Administrator
Person(s) appointed by the court to manage an Estate when there’s no Will or no valid Will.
Beneficiaries
People who are entitled to a portion of the assets of the Estate. They are usually named in the Will.
Certified Copy
A copy of an original document, signed by a Justice of the Peace or other person who has legal authority, to say that it is a true copy of the original document.
Direct Debit
The regular payments from a deposit account. This is where you have given your deposit account details (BSB and account number) to allow a merchant or service provider to debit your account regularly to pay for the services they provide you.
Deceased Estate
Refers to all property, assets and liabilities belonging to the person when they passed away.
Estate of the Late Account
A new account set up by the Executor(s) or Administrator(s) of an Estate after a person has passed away. The account can receive funds that are part of the Estate and can be used to distribute funds to the beneficiaries of the Estate.
Executor
The person(s) nominated in the Will to administer and distribute the Deceased Estate.
Grant of Probate/Probate
A document issued by the Supreme Court (of the relevant state or territory) that confirms the Will is valid, and the Executor(s) has/have authority to administer and distribute the Deceased Estate.
Intestate
When someone has passed away without leaving a valid Will.
Letters of Administration
Documents granted by the Supreme Court (of the relevant state or territory), which allows the administrator(s) (the person who is appointed by the Court) to administer and distribute the Deceased Estate when there is no Will or no valid Will.
Next of Kin
The closest living relative of the person who has passed away, who is 18 years or older identified in the death certificate and who is entitled at law to deal with the Estate.
Recurring Payments
The regular payments from credit or debit cards. This is where you have given your credit or debit card details (card number, expiry date and security code) to allow a merchant or service provider to charge your credit or debit card regularly to pay for the services they provide you.
Representative
Person(s) we can share account details and information with, and who can provide payment or account closure information. This may be Executor(s), Administrator(s), or a next of kin.
Will
A legal document typically nominating a person(s) to administer the Deceased Estate and with directions for how the person who has passed away would like their property and other assets distributed after their death.