of Probate: An official grant by the Courts to the Executor named in the Will, enabling the Executor to effect the terms of the Will. Until Probate is granted by the Courts, an Executor does not have legal authority to collect monies, pay debts or distribute assets of the Estate.

    Intestate: When a person dies without leaving a Will.

    Probate: see ‘Grant of Probate’

    Will: A legal document that sets out a person’s directions for the administration and disposal of their Estate after their death.