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What do I do when I am notified of the death of a client?

As soon as you have been notified of the death of a client, you must notify FinClear immediately via estates@finclear.com.au. 

Individual accounts – a HIN lock must be applied within 24 hours

  • FinClear will update the name of the account to ‘Estate of [deceased’s name]’ and lock the deceased’s Holder Identification Number (HIN). 
  • The HIN lock is a requirement of the CHESS procedure guidelines, and is initiated by an electronic message to CHESS and all relevant registries.
  • Locking the HIN will prevent:
    Transfers or Conversions from the deceased’s HIN
    Acceptance of certain Corporate Actions (namely Takeovers, Buy- Backs)
    Withdrawal of previously accepted Corporate Actions
    Change of a Controlling CHESS Participant
  • The HIN lock remains in place until the required documentation is received to unlock it.
  • Once the HIN lock is removed, the assets must be distributed in line with the estate documentation and HIN cancelled within 90 days (3 months). 
  • For holdings that remain on the HIN at the end of 90 day period, FinClear will convert the shares to issuer sponsored and cancel the HIN in line with ASX requirements. An extension to this may be possible, contact estates@finclear.com.au for further guidance. 

Joint accounts - Stock must be transferred to the survivor within 24 hours

  • Upon receipt of proof of death, you (the intermediary) are required to open a new account in the survivor's name and email estates@finclear.com.au to request transfer of assets to the survivor within 24 hours, in line with ASX requirements.

Other things to consider

  • Bank accounts - For bank accounts solely in the deceased person’s name, no transactions on the nominated bank account will be allowed through FinClear until probate is granted. In the meantime, it is advisable to open a new bank account in the name of the estate.
  • Issuer Sponsored shares - If the deceased holds any Issuer Sponsored shares, the registry should be informed immediately so they can record the death of a security holder and the details of the executor/s, administrator/s if known. The title or salutation of the deceased should be changed to "ESTATE" or "EST" together with any change of address as requested. We can convert them to the CHESS HIN once we are in a position to unlock the HIN.