Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to johnstevens77,Bhoddhisatva,scotia,Anonymous,Cornytiv34, for Donating to support the site

Probate, Foreign Bank a/c question

Practical Issues
feder1
Lemon Slice
Posts: 477
Joined: November 8th, 2016, 8:28 am
Has thanked: 36 times
Been thanked: 59 times

Probate, Foreign Bank a/c question

#212633

Postby feder1 » April 4th, 2019, 12:08 pm

If a British resident has an Australian bank a/c with cash in it, would that give a DIY executor any difficulty in retrieving the cash upon holder,s death please?

Martin Lewis' " Guide to Probate" suggests that it would, on page 23, and that a probate specialist would be needed.

The estate value would incur IHT.

PinkDalek
Lemon Half
Posts: 6139
Joined: November 4th, 2016, 1:12 pm
Has thanked: 1589 times
Been thanked: 1801 times

Re: Probate, Foreign Bank a/c question

#212641

Postby PinkDalek » April 4th, 2019, 12:28 pm

feder1 wrote:If a British resident has an Australian bank a/c with cash in it, would that give a DIY executor any difficulty in retrieving the cash upon holder,s death please?

Martin Lewis' " Guide to Probate" suggests that it would, on page 23, and that a probate specialist would be needed.

The estate value would incur IHT.


I haven't seen the Guide you mention but the DIY Executor would probably need to get the UK Grant of Probate "resealed" in Australia***. This might depend on the amounts involved and the Australian bank's terms and conditions when dealing with such matters. Are you able to take a look at that bank's website or, if not, tell us which bank?

Presumably there are no other assets in Australia.

*** Here's a randomly found website explaining the process:

https://worldwidelawyers.co.uk/2015/09/ ... australia/

feder1
Lemon Slice
Posts: 477
Joined: November 8th, 2016, 8:28 am
Has thanked: 36 times
Been thanked: 59 times

Re: Probate, Foreign Bank a/c question

#212874

Postby feder1 » April 5th, 2019, 9:36 am

Thank you.

I think it is the NAB.

PinkDalek
Lemon Half
Posts: 6139
Joined: November 4th, 2016, 1:12 pm
Has thanked: 1589 times
Been thanked: 1801 times

Re: Probate, Foreign Bank a/c question

#212920

Postby PinkDalek » April 5th, 2019, 11:46 am

feder1 wrote:I think it is the NAB.


National Australia Bank Limited (there does appear to be a branch in the UK but that seems to be commercial only - click on UK here https://www.nab.com.au/corporate/global ... -expertise).

There is plenty below and in the links therein but that appears to be mainly aimed at Australian citizens. At least there is an online Deceased Customer Notification Form there. :

https://www.nab.com.au/personal/life-mo ... irst-steps

https://www.nab.com.au/personal/life-mo ... next-steps