Deceased estates glossary

Some of the terminology used when managing a deceased estate can be confusing. We've created a glossary of some common terms to help you cut through the bank speak.

Common terms 

Term  Explanation 
Administrator  A person or persons appointed by the court to administer a deceased person’s estate where there is no Will.
AML/CTF Act The Anti-Money Laundering/Counter-Terrorism Financing Act requires Banks to identify people who they have financial dealings with.
Beneficiary A person who is left something in a Will.
Certified document Copies of documents which have been confirmed as 'true copies of the originals' by a person authorised to do so.
Claimant A person making a claim on an estate.
Date of death balances Balance of assets and debts held by the deceased at the time of death.
Deceased Estate The property belonging to a person who has passed away.
Evidence of death Documented proof that a person has passed away. For example: Death Certificate, Probate, Letters of Administration, Funeral Account, Funeral Account / Invoice.
Executor A person or persons named in a Will to take charge of the deceased’s assets and property, see that the funeral and administration expenses (as well as debts and taxes) are paid, and to distribute the assets to the beneficiaries outlined in the Will. 
Full Death Certificate Official document containing the information registered when someone passes away, including the date, place and cause of death.
Funeral Account A detailed tax invoice/account relating to the expenses for funeral arrangements.
Grant of Probate When a court order or certificate issued from the probate office confirms the validity of a will. This is necessary before the executor is permitted to administer the estate. If assests exceed $50k, probate is required.
Intestate When a person dies without making a Will, or the Will they have made is not valid, they are said to have died 'intestate'.
Letters of Administration (LOA) A document issued by the court that authorises a person to act as an Administrator for a deceased person’s estate, and is generally obtained where there is no valid Will.
Power of Attorney A legal document by which a person appoints another person to act on their behalf in relation to their financial affairs.
Reseal of Probate Enables the Probate granted in one state or territory to be effective in another.
Statutory Declaration A legal, written statement that a person signs and declares to be true and correct before an authorised witness.
Testator The Person making the will, also known as the Willmaker.
Trustee  A person who manages property held in trust for the benefit of another person.
Will A written document that sets out what you want to happen to your Estate after you die.

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