Can the funds be transferred directly to the Executor or Beneficiary’s personal account?
We will generally release funds by bank cheque payable in the name of the deceased’s estate. The estate representative will need to seek advice regarding opening a bank account in the name of the deceased’s estate. The opening of a bank account will require the usual authorities and identification requirements, including a Tax File Number.
The estate representative can then proceed to distribute any funds held in the deceased's estate account in accordance with any Will of the deceased or according to the rules of intestacy as prescribed by each State and Territory.