Death of a loved one – what is the process and how can we
help?
Losing a loved one is an incredibly difficult experience, and amidst the emotional turmoil, there are important steps that need to be taken regarding their financial affairs. If you find yourself in this position, we’re here to support you through the process with compassion and understanding.
- Reach Out When You’re Ready
When you feel strong enough, please give our office a call. We will typically start by asking for the date of death, as this information is required by the product provider handling your loved one’s investments or superannuation.
- Notifying the Provider
Following your call, our office will contact the super or investment provider to inform them. This notification triggers a process involving their estate planning team, who will then outline the specific requirements based on several factors: whether the assets are held jointly or solely, if there was a valid nomination for superannuation, and the amount of funds involved.
- Account Holds and Withdrawals
During this period, a hold will be placed on the account. This means that regular withdrawals, pension payments, or lump sum withdrawals will not be processed until the estate is finalised. Additionally, any advice fees paid to us will be temporarily suspended.
- Understanding the Paperwork
Once we have clarity on what documentation is needed, we will reach out to the family to discuss these requirements. Depending on the situation, decisions may need to be made regarding the investments or superannuation—whether to sell them off or transfer them into the name of the surviving beneficiary.
- Required Documentation
In most cases, the product provider will request a death certificate and sometimes they will request Probate and/or a certified copy of the Will. Where probate is needed, we can refer you to an Estate Planning Solicitor who can make the Probate application on your behalf. This can take a little while. These legal documents need to be certified.
If cashing in the investment there will be additional forms to notify the provider where to pay the funds. If the investment or superannuation is to continue, additional forms such as transfer will be necessary, along with proof of identity for the beneficiary taking over the investment.
- Finalising the Paperwork
Once you have the death certificate and/or probate ready, we will schedule a time to meet in person. During this meeting, we’ll help finalise the necessary paperwork and submit it to the product provider, ensuring everything is handled as efficiently as possible.
At our office, we recognise that this is a challenging time for you and your family. We are committed to making this process as smooth as possible, guiding you every step of the way with empathy and respect.
Michelle Sanchez ADFS(FP)
Representative (No 325471)
