Is Money Frozen when Someone Passes?

Assets which were held in the deceased person’s sole name will be “frozen” after the death. Generally, banks and building societies will only allow enough money to be released to the Executor for payment of the funeral expenses before probate has been granted.

Generally, assets which are owned by the deceased person jointly with a living person will not be frozen. It will normally be possible for the joint owner to operate jointly held bank and building society accounts.

For more information, phone 1300 211 700 or click here to receive an instant free price quote.

©Orthodox Funeral Services Sydney | 1/50 Smithfield Road (Cumberland Highway), Smithfield, NSW 2164. | (02) 9721 1700
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