Deceased Estates Guide: Frequently Asked Questions

We understand that this is a difficult and emotional time. Our Deceased Estates Guide should assist you understand the steps that need to be taken to finalise your loved one’s accounts.

Please notify us as soon as possible so we can assist you through this process.

You can notify us by:

• visiting one of our branches
• calling us on 133462 (8:00am to 8:00 pm Monday to Friday, 9:00am to 4:00 Saturday)
• completing the Deceased Estates Notification Form and sending it to:

Deceased Estates
IMB Ltd,
PO Box 2077,
WOLLONGONG NSW 2500

• For your IMB Credit Card, you will need to get in touch with Card Services. For the information, please visit cardservicesdirect.com.au/DeceasedEstate

If your loved one was a client of IMB Financial Planning, we will pass this information on to IMB Financial Planning once you have notified us of their passing. 

Please contact Card Services: 

If you are an additional cardholder on the account your card will also be cancelled.

If there is a Will then the Estate Representative/s will be the Executor/s appointed in the Will.

If there is no Will, then the Estate Representative will be the Next of Kin unless Letters of Administration is required whereupon the Supreme Court will appoint an Administrator. 

Note: If a Solicitor has been appointed, all communication will be via the Solicitor.

IMB is only able to provide financial information relating to a deceased member’s accounts to the Estate Representative acting on behalf of the Estate.

The Death Certificate can be obtained from the Registry of Births, Deaths and Marriages in your State/Territory. The funeral home usually assists with registering the death.

A 'certified copy' is a copy of an original document such as a Death Certificate or Will 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.

If you bring the original or original certified copy of the documents to any IMB branch, we will copy them and return the originals to you.

If you cannot attend an IMB branch then you will need to provide original certified copies of the documents.

To obtain a certified copy you will need to take the original document and a photocopy of it to a Certifier who will confirm that the copy is a true and accurate copy of the original. They will need to certify the copy with the following words:

‘I certify this to be a true copy of the document shown and reported to me as the original.’

This certification must be printed on the copy either using a stamp or handwriting in ink and followed with their handwritten details:

• Signature
• Date
• Full name
• Title
• Registration number (if any).

The following is a list of acceptable certifiers

If your loved one did not leave a valid Will, they are said to have “died intestate”. In these cases, the Next of Kin will need to act on behalf of the Estate and complete the documentation needed to finalise their accounts with us. The Death Certificate will confirm who the Next of Kin is. Depending on the value of the Estate, they may need an Administrator to be appointed by the Supreme Court (i.e. via a Grant of Letters of Administration) in the State/Territory where the assets are held.

Letters of Administration is a court order made by the Supreme Court which allows the Administrator (the person who is appointed by the court) to distribute the assets of the deceased who died without a valid Will. The Estate is to be distributed according to a pre-determined formula as per the rules of intestacy in their State/Territory.

To protect the financial affairs of the deceased person and the beneficiaries of the Estate, we do not have to release funds in the Estate without a Grant of Probate/Letters of Administration being provided, regardless of the value of the Estate.

We carefully review each individual Estate. In some cases, we will require a Grant of Probate or Letters of Administration.

A Grant of Probate or Letters of Administration may not be required if the assets of the Estate are minimal. In certain circumstances, we can waive the requirement for Probate or Administration. The Estate Representative/s should apply in writing to IMB outlining the reasons why they are requesting the Probate or Administration requirements be waived and once reviewed, we will advise them of the outcome.

We assess the circumstances of each Estate and in some cases, we may require Probate or Letters of Administration to be granted in order to release the funds. The Estate Representative will be advised of our requirements by letter when we have completed this assessment.

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.

As part of the Anti-Money Laundering & Counter Terrorism Financing Act 2006, the Government requires all financial institutions to verify the identity of all authorised persons acting on an account and so we require satisfactory identification documents be provided by all the Estate Representatives.

If the Estate Representative/s are already IMB member/s then this requirement may have already been satisfied. If not, the simplest way to complete this is to visit any IMB branch with the appropriate identification documents otherwise you will need to complete the Individual Certification Form – Deceased Estates Administration (available in branch or from www.imb.com.au/deceasedestates) and provide it to us with original certified copies of your identification documents (as listed on the form).

The time it takes for the funds to be released to the Estate depends on the number, complexity and value of the deceased person’s accounts and the provision of the required documentation. The circumstances of each member vary and so too the time it takes to settle each Estate. However, the earlier we receive all the required documentation, the quicker we will be able to finalise the Estate. Until all the documentation is received, we cannot process the finalisation of the Estate.

If a grant of probate is required then the process will take longer.

