By imagining a partnered retiree with family, in this article – published in two parts – HUGH SELBY shows how better preparation and communication can make the tasks for the survivor and offspring easier to manage when the time comes.
We all die. We all miss friends and family who aren’t around any more. We could all do a bit better to prepare for the inevitable, both as those bound to depart, and those who get on with their lives after we shuffle off.
This part covers the following:
- Transferring bank accounts, and superannuation;
- Dealing with the ATO;
- What to do with the survivor’s Enduring Power of Attorney that covers both property and health decisions; and,
- Tiresome, but necessary, odds and ends.
Transferring bank accounts, and superannuation
You will need my death certificate. Our bank accounts are in joint names. Have the bank put the accounts into the survivor’s name.
My super fund (make the name known) can be contacted as follows (share the number). My membership number is (list it).
The survivor is shown as the beneficiary of my funds. Get the super fund to put my funds into their name.
Consider if the investment choice should be changed for all or part of the funds now that only one person needs the income. If the government changes the taxation of superannuation accounts, as is likely, then get an accountant’s advice.
Note: your parents gave each other as the nominated beneficiary. You must have survivors contact the fund and change the nominated beneficiary to your offspring. This can often be done online. Do not delay doing this once all the funds are in the survivor’s name.
Dealing with the ATO
The ATO has a deceased estate checklist on their website that includes the steps you need to follow.
Royalties: Advise Publisher Co, Amazon’s Kindle Direct Publishing, and CAL (the Copyright agency) at copyright.com.au that I am dead. You need to have survivors join CAL as a member. As part of their application you will provide a copy of the relevant section of the will naming survivor as my beneficiary. Ask that each of these payers make future royalty payments to our/survivor’s bank account.
Please advise the PLR/ELR government royalty scheme (know the account number) at lendingrights.arts.gov.au of my death. Their payments stop with my death.
Any payments are income to be included in my final tax return if received in time. Any later payments should go into the survivor’s account where they are part of their taxable income.
Get a local accountant to file my last tax return. It is a simple task for them. You can find my current year and past financial records at (share where).
Note: when a survivor dies you will have to file a “final tax return” for them, AND an estate tax return, too.
What to do with the survivor’s enduring power of attorney that covers both property and health decisions
Now that I have died, please have another look at the enduring power of attorney for the survivor’s affairs. You may need to change who will exercise the powers over property and health decisions if he/she loses capacity. Start by having a look at the advice of the ACT Law Society here. If a change is necessary then you can decide if you will download the form from the ACT legislation site here or get a solicitor’s help.
Tiresome, but necessary, odds and ends
Cancel these: my ACT driver’s licence and check if there is a partial refund; my passport; my Medicare card and my private health insurance. Make sure that the survivor’s Medicare and private cover is still okay.
Car: The car is registered in both our names. My name needs to be removed.
Centrelink: tell them that I am dead. This needs to be done quickly if I have been receiving payments from them.
Computers: if a survivor is using a computer then transfer the security and software annual subscriptions into their or your name. If s/he is not using a computer then cancel both asap.
Credit and debit cards: cancel those in my name.
Doctor, dentist, physio, chiro, etcetera: Advise them that I am dead.
Email: after you have all the accounts and memberships up to date, transferred to survivor, to you, or cancelled, then contact Google/ email provider to delete [my email address].
Gym and sport centre memberships: cancel mine asap as they are probably on direct debit.
Highway Etolls: if the survivor is driving then transfer the direct debit account (know the Etoll NSW account number) into their or your name. Make sure that the account then covers the correct car and number plates AND that it is direct debit.
If the survivor isn’t driving then cancel my account and ask for a refund of any balance.
Loan accounts: there may be direct debit for grey nomad car/caravan leasing, or regular payments for household items. Check that there are sufficient funds in the bank account to make these payments.
NSW and ACT public transport cards (Opal and MyWay): cancel any direct debit and ask the transport provider for a refund of any balance on my card/s.
Overseas Travel Card: check if I still have any travel card balance left over from a wonderful last trip with survivors. If so, withdraw the balance which is likely to be in (know the currency), or they take it with them when he/she goes to that country and withdraws it there.
Prescription medicines and scripts: get rid of them.
Streaming services of all kinds (eg Spotify, Netflix): change the account holder or cancel as they are probably on direct debit.
Record keeping: because mistakes get made, and people forget what they have promised to do, keep the email chains of the inquiries that you make, and the answers and promises that are made. This will put you in a better position if problems occur as you go along.
That’s it! A long list but manageable if everyone chips in and does their bit. I’m sure you’ll all do a great job for survivors. After all, s/he has done a great job for you.
Former barrister Hugh Selby’s free podcasts on “Witness Essentials” and “Advocacy in court: preparation and performance” can be heard on the best known podcast sites.
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