We understand that losing a loved one is difficult. We valued the banking relationship we shared with your loved one and for us this did not end with their passing. We offer you our support in helping to make the process of finalising our late Member’s accounts and/or banking relationship with Queensland Country Bank as easy as possible.
If you've recently lost a loved one who held an account with Queensland Country, you'll need to first inform us of the person's death by phone, letter, email or coming into one of our branches. Only the executor of the estate or next of kin will be able to close the deceased's accounts.
Steps to finalising your loved one's accounts
There are a few steps which must be followed in order for us to be able to release any available credit balance held in the deceased member’s account(s). To assist, we have prepared this simple guide which takes you through the process one step at a time.
Other matters
Joint accounts
Any joint accounts held by the deceased with another person(s) will continue. Any surplus funds remain the property of the surviving joint account holders. Likewise, where the deceased was a joint debtor under a loan or other credit facility the remaining joint debtors continue to be liable for the debt owed subject to the particular terms and conditions of the credit contract.
Corporate accounts
Where the deceased assumed the relationship of Director and Signatory on a corporate account, we will remove the deceased from these accounts once formally notified of their death. The company may elect to appoint a new Director and Signatory on the account and we will assist with facilitating these changes. A minimum of two (2) directors and/or a director and company secretary, is generally required for corporate memberships.
If the deceased was the sole director and/or the sole shareholder of the company at the time of their death, we will advise the Executor(s) or Administrator(s) of this fact. In this circumstance they may elect to obtain independent legal advice to determine what action is required to be taken.
Trusts
Once notified of the deceased’s death we will remove the deceased from any formal and informal trust accounts in which the deceased assumed the relationship of trustee. We will inform the Executor(s) or Administrator(s) of the existence of these accounts to enable them to determine what action, if any, is required.
Insurance policies
We act as agent for CGU Insurance Limited ABN 27 004 478 371 AFSL 238 291. Where the deceased held general insurance or life insurance products with CGU Insurance Limited ABN 27 004 478 371 arranged through Queensland Country please note the following contact numbers:
For information on how to make a claim and how to transfer an existing general insurance policy to the estate phone 1800 248 224.
For other queries or further information phone the CGU Customer Care Centre on 132 942.
Glossary of terms
Administrator: Where the deceased dies intestate (without a will); or did not appoint an executor; or the appointed executor is unwilling or able to act, persons who have a beneficial interest in the deceased estate may apply to the Supreme Court for letters of administration. By the grant the Court appoints a person, referred to as the administrator, to administer the estate.
Beneficiary: A person who is entitled to take a benefit under a will or under the intestacy rules.
Death Certificate: A recognised identity document that informs government agencies and financial institutions of a person’s death.
Deceased estate: Property of a deceased person and held by an appointed executor or administrator in trust pending distribution to the beneficiaries.
Estate Account: An account opened with a financial institution for the purposes of administering a deceased person’s estate. The account is usually opened by the person(s) named the executor(s) in the deceased’s will.
Executor: The person appointed to administer the estate of a deceased person under their will.
Grant of Probate: The formal proving of a will, which indicates acceptance by the court that the will is valid and the authority of the executor nominated in the will to act as executor and administer the estate.
Intestacy: When a person dies without leaving a valid will.
Letter of Indemnity: A document required to be completed by the executor(s), administrator(s) and other parties claiming an interest in the deceased estate in which the person signing the document agrees, without production of Probate or Letters of Administration, to: (1) indemnify Queensland Country Bank Limited against any loss, including direct and indirect damage, loss or cost it may suffer as a consequence of making payment from the deceased person’s account(s) to such persons represented as being entitled to a receipt of the payment; and (2) pay all debts and other expenses of the deceased person;
Letters of Administration: A document issued by the court appointing an administrator to administer the deceased estate in circumstances where the deceased person died without a valid will; or left a will but no executor was appointed or an executor(s) was appointed and has already died or is unwilling or able to act.
Next of Kin: A person’s closest living relative either by blood or by marriage.
Will: A document which sets out a person’s wishes about how their property is to be distributed upon their death.
Document checklist
To be able to close the deceased's accounts, we will need the following documentation
- An original or certified copy of the death certificate
- An original or certified copy of the will
- If no will exists, a Letter of Administration for estates more than $15,000 (certified copy)
- A Grant of Probate, where a will exists and the estate is valued at more than $15,000 (certified copy)
- A Letter of Indemnity for estates less than $15,000, available from Queensland Country and completed by the executor of the estate (not required for joint accounts or if a Grant of Probate or Letter of Administration are provided)
- Funeral account or receipt
- Payment information
- Contact details of the solicitor acting for the Estate, Executor or Administrator(s) and next of kin.
- We will also need to complete an ID check on the Executor or next of kin before we can proceed with closing the accounts.
Depending on the circumstances, we may need further information or documents other than those listed above. Once you have contacted us, we can let you know if anything else is required.
For more information on deceased estates, contact us on 1800 075 078.
Important Note
This guide does not provide an exhaustive list of all the issues to be considered when finalising a deceased estate.
While all care was taken in the preparation of this guide, Queensland Country Bank Limited, expressly disclaims liability to any person in respect of this guide who act in reliance, in whole or in part, on the information provided in this Guide. This disclaimer does not exclude any warranties implied by law which may not be lawfully excluded.
This guide is not intended, nor should it be used as a substitute for professional legal advice.