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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 Bank of Melbourne:
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
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
The requirement for probate or administration will be waived by Bank of Melbourne if the deceased held less than $100,000 in total with Bank of Melbourne. In this case, all next-of-kin are required to sign a Notification/Indemnity Form.
Bank of Melbourne follows the instructions of the Executor, not the Will. Bank of Melbourne 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.
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:
If there are complex tax implications in the estate, expert advice on tax may be necessary
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