FAQs
We can usually release available funds from the deceased's account to contribute to funeral expenses when a request is received from:
- The executor or administrator acting for the estate; or
- The person who paid the funeral invoice
If the funeral hasn't been paid:
The executor or administrator will need to provide us with the tax invoice from the funeral provider and their People First Bank member number; if they aren’t a customer of People First Bank, we require photo identification, e.g. driver’s licence, to arrange for the account to be paid.
If the funeral has been paid:
We will reimburse the person who paid for the funeral if they present the funeral invoice plus receipt in their name and we are satisfied that the payment has been made. The person will also need to provide their People First Bank member number. If they aren’t a customer of People First Bank, we require photo identification, e.g. driver’s licence and their contact details, to enable us to make the payment.
If there are insufficient funds available to cover the whole amount, we may close the account profile and pay the balance of the account as a partial reimbursement of the funeral expense that has been paid.
An estate trust account is an account opened to manage the financial affairs of a deceased estate after the date of death. The account works like a normal transaction account. It allows the executor (or administrator named in Letters of Administration) to deposit cheques and receive credits payable to the estate and to transact on the account in order to pay estate expenses and distribute remaining monies to beneficiaries.
If you wish to open an estate trust account, please speak with one of our team at your nearest People First Bank branch.
A grant of Probate is certification of the Will by the Supreme Court in the state or territory where the estate is held.
The grant is a legal document which confirms that the executor has the authority to deal with the deceased person’s assets (property, money and belongings). This is called ‘administering the estate’.
If there is no Will, the court may issue ‘Letters of Administration’ to appoint an administrator of the estate.
As a general guide, People First Bank requires a grant of Probate or Letters of Administration to be produced if any of the following apply:
- Total aggregate credit funds held by People First Bank in the deceased member's sole name exceed twenty thousand dollars ($20,000);
- The deceased member held real estate in their sole name or as tenants-in-common with another party; or
- The estate is in dispute.
Additional information about Grant of Probate or Letters of Administration can be obtained from the Supreme Court Probate Office, or by contacting a solicitor.
Haven't found what you're looking for?
Explore our articles and pages designed to help you get to know your accounts.
Need some help? We've got you covered.
Get in touch with us and we can help you get the answers you need.
Log into Digital Banking to send us a secure message by clicking the link below, or by using your People First Bank App.
Find your nearest branch, lending and advice centre, or home loan adviser.
