Deceased estate management
We understand that the death of a loved one is an emotional event. At such a difficult time, dealing with the deceased’s assets can be very challenging. We’d like to be there for you and your family to make things as easy as possible.
We are here to help you complete the required steps that will assist us to release the deceased’s assets, this includes any managed fund investments held with TPT Wealth, and estates administered by TPT Wealth as the Executor.
1. Notifying TPT Wealth
The first step is letting us know as soon as you can after your loved one has passed away. There are several ways to do this. Please choose from any of the following methods:
- Complete the Deceased client notification form and provide to us along with any other required documentation
- Use the Government's Australian Death Notification Service to notify us, and other organisations at the same time. A death certificate must have been issued to use this service.
- Phone us on 1300 138 044 (between 9:00am and 5:00pm Monday to Friday, except public holidays)
- Visit us at our Hobart or Launceston office
- Write to us: GPO Box 227, Hobart Tasmania 7001.
Our staff will need to ask you a number of questions to obtain certain information. We understand that you may not have all the details on hand. Any information you are able to provide will help us guide you through the required next steps.
2. Determine who can administer an Estate
The next step is to find out if there is a Will, and who the Executor(s) are. An Executor is the person or trustee company who is appointed to administer and distribute an Estate according to the terms of a person’s last Will.
If the deceased client has died “intestate” (that is without a Will), you may need to consider seeking your own legal advice in these circumstances. Letters of Administration may be required to release the funds and close the account(s). Letters of Administration are documents that appoint a person(s) as Administrator of the Estate and can be applied for through the Supreme Court. Those appointed are the only people legally entitled to administer the Estate.
If there is a Will, generally only the person(s) named as the Executor in the Will, or appointed Administrators (or their legally appointed representatives such as a solicitor) can make enquiries on accounts and give instructions to us in accordance with the laws pertaining to Estate Administration.
If TPT Wealth is the appointed Executor under the Will, then a TPT Wealth staff member will contact you to arrange an appointment with one of our Trust Administrators to discuss the administration of the Estate.
3. If there is a Will but TPT Wealth is not the Executor of the Estate
- Closing any TPT Wealth Managed Investment Funds
The documents required in order for TPT Wealth to consider the release of funds and closure of a managed fund investment generally depend on the value of funds held in sole account(s) by the deceased client. Our Client Services Team will provide you with the exact requirements.
Required documents may include:
- Completed and signed Redemption Request form
- Death Certificate
- Last Will
- Proof of Relationship to the deceased, such as birth certificates showing the family relationship
- Letters of Administration
- Probate
- Photo Identification executors / claimants
If you choose to visit a TPT Wealth office with the original documents, we can take copies and certify documents. Alternatively, you can send certified copies by mail.
- Funeral and estate expenses
Payment of funeral accounts
If you need funds from a managed fund investment to pay or be reimbursed for funeral expenses, please call us on 1300 138 044 to discuss how we can assist.Payment of other Estate invoices/bills
Generally, only funeral payments will be released prior to the granting of Probate and 'other' invoices/bills are dealt with during estate administration which is post Probate. However, we will consider requests to release funds to meet other requirements on a case by case basis.
4. What happens next?
Sole Accounts
When we receive notification of a client passing away, all funds held will be immediately frozen to any redemptions. We will also cancel any online access.
Joint Investments (where one party is deceased)
Joint managed fund investments are operated on the basis of being jointly held by several. If one party to the account is deceased, the surviving party or parties to the account are entitled to continue to operate the account. The surviving party or parties can transfer the accounts to their sole name/s by providing a certified copy of the Death Certificate. We will contact you for further requirements.
Third Party Access
If any third party has authority to act on managed funds investments held in the name of the deceased client, that authority ends upon the account holder's death.
Persons operating managed fund investments as signatories, Power of Attorney or under a Guardianship Board Order will be unable to operate or enquire on the deceased's investments. Only the Executor/Administrator or verified Next of Kin can enquire on Estate investments.
Need more information?
Estate Administration can be complex and sometimes confusing but we’re here to help. Please know that this information is not a substitute for legal or financial advice, and is intended as general information only. If you require further information or have questions, please visit any office, phone 1300 138 044 or email info@tptwealth.com.au
Deceased client notification form
Read our Privacy Policy and Data Handling Statement to learn how we handle your personal information.
