Finalising an estate

It takes time to settle an estate, and each estate is different. Usually, we can settle the estate quicker if probate or letters of administration are not needed. When it’s time to finalise the estate, either the funds will be transferred in a lump sum or you can choose to keep the estate going.

Releasing the funds

Once we have all the required details from you and the correct documents, we’ll:

• close any accounts or services the deceased has 
• direct credit any funds to the account nominated by the executor, administrator, or lawyer  
• give the executor, administrator, or lawyer a letter with details of the finalised accounts or services.

When we release the funds, we can’t:

• change the deceased’s accounts into the name of the person who’ll receive the money — we must close the accounts and transfer the funds
• distribute funds to different accounts — we can only pay one lump sum.

We may be able to release some funds earlier for funeral costs.

Keeping the person’s estate going

You may wish to keep the estate going, for example if the beneficiaries are too young to receive the money. To do this, the executor, administrator, or lawyer can open a new account. This isn’t a personal account, it’s specifically for the estate and is known as an ‘Estate of’ account.

Call 0800 500 280 to discuss keeping an estate going with one of BNZ’s Bereavement bankers. Or, for more information, visit our opening an account for a deceased estate page.

Bereavement support

For support and information about our process of managing an estate, visit our bereavement assistance page.