The Estate and important considerations
Administration of the estate can be complex, depending on each case. This involves potentially a number of accounts that we will locate and notify you of
Each estate is unique, and the time it takes to finalise accounts can vary depending on the complexity and number of accounts involved, whether a Grant of Probate is needed and whether we can access all the necessary information.
There are three types of people authorised to represent the Estate of the deceased with BankSA:
- An Executor of the Estate, who is named as executor in the Will, and we have a certified copy of the valid Will
- Those appointed by Letters of Administration or a Probate Bond - if an Executor has not been appointed, or there is no Will (Our Estates Management Team will tell you how to go about it)
- A Solicitor where you’ve instructed them to write to BankSA confirming their authorisation
The Executor administers the Will.
They are responsible for locating the Will and following the Will’s instructions for funeral requirements, collecting all assets, finalising outstanding liabilities and distributing the assets in accordance with the Deceased person’s instructions
A solicitor will help with complex issues in estates such as trusts, bankruptcies and foreign assets.
Things that you should take into consideration are the size of the Estate, as well as the variety of assets including real estate and investments, the number of beneficiaries, their location and whether you anticipate any disputes
An Executor, Trustee, Administrator, Legal Representative or next of kin can apply for Probate.
The requirement for probate or administration will be waived by BankSA if the deceased held less than $100,000 in total with BankSA. In this case, all next-of-kin are required to sign a Notification/Indemnity Form.
BankSA follows the instructions of the Executor, not the Will. BankSA may not always hold the entire estate of our customer and as such we have no clear way to understand, nor fulfil the instructions in the Will.
Tax and deceased estates
There is no inheritance or estate tax in Australia. When a loved one dies, there are some important tax and superannuation issues for the executor and the beneficiaries, including:
- Notifying the ATO
- Tax returns for a loved one
- Trust tax returns for a deceased estate
- If you are a beneficiary of a deceased estate
If there are complex tax implications in the estate, expert advice on tax may be necessary
What happens with business accounts?
Business accounts can be quite complex and are dependent on how they were established. Please speak with the deceased’s Business banking Relationship Manager or seek independent advice
Things to consider :
- Only Executors, Representatives or Solicitors are authorised to represent the estate with BankSA
- If the deceased only held accounts in joint names with someone else and Probate isn’t needed, the personal representative may be able to deal with everything in a few weeks