How are the funds on a deceased account accessed?

When a unit holder dies the joint holder/s or beneficiary/beneficiaries can have access to the funds. The party/parties must present two (2) valid forms of ID (e.g. ID Card, Driver’s Permit or Passport) and a certified copy of the death certificate.

NB. If the account is joint, sole ownership goes to the surviving party/parties. The beneficiary/beneficiaries only receive the funds when all uni tholders are deceased.

For accounts with joint holder(s) or beneficiary/beneficiaries stated, these conditions apply:

* If the account has more than one joint holder or beneficiary, the funds are split evenly between all parties.
* If the joint holder(s) beneficiary/ beneficiaries reside overseas, the request must be sent via letter with two (2) valid forms of ID (e.g. ID Card, Driver’s Permit or Passport) attached, along with the copy of the certified death certificate. All of these documents must be notarised.
* If the beneficiary on the account is a minor, the proceeds are left in the account until the minor turns 18. Should the guardian request to receive the funds on behalf of the minor, an application must be made to the Court for permission.

NB. The joint holder or beneficiary supersedes any Will or Letters of Administration.

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