An “Estate of“ account works as a normal transactional account. Such an account is generally used to manage the financial affairs of the Deceased Estate after the date of death. It is opened by those managing the Estate so that the funds from the Estate can be deposited, required payments made and any remaining funds paid to the beneficiaries.

All Estate Representative(s) should visit an IMB branch with the Will & Death Certificate OR Grant of Probate OR Letters of Administration and advise the staff that they wish to open an ‘Estate of’ Trust account. 

If the deceased person is an account holder of a joint account, the funds in the account will generally not form part of the Deceased Estate. We will treat the balance of the account/s as belonging to the surviving account holder(s) , under what is known at law as the right of survivorship.

These accounts continue to operate as normal and can continue to be used by the surviving account holder(s). The deceased person’s name will be removed from the account once the Death Certificate issued by the Registry of Births, Deaths and Marriages is provided.

Once we have been notified that a member has passed away, we will place a freeze on any accounts held solely in the deceased member’s name and not allow any further withdrawal transactions. Costs associated with the Estate i.e.funeral costs, may be paid on request. Deposits will continue to be accepted into the accounts, however any cheques to be deposited must be payable to the deceased.

Generally, we will also cancel any authorities that allowed a third party access to the account.

All Visa Debit Cards and Cashcards for IMB accounts held by the deceased person, or held by those with authority to operate on the deceased person’s accounts (e.g. ATO or POA), will be stopped and should be provided to IMB or securely destroyed (i.e. ensure you cut through the chip).

The account will continue to accrue interest and rollover if it reaches maturity.

Once all the required documents are provided for the Estate, the account will be closed. All interest accrued up to the closure date will be paid and no fees or penalties will be charged for early redemption.

Yes. Interest bearing accounts will continue to accrue interest until the release of funds.

For any amounts owing on overdrawn accounts, personal lines of credit or personal loans, IMB reserves the right to combine the balances of two or more of the deceased member’s accounts. For example, funds from a transaction account or term deposit may be used to clear overdrawn accounts, personal lines of credit or personal loans of the deceased member. This is explained in Section 16 of IMB’s Product Disclosure Statement.

If there are insufficient funds available to cover the amounts owing on overdrawn accounts, personal lines of credit or personal loans, the Estate may be liable for the monies owing. We will contact the Estate Representative directly about these accounts and any additional requirements to finalise them.

The loan repayments must continue to be made and interest will continue to accrue until the loan is finalised.

Any home loans in the name of the deceased member will be considered in the finalisation of the Estate. Unfortunately, we cannot change the names listed on the loan or title without specific legal documentation.

For assistance, please contact our Securities department by:

If you’re having difficulty making loan repayments, we encourage you to contact us as soon as possible to discuss your options. You can visit any IMB branch or call us on 133 462, 8.00am to 8.00pm Monday to Friday and 9.00am to 4.00pm on Saturdays.

As at the date of death, all signing authorities on accounts cease to apply.

At the time we are advised of the member’s passing, any ATOs or POAs on the deceased member’s accounts will no longer have access to the account(s). If you have a card linked to the deceased person’s account then this will be cancelled.

Funeral Expenses

We may be able to assist with paying the costs of the funeral from the accounts of the deceased. This is subject to there being funds available. If there are not enough funds, we may make a part payment with the funds available.

If the funeral expenses have not been paid, provide us with the original tax invoice (or original certified copy) and we will make a payment on your behalf.

If you would like to claim for funeral expenses already paid, provide us with the original tax invoice and receipt, with the payee’s name clearly stated and we may reimburse the payee directly for these expenses.

You can provide these documents to any IMB branch or post them to:

Deceased Estates

IMB Ltd,
PO Box 2077,
WOLLONGONG NSW 2500

Other bills

Probate filing fees and other bills such as electricity, gas, water, council rates and home and/or contents insurance etc may be able to be paid from the account of the deceased if they are from around the time of the member’s death and the member’s name appears on the bill. We may pay these bills directly to the providers if we receive:

• A copy of the bill notice
• Identification of the person presenting the bill

Deposits will continue to be accepted into the account until the account is closed. 

These are cancelled unless the Estate Representative request that they continue to protect the Estate (e.g. insurance).

You can deposit cheques made payable to the deceased member until their account is closed. Any cheques made payable to the “Estate of “ must be deposited to an “Estate of” account

You can contact IMB on 133 462 between 8:00am and 8:00pm Monday to Friday and between 9:00am and 4:00pm on Saturday.

Below is some more practical information which may help you through this difficult time.

LawAccess NSW – Information regarding what to do after someone dies.

ASIC Moneysmart – Losing your partner