Funera Sydney’s Quick Guide to Dealing with a Loved One’s Finances

FUNERA SYDNEY'S QUICK GUIDE TO DEALING WITH A LOVED ONE'S FINANCES


Losing a loved one is tough, and handling their financial matters can add stress. At Funera Sydney, we've got a quick guide to make it a bit easier for you.
1. FROZEN BANK ACCOUNTS

When someone passes, their bank freezes sole accounts. Joint accounts still work, but credit card debts are settled from the deceased's accounts. The remaining funds go to beneficiaries according to the Will or Next of Kin if there's no Will.
2. UNDERSTANDING DECEASED ESTATES

A person leaves behind assets and debts called a "deceased estate." It includes money, property, and things that need sorting.
3. ROLE OF AN EXECUTOR

An executor, named in the Will, manages the deceased person's estate. No need for fancy qualifications; it's usually a family member or trusted friend.
4. EXECUTOR'S TO-DO LIST

Executors find the will, plan the funeral, settle debts, and distribute assets. Other tasks may include informing government agencies, redirecting mail, and sorting out bills.
5. GETTING PROBATE

Probate validates the Will, and executors need it to manage the estate. Forms and documents like the Death Certificate are necessary.
6. ACCESSING BANK ACCOUNTS

Contact the bank with the right paperwork to access the deceased's accounts. The process might need a grant of probate or letter of administration.
7. SETTLING THE ESTATE

Administering an estate takes time, often months. Banks can help with funds for funeral and estate expenses during this period.
8. FINANCIAL FLEXIBILITY

Executors can request payments to continue or get help with estate expenses. Financial institutions can release funds to cover bills and other costs.
9. FUNERAL EXPENSES COVERED

Funeral costs can usually be paid from the estate. Funds are released by the bank to the executor or administrator, or whoever paid for the funeral.
10. EXECUTOR'S SELF-CARE

Being an executor is a big job. Take time for yourself, seek support, and remember resources like the Australian Centre for Grief and Bereavement and Lifeline are there to help.
HANDLING DECEASED ESTATE ACCOUNTS IS TRICKY, BUT WITH FUNERA SYDNEY'S GUIDE, IT'S A BIT MORE MANAGEABLE. WE'RE HERE TO OFFER CONDOLENCES AND ASSISTANCE DURING THIS CHALLENGING TIME.
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