Laws intended to protect an estate created a financial nightmare for a woman whose husband died suddenly.
A Canberra mother of two was left with cancelled credit cards, suspended income and unpaid bills because of nitpicking rules intended to protect the estate of her husband after his unexpected death.
She had vastly reduced income for three months as her husband’s superannuation and insurance payments were processed.Advertisement “All they looked at were my expenses, highlighting items like the cost of my gym membership,” Tidey, a former senior bureaucrat and mother of two grown children, says.Anna Hacker, Australian Unity Trustees general manager of estate planning, says grieving beneficiaries often become embroiled in disputes about access to cash because of different banks’ rules.
A CBA spokesman says: “Joint account holders are equal – there is no secondary account holder. After a death, it will not be stopped, can still operate and the remaining account holder can continue to transact as usual.” “My card would not work when I tried to use it,” says Tidey. “I was not informed when my card was cancelled. All the direct debits were also cancelled, which I only became aware of when asked for the payments.”Self-managed super fund:When her savings were combined with the inheritance from her husband, the total exceeded the cap of $1.7 million.
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