We need to know as soon as possible so that we can start to help you through the process. Please notify us either in person, online or in writing and provide Westpac with a certified copy of proof of death and a Will, if applicable.
If there is no will, the next of kin will need to act on behalf of the estate or an administrator will need to be appointed by the Supreme Court in the state or territory where the assets are held. Please contact your local branch with the Death Certificate, and explain to them that a will has not been located.
Each estate’s individual circumstances are assessed by us, and in some cases we may require probate or Letters of Administration to be granted in order to release the funds. If this is the case, we’ll advise you in writing.
Our team will send you a letter advising you of the details of any outstanding debts and our requirements for closing the account. Where possible, we will offset the credit card debt using the funds available from any savings and transaction account, in accordance with the products terms and conditions.
As the circumstances of each matter varies considerably, so too will the amount of time taken to settle each deceased estate. However, the earlier we receive all the appropriate documentation as per our requirements, the quicker we will be able to process the request.
In some cases we’re able to release funds prior to the maturity of the term deposit once we’ve received the required documentation. All fees and charges will be waived, and interest accrued up until the date of closure will be paid.
This is a legal requirement. The Anti-Money Laundering and Counter-Terrorism Act 2006 states that all signatories must be identified if instructing a financial institution about a deceased estate’s funds before such moneys can be released.
Only the funeral bill can be paid for directly from the deceased’s account once we have received the original tax invoice from the funeral director. If you would like to claim for funeral costs already paid, we’ll need the original receipt - in addition to the tax invoice - to reimburse any payment.
If there aren’t enough funds in the account to cover the invoice, we’ll close the account and pay the balance of the account to the funeral director as a part payment. This can be done by visiting a Westpac branch, or by sending the invoice to Westpac Estates Management team. No other related expenses such as the wake, headstone or memorial can be paid from the deceased person’s account.