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It’s very difficult to lose someone you love and the last thing you may want to do is sort through finances. We are here to help and our staff are here 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 bank accounts of a loved one who has passed away.
This information is also available as a downloadable brochure Deceased Estates Guide

What you need to know

The following is a summary of the steps to finalise the bank accounts of a loved one who has passed away.

  Step 1 – Notify us

The first thing you need to do is let IMB know that your loved one has passed away, who the Estate Representative(s) will be and their contact details.

You can notify us by:

  • visiting any IMB branch,
  • calling us on 133 462 (8.00am to 8.00pm Monday to Friday, 9.00am to 4.00pm Saturday)
  • or completing the Deceased Member Notification Form and mailing it to us at

Deceased Estates
IMB Ltd
PO Box 2077
Wollongong NSW 2500

Once we have been notified, all accounts/shares held solely in the deceased’s name are frozen against withdrawals/sale although we may be able to release specific amounts to cover certain expenses for example funeral costs. Refer to the FAQs for more information.

Any joint account held by the deceased can continue to be used by the surviving account holder(s).

  Step 2 – Provide the necessary documents and information to us

The next step is to collect a range of information and documents that we need to finalise your loved one’s accounts. Generally, the Estate Representative will provide this. We have outlined the documents we need to receive in the Document Checklist.

When you are providing us with these documents, please also provide any other details about the Estate that may be helpful. For example, IMB account numbers you believe the deceased person held.

Carefully check the contents of what you provide us. If documents are missing or not fully completed, this can delay the processing of the Estate.

Identifying Yourself

We will need to identify you if you are managing the financial affairs of one of our late members and you are not an IMB member. It is important that we do this, because we need to protect the privacy of the deceased person and ensure that we are dealing with the right person regarding their affairs.

You can identify yourself at any IMB branch or by completing the Individual Certification Form – Deceased Estates Administration, and sending it together with original certified copies of your identification documents to IMB.

Document Checklist

The following documents are the minimum requirements for us to commence finalising the Estate.  You can bring the original or original certified copy of these documents to any IMB branch for us to sight, copy and return to you. Alternatively, you can mail original certified copies to us.

You can find the forms you need to provide on our website at www.imb.com.au/deceasedestates or you can obtain them from any IMB branch.

The following documents may also need to be provided and we will advise you if they are, once the Estate has been reviewed:

  • Letters of Administration may be required if there is no valid Will.
  • A Grant of Probate may be required depending on the assets of the Estate held at IMB.

If we determine you are NOT required to apply for a Grant of Probate or Letters of Administration, the Estate Representative will also need to complete the following form that we will provide:

  • Indemnity – Without Probate or Letters of Administration form

Certified Copies

An ‘original certified copy' is a copy of an original document such as a death certificate that has been certified by a prescribed person as being a true copy of the original document.
Examples of a prescribed person are a Justice of the Peace or a Solicitor.
For more information about who is authorised to certify documents please refer to the Frequently Asked Questions.

  Step 3 – IMB reviews the Estate and determines any additional requirements

Once we receive the required documentation, our Deceased Estates team will conduct a thorough review of any accounts, shares and loans held with IMB by the deceased as at their date of death. The team will also review the documentation provided.

Following our review, we will write to the Estate Representative and advise of any additional requirements to finalise the Estate with IMB.

If a Solicitor has been appointed, all communication will be via the Solicitor, and we will wait for the Solicitor to contact us before we write to them and advise of any additional requirements.

If at the date of death, the total value of the Estate with IMB is greater than $15,000, we will require a Grant of Probate or Letters of Administration to release funds. If the value of the Estate is less than $15,000, we may be able to release funds without it. However, even when the value of the Estate is less than $15,000, there are some circumstances where we will still require a Grant of Probate or Letters of Administration. 

  Step 4 – Complete any additional requirements

The Estate Representative provides any additional documentation requested.

The earlier we receive all of the documentation we require, the sooner we will be able to finalise your loved one’s Estate with IMB.

  Step 5 – IMB releases the Funds held in the Estate

Once IMB’s requirements have been fulfilled, we will sell or transfer any shares held, close the accounts, finalise any outstanding debts and release the funds as instructed by the Estate Representative/Solicitor.

 

Frequently Asked QuestionsGlossary of Terms

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