Managing deceased estates

A guide to manage a deceased estate

Our customer guide to managing a deceased estate helps to explain some of the steps in the process, and what you may be asked to provide to us.

Download the guide here.

Accounts

Individual accounts

Once we have been notified that the account holder has died, we will cancel debit cards, remove access to internet banking and our mobile app, and stop letters from being sent. Future payments authorised by the account holder, such as automatic payments for utilities or rates, will still be made unless we are instructed otherwise by the executor/administrator of the estate.

The executor/administrator can provide authority to cancel automatic payments and direct debits.

Loan repayments, fees, and interest charges will continue so you may need to think about whether you’ll need to deposit money into the account to cover those payments.

We will cancel internet, mobile, and phone banking logins and passwords, as well as any credit and or debit cards. We will also cancel anyone else’s access to the accounts, including where they were a signatory, power of attorney, or additional cardholder.

Joint accounts

If there was a joint account with another person, any funds in the account become the property of the surviving joint account holder. We’ll usually change the joint account’s ownership into that other person’s name. If the secondary account holder is deceased, this will be a straightforward process and does not require a new bank account number. If the primary account holder is deceased, a new bank account number will need to be established.

Changing the ownership removes the deceased’s name from the account, making it easier for the joint holder to continue operating the account.

If there are regular payments coming out of the account, these won't change.

We’ll cancel the deceased’s internet, mobile, and phone banking logins and passwords, and any credit and or debit cards.

Trust accounts

If the deceased was a trustee of a Trust, the next steps will depend on what it says in the Trust’s deed.

A Trust deed is the document that explains how the Trust is governed and may contain specific clauses relating to what occurs upon the death of a trustee. As a result, unlike personal or joint accounts, there is no standard process for what comes next.

If you are resolving an estate that includes a Trust account, or loan, we recommend that independent legal advice is sought to inform you of any provisions required specific to your Trust’s deed.

In order to establish what the next steps for the Trust accounts are, we may ask for copies of the most recent Trust deed and any amendments that have occurred since the Trust accounts were set up.

Lending

Mortgage lending

If we hold a mortgage over the deceased's property, you’ll need to talk to us before that property is sold or transferred to someone else. We may have some extra steps you’ll need to complete.

All lending with us will need to be repaid in full from the estate’s funds, or assets, before any property or money is distributed to beneficiaries.

We also have the right to use any deposits or investments that the deceased had with us towards amounts they owe us, including lending.

If the deceased co-owned the property, it can usually be transferred to the surviving owner through a legal process called 'transmission,' with assistance from a lawyer.

However, you must obtain our consent before starting, as the surviving owner must meet our lending and security criteria, including the ability to repay the loan independently.

Also, talk to us if the property needs to be transferred to:

• an Executor or Administrator while the estate is being sorted out, or
• a beneficiary of the estate.

Credit cards, personal loans, overdrafts and flexible home loan lending

We will stop any credit cards, and access to the credit limit of any overdraft or flexible home loan.

If the deceased was an additional credit cardholder, we will cancel the card. The main cardholder can continue to use the card account. If the deceased was the main cardholder, then we will stop both cards.

Please talk to us if you need to order a new card.

Lending repayments

To avoid the loan, overdraft, or card going into default, loan repayments, fees, and interest charges will continue from the account used to pay the loan.

Please contact us if you'd like to make payments on the loan, overdraft, or credit card while you manage the arrangements for the estate.

We also recommend you talk to a lawyer about what to do and whether any repayments you make can be later paid back from the estate, or assets.

Savings and investments

Term deposits

If the term deposit was held jointly with another person, then we will transfer the term deposit into the name of that other person (see joint accounts above).

If the deceased held the term deposit individually, you can ask us to release the money before the term deposit’s maturity date. We will only do so once we have received all the necessary documents.

KiwiSaver and other investments

If the deceased had a KiwiSaver account or other investment products with Fisher Funds Limited, we will send you a claim form for the executor to complete.

Life Insurance

If the deceased held a Life Insurance policy with Co-operative Life, a Life Plus Death Claim form will need to be completed by the owner of the policy or the legal representative.

Each claim is assessed on the relevant claim information and the policy’s terms and conditions.

Once the claim and required information is received, it will be assessed and determined whether a claim is payable or not. Sometimes we may need further information to make the decision, which we will usually manage directly with family, lawyers, medical professionals or other third parties.

Here are some examples of further information that could be required:

For claim assessment:

• medical information, especially if the policy is less than 3 years old at the time of claim
• if the cause of death listed on the death certificate is 'Subject to Coroner's findings' Insurance Services may need to obtain the interim Coroner's findings to determine the likely cause of death.

For claim payment (accepted claims) :

• medical information, especially if the policy is less than 3 years old at the time of claim
• if the cause of death listed on the death certificate is 'Subject to Coroner's findings' we may need to obtain the interim Coroner's findings to determine the likely cause of death.

For claim payment (accepted claims) :

• a certified copy of either Letters of Administration (LOA) or Probate - this is required where the deceased's Co-operative Life insurance policy is worth more than $40,000, and the deceased does not have any Policy Owner/s assigned to their policy
• a completed discharge & settlement form - we will send this to the legal beneficiary or Policy Owner/s who must all sign the form and confirm where the proceeds of the claim will be paid. This form is only sent once the claim has been accepted and the correct beneficiary has been determined.

How long does the process take?

As a number of parties may need to provide information (medical information from doctors, Probate or Letters of Administration, Coroner's findings), the timeframes for processing and paying accepted claims can vary.