Deceased Estates Guide
It’s very difficult to lose someone you love and the last thing you may want to do is sort through finances. IMB has a team of professionals on hand to help make sure the process runs smoothly and give you one less thing to worry about.
It can be hard to know where to start, so we have put together a step-by-step outline of the process required to finalise the banking accounts of a loved one who has passed away.
What you need to do?
1. Notify IMB
The first thing you need to do is let IMB know that your loved one has passed away. You can do this by visiting your local branch, calling us on 133 462 or writing to us at IMB Ltd, PO Box 2077, WOLLONGONG NSW 2500 so one of our helpful staff can assist you.
Once we have been notified of the death of a member, all accounts or shares held solely in the deceased’s name are frozen against withdrawals / sale.
Any joint account held by the deceased can continue to be used by the surviving account holder(s).
2. Provide Documentation
These are IMB’s minimum requirements and may change depending on the individual circumstances of the estate.
IMB must sight originals or original certified copies of the following:
- Death Certificate (issued by Births, Deaths and Marriages).
- Certification Form, completed by each Executor, unless they are already a fully identified member of IMB. Click here to download the Certification Form.
- 100 points of identification for each Executor, unless they are already a fully identified member of IMB.
What happens next?
3. Review of the Estate by IMB
Once IMB has been notified of the death of an IMB member and has been given contact details of the Executor/Solicitor, our Deceased Estates team will conduct a review of the accounts, shares or loans held with IMB by the deceased as at the date of their death. The team will also review the documentation that has been provided.
Following our review, we will write to the Executor/Solicitor to advise of any additional requirements needed to finalise any accounts, shares or loans the deceased had with IMB.
You may be required to apply for Probate or Letters of Administration to fulfil IMB’s requirements.
4. Release funds held in the Estate
Once IMB’s requirements have been fulfilled, IMB will close the accounts, sell or transfer any shares held, release the funds and finalise any outstanding debts as instructed by the Executor, Administrator or Legal Representative of the Estate.
You may be able to access the funds held to cover Funeral Expenses. Simply provide a copy of the funeral account to IMB and provided there are sufficient funds available, IMB may release funds from the deceased’s account.
Similarly, we may release specific amounts to cover other related debts when provided with an appropriate invoice.
View the Glossary of Terms here.
Download the PDF version here.