Deceased estates

Managing accounts and services of someone who has passed away.

We realise the loss of a family member is a difficult time for family and friends, and BNZ is here to help you.

This section provides information for the Executor/Administrator / Next of kin, regarding wills, probates and finalising accounts.

Managing a deceased estate

There are three main steps when working through a deceased estate:

  1. The Next of kin or prospective executor/Administrator notifies BNZ of the customer’s details;
  2. BNZ will contact the executor if any further information or documentation is required; and
  3. Once all legal documentation and requirements are met BNZ will release any funds remaining in the deceased customer’s accounts to the Estate.

It is important to remember that BNZ will wait to hear from you or your solicitor when you are ready to proceed.

With regard to Deceased Estates, there is a threshold that determines what action is required. If the total assets of the Estate are under $15,000, probate or Letters of Administration are not usually required but on occasions may be (e.g. if the will might be contested or if the estate includes any interest in land). If the total assets of the Estate are over $15,000 probate or Letters of Administration will be required.

Step 1: Contact BNZ to advise us of the deceased customer’s details

  • Call 0800 275 269 (ASK BNZ) to provide notification of death We will need to ask some questions to identify you and your relationship to the person who you are calling us about OR
  • Visit a BNZ store or Partners Business Centre
  • The initial information that you will require when notifying BNZ include:
    a)  The deceased customer’s full name
    b)  Address
    c)  Bank account details (if known)
    d)  Date of death

    If you have a copy of the customer’s Will or Death Certificate, bring these in with you but note that these are not required at this stage of the process.
  • Once we receive this information we will freeze the customer’s accounts, unless it is a joint account in which case the account will be transferred into the remaining account holder’s name(s)
  • If however there are 2 or more remaining account holders, then you will need to visit a store to provide further instructions.

Step 2: The BNZ will respond to you

If you are the executor or administrator:

  • We will provide a list of all accounts and services held by the customer
  • Where possible, we will finalise the accounts/services at this point
  • If we are unable to finalise the accounts/services, we will put a freeze on all individual accounts
  • If additional information or probate is required, we will advise you at this point.

If you are not the executor, administrator:

  • We will acknowledge your notification and seek your assistance in contacting the executor/administrator so that they, in turn, can contact the Bank.
  • Upon receipt of our requirements, we will finalise the estate’s accounts. If there is any further information required at this stage, we will get in touch with the executor/administrator/ to advise what else is required.

Step 3: The BNZ will release any funds and send a confirmation letter

  • If there is an outstanding balance owing on a credit card or personal loan, BNZ will deduct this amount from any credit funds held in the estate
  • We will release any funds via direct credit to a nominated account We will close off any individual customer’s accounts and services.
  • You will receive a letter, and details of the finalised accounts and services.

What information does BNZ require?

When you make contact to advise us of the bereavement the information that we require regarding the deceased customer includes:

a)  Full name
b)  Address
c)  Bank account details if known
d)  Date of death

Note that a copy of the customer’s Will or Death Certificate is not required when you are making contact to advise us of the bereavement. We may require this at a later stage in the process, but will advise you if we do.

Who else can help?

Banks are not the only organisations you need to contact when someone close to you has passed away. We have provided below a list of other organisations we would suggest you get in touch with to ensure you are made aware of any pending issues and actions that need to be undertaken.

Bills

Gas, Electricity, Mobile phones, Land-line phone, Internet connection, Council rates, Water rates, Nursing home fees, Medical expenses, St John’s Ambulance monitoring, House alarm monitoring, Sky TV, Rent, Lawn mowing/home maintenance, Rubbish removal/wheelie bins, Magazine/newspaper subscriptions, Other memberships

Policies

Funeral policy, Life Insurance Policy, Home / Contents Insurance, Credit Card Insurance, Personal Loan Insurance, Income Protection Insurance, Motor Vehicle Insurance, Business Insurance

General advice

Solicitor – eg – wills, probate, property settlements, WINZ – if you require assistance with a funeral grant, WINZ – if NZ Super or any benefit was being received