Losing a loved one

If there is a Will, you'll need to supply:

• Certified copy of Death Certificate
• Signed payee instructions
• Certification of Identity Form for each executor/administrator who is not a Great Southern Bank customer

If there is no Will or the Will is invalid, you'll need to supply:

• Certified copy of Letters of Administration when obtained
• Certified copy of Death Certificate
• Signed payee instructions
• Certification of Identity Form for each executor/administrator who is not a Great Southern Bank customer

If there is a Will, you'll need to supply:

• Grant of Probate with the Will annexed
• Certified copy of Death Certificate
• Signed payee instructions
• Certification of Identity Form for each executor/administrator who is not a Great Southern Bank customer

If there is no Will or the Will is invalid, you'll need to supply:

• Certified copy of Letters of Administration when obtained
• Certified copy of Death Certificate
• Signed payee instructions
• Certification of Identity Form for each executor/administrator who is not a Great Southern Bank customer
• Certification of Identity Form for executor/administrator as legal representative of the estate

Deceased Customer Advice Form
Use this form to notify us of the death of a loved one who is a Great Southern Bank customer.

Customer Application – Deceased Estate Application
Use this form to open an account to hold deceased estate funds prior to finalisation of the estate.

Certificate of Identification
Use this form when you need to collect certified copies of original documents and ID. This form is completed by the person certifying the documents and information about who can certify your documents is listed on the form.

Handling a deceased estate can sometimes be overwhelming and the terminology used for an estate may be confusing.

Here are some common terms used during the Deceased Estate process at Great Southern Bank.

Administration of a Deceased Estate

This means following the terms of a deceased person’s Will to ensure their intentions are followed in finalising their estate. This is a regulated process and can include transferring assets or gifts to beneficiaries, converting assets into cash, closing bank accounts, transferring shares, selling a house, transferring interest in business etc. The administration of a deceased estate is governed by legislation in each state.

Beneficiary

This is the person (or people) named in the Will who will receive assets from the deceased estate. If the deceased person did not leave a Will, the beneficiaries may be determined in accordance with the legislation in the relevant state.

Bequest

This is the process of gifting personal property through a Will.

Codicil

Any document which has the legal effect of adding to or amending the terms of an existing Will.

Enduring Power of Attorney

This is a legal document which appoints a trusted person (or people) to deal with or manage financial and health decisions on your behalf. Importantly, an Enduring Power of Attorney automatically ceases on the passing of the principal.

Executor

This is the person, institution or entity appointed to administer the deceased estate. The administration of the estate may be complex, and the executor may need to seek legal advice or other assistance with carrying out the administration.

Grant of Probate (also known as “Probate”)

This is a certificate issued by a court which authorises the executor to carry out the administration of the estate of the deceased person. Probate confirms the Last Will of the deceased person, and grants the executor the right to administer the estate of the deceased person.  Great Southern Bank may require a Probate be produced in order to close the deceased’s bank accounts and release the funds held in those accounts in accordance with the executor’s instructions.

Guardian

This is a person who you appoint to be legally responsible and care for any children. The guardian will take control of the important decisions about a child’s welfare including who will care for them, their education and where they will live. You are also able to appoint a guardian for a person who is incapable of making decision in regards to their living arrangements and personal health due to a mental incapacity/disability. An application is made to a court in the relevant state for a guardianship order to be made.

Intestacy

This term applies when a person dies without executing a Will. In this situation, the law determines who receives the assets of the deceased person’s estate.

Joint Tenancy

This describes a form of ownership. If you own property as a joint tenant with another person, you own the property equally with the other person. When a joint tenant dies, that person’s share of the property passes to the surviving joint tenant.

Letters of Administration

Letters of Administration are obtained where a person dies intestate. The legislation in each state determines who the person (or people) are who can administer the estate of the deceased person. That person then applies for a document called “Letters of Administration” through the relevant state court.

Residue

This is the portion of the estate of a deceased person which remains after payment of all just debts, funeral and other expenses and provision is made for any specific gifts by the Will. In other words, the residue of an estate is all the assets which are left over.

Tenants in Common

This also describes a form of ownership. Unlike joint tenancy however, when a person owns property as a tenant in common, that person’s interest does not automatically transfer to the other property owner. If you have a Will, your interest in the property is transferred pursuant to the instructions in your Will.

Testamentary Trust

A testamentary trust is a trust created by a Will and arises on the death of the testator.

Testator/Testatrix

This is the person who has made and validly executed a Will or Testamentary Trust.