Losing a Loved One

Losing someone close can be an incredibly emotional and difficult time. When it comes to knowing what to do, the list can seem endless and overwhelming. We’ve prepared some guides to help you manage the first steps and look after your own health. 

• What steps do I need to take? We’ve prepared a step-by-step guide to help you navigate the first steps after you lose someone close 
• What can Suncorp do to help? We want to do what we can to help you through this difficult time. Our help guide outlines what we will do to assist you through the process of closing your loved one’s financial affairs
• Where can I find extra support? If you need emotional or financial support, there’s help out there for you.

You can contact Customer Support on 07 3135 3525 (Mon-Fri, 9am-5pm AEST) or email them  to get the assistance you need. 

Without a Will, your loved one’s Estate is considered to be ‘intestate’. This means that the rules of intestacy will be applied to divide their assets.

If the Estate is under $5001.00 with no Loan accounts, Letters of Administration are not required and the Next of Kin will be the authorised party to act of behalf of the Estate.

For any Estates with a total value above $5000.00, or an Estate with Loan accounts, Letters of Administration will be required when there is no Will. In this instance, the Administrator will be the authorised party to act on behalf of the Estate. The authorised party will be responsible for gathering all relevant documents and requirements to help with settling the Estate.

For further information regarding documents required for the Estate or the authorised person to act on behalf of the Estate, please refer to the ‘How we will support you guide’.

If you haven’t managed someone else’s finances before, it can be overwhelming. Please contact us on Customer Support on 07 3135 3525 (Mon-Fri, 9am-5pm AEST) to find out how we can assist you with the process.

Each Estate is different. Some Estates will take a short amount of time to finalise, others will be more complicated. The process may be sped up if we receive all the right documents and information in a timely manner, along with a signed Deceased Notification Form.  

Once we receive notice of your loved one’s passing, along with the correct documentation, we will act on your instructions within 14 days. This means we’ll be able to provide access to information about your loved one’s assets and start assisting you with the process of closing their accounts and settling their debts. Keep in mind, we can only grant this access if you are the authorised person to act of behalf of the Estate.  

To find out what documents and information is required for the Estate, please refer to the How we can support you guide or the Deceased Notification Form.  

Once we have been notified that an account holder has passed away, a hold will be placed on their deposit account(s). (Note: This hold will not be applied for joint account unless the account is a Line of Credit, Asset Line or Overdraft account). This means that no funds can be withdrawn from the account and all recurring payments and direct debits will be stopped. Credit payments can continue to be paid into the account if transferred from an external bank. 

During this time withdrawals cannot be made except for approved Just Debt or Funeral payments. Please note that once the hold has been placed on the deceased’s account this will prevent any transfers or credits into the account from another Suncorp Bank account. However, deposits from external banks can be made into the account(s) up until the account is closed. 

Note: From the date of death, all Power of Attorney & Third Party signing authorities authorised on behalf of the deceased will be removed from the account. 

Losing someone close can be tough. But you don’t have to go through it alone. There are many organisations you can reach out to for bereavement support.  

Find help at:
Beyondblue website or call them on 1300 224 636
LifeLine website or call them on 13 11 14
Australian Centre for Grief and Bereavement website or call them on 1800 642 066

Find other helpful resources.