Will the deceased’s assets be frozen?

Assets that 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 that 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.

They will also be able to transfer real estate where it was held by them with the deceased person in a joint tenancy as opposed to a tenancy in common. You should consult a lawyer to assist you in transferring jointly owned assets.

Superannuation is not usually treated in the same way as the other assets of the deceased person. You should ask your lawyer to contact the superannuation fund to find out what their requirements are for releasing the funds to the nominated beneficiary.