Deceased estate checklist for Super and Investment accounts

For accounts held in a client’s individual name, we can only accept instructions from the executor, who must first be appointed as the authorised signatory on the account. 

Please provide the following:

• A certified copy of the death certificate
• A certified copy of Grant of Probate or Letters of Administration
• A certified copy of the Executor/s or Administrator/s identification
• A completed Individual Identification form of each executor.

There are additional requirements which depend on the executor’s instruction.
 

To keep the estate account open, and place it under executor administration

We need a Third Party Authority form completed for each executor indicating the signing instructions on the account.
 

To close the account and transfer assets to beneficiary’s Macquarie Wrap account

Please provide the following:

• A Macquarie Wrap Investment Account Closure form signed by all executors requesting for all assets to be liquidated into cash and the account to be closed.
• A Macquarie Asset Transfer form with all sections completed and signed by each beneficiary and executor. Note, consideration should be “nil” as the original cost bases are carried across into the beneficiary’s account.
• A Macquarie Asset Transfer form is required to transfer a linked Separately Managed Account (SMA).
   

To close the account and transfer assets to beneficiary’s external account

Please provide the following:

• A Macquarie Wrap Investment Account Closure form signed by all executors requesting for all assets to be liquidated into cash and the account to be closed. Signed by each executor to transfer all assets¹ including cash to the beneficiary’s account outside of Macquarie and close the account
• An original Australian Standard Transfer form for each managed investment and ASX-listed security, with all sections completed and signed by each beneficiary and executor.

1. Additional transfer documentation may be required. Please refer to our Transfers Guide for further information.

Joint account holder/s can continue to use the account as usual. For accounts held in joint names, we can only accept instructions from the surviving account holder or their representative.

If all account holder/s are deceased, please follow the process for an Individual account.

Please note, statements will continue to be sent with all current account holders’ names until such time that we receive all required information requesting transfer or closure of account.

There are additional requirements which depend on the executor's instruction.
 

To transfer assets to the surviving account holder’s Macquarie Wrap account

Please provide the following:

• A certified copy of death certificate
• If the surviving account holder does not currently hold a Macquarie Wrap investment account in their own name, a New Investment Series application completed in full. A financial adviser will need to apply for a new account online.
• A Macquarie Wrap Investment Account Closure form signed by the surviving account holder/s to transfer all assets¹ (including cash) to the surviving account holder’s account in their own name and to close the estate account
• A Macquarie Asset Transfer form is required to transfer a linked SMA.

1. Additional transfer documentation may be required. Please refer to our Transfers Guide for further information.

For a full withdrawal and closure of the account

Please provide the following:

• A certified copy of death certificate
• A Macquarie Wrap Investment Account Closure form signed by the surviving account holder, providing the BSB and account number to transfer cash, and directions to close the account.

For corporate accounts, there must be at least one director appointed for the company before we accept instructions related to the account.
 

To remove a deceased director

Please provide the following:

• A certified copy of death certificate (if a death certificate is not available, an ASIC Company extract showing the deceased director removed is acceptable)
• A copy of the updated ASIC Company extract showing the deceased director having been removed
• A completed Beneficial Owner Details form (ensure the Company name is listed, not the Trust).

If you’d like to appoint a new director, please also provide the following:

• A certified copy of identification for each new director
• A completed Individual Identification form for each new director
• A Third Party Authority form completed for each new director and signed by the current and all new directors.
   

For a full withdrawal and closure of the account

Please provide the following: 

• A certified copy of death certificate
• If there are surviving director/s: 
  • a Macquarie Wrap Investment Account Closure form signed by the surviving director/s. The instructions must request either for all assets¹ to be sold into cash or transferred out, and for the account to be closed.
• If there are no surviving director/s, a director will still need to be registered in order to provide directions on the account. Please provide: 
  • a copy of the ASIC Company Extract showing the newly-appointed director/s 
  • a Individual Identification form completed by each new director 
  • a certified copy of identification for each new director 
  • a Macquarie Wrap Investment Account Closure form or written request signed by the new director/s. The instructions must request either for all assets¹ to be sold into cash or transferred out and for the account to be closed. 

¹Additional transfer documentation may be required. Please refer to our Transfers Guide for further information.

An SMSF with individual trustees must have at least two trustees linked unless a corporate trustee is appointed.

Depending on the Trust, please submit instructions advising whether:

• a new trustee will be appointed, or
• you want to remove a deceased trustee only. 

You will also need to provide the relevant documents below. 

Please note, we require deceased shareholders to be removed from the ASIC registry within 6 months of the change to directors. If the deceased shareholders remain registered, we may be required to place restrictions on the account.
 

To remove a deceased trustee

Please provide the following:

• A certified copy of death certificate
• A certified copy of the Deed of amendment signed by all appointed trustees
• A completed Beneficial Owner Details form.

If appointing a replacement trustee, there are additional requirements depending on the type of trustee.
 

If appointing a replacement individual as trustee

In addition to the documents above, please provide the following:

• A certified copy of the Deed of Amendment showing newly appointed trustee/s, signed by all appointed trustee/s (please note we are unable to accept Meeting Minutes to change a Trustee)
• A certified copy of identification for each new trustee
• A completed Individual Identification form for each new trustee
• A Third Party Authority form completed for each new trustee and signed by the current and all new trustees.
  
  

If appointing a new corporate as trustee

Please provide all the above along with the following:

• A certified copy of death certificate (if a death certificate is not available, an ASIC Company extract showing the deceased director removed is acceptable)
  
• A copy of the updated ASIC Company extract showing the deceased director having been removed
• A completed Australian Companies Identification form
• A certified copy of identification for each new director
• A completed Individual Identification form for each new director
• A Third Party Authority form completed for each new director and signed by the current and all new directors.
   

Full withdrawal and closure of account

Please provide the following:

• A certified copy of death certificate
• If there are surviving trustee/s, please provide:
  • a Macquarie Wrap Investment Account Closure form signed by each trustee for all assets including cash to be transferred out, and the account to be closed.
• If there is no surviving trustee/s, a trustee will still need to be nominated to administer the trust. Please provide:
  • a certified Deed of Amendment showing newly appointed trustee
  • a certified copy of identification for each new trustee.
• The new trustee must complete the Individual Identification form.

The person nominated as a reversionary beneficiary will receive the death benefit as a pension. However, they can elect to receive the benefit as a lump sum after the pension has reverted to them.

The person(s) nominated as beneficiary can elect to receive the death benefit as a lump sum payment, a pension, or a combination of both. However, we can only pay the death benefit as a pension if, at the time of death, the recipient is either:

• a dependant of the deceased (e.g. their spouse, a financial dependant, or a person with whom they have an interdependency relationship) who is not a child, or
• a child of the deceased who is:
  • less than age 18
  • aged 18 to 24 inclusive and was financially dependent on the deceased, or
  • aged 18 or more and has a qualifying disability (broadly, this is a disability that is permanent or likely to be permanent and results in the need for ongoing support and a substantially reduced capacity for communication, learning or mobility).

A nominated child over the age of 18 that isn't financially dependent, or has a qualifying disability, can only take their benefit as a lump sum.

For beneficiaries that were in an interdependency relationship with the deceased, or financially dependent on the deceased, we will require a completed Information Request for Interdependency Relationships form which can be provided upon notification of the client passing. This will be reviewed by the Trustee, along with any additional supporting documentation, before the benefit payment can assessed.

Nominated spouses and inter-dependents can choose to take their benefit as either a lump sum or commence an income stream in a Macquarie Pension account.

A nominated adult child can only elect to take their benefit as a lump sum.

If the beneficiary is a minor, the benefits can be continued as a pension income stream by completing a Child Pension Application form at the time of making the nomination. Alternatively, the benefits may be paid to a trust until the minor attains the age of 18.

Depending on what the beneficiary can and/or want to do regarding payment of pension, please provide the following information:
 

Benefits to be taken as death benefit income stream

Please provide the following:

• A certified copy of death certificate
• A certified copy of identification for the beneficiary (if not provided as part of the application form)
• If the beneficiary is under the age of 60, an original Tax File Number Declaration is required.
• For a non-lapsing nomination, a new Pension application form completed in full by the beneficiary – To be submitted online by the adviser
• For a reversionary beneficiary, a completed Macquarie Wrap Reversionary pension application form – This will be provided upon notification of the client passing.
  
  

Benefits to be taken as a lump sum

Please provide the following:

• A certified copy of death certificate
• A certified copy of identification for the beneficiary/s
• A completed Withdrawal form or written instructions signed by the beneficiary/s requesting for all assets to be liquidated into cash and the account to be closed paying to an account held in their name
• The beneficiary/s Tax File Number (if payment is being made to an adult child of the deceased).
  

Please provide the following:

• A certified copy of death certificate
• A certified copy of grant of probate or letters of administration
• A certified copy of identification or all executor/s or administrator/s
• An Individual Identification form for all executor/s or administrator/s
• A completed Withdrawal form/letter signed by all the executor/s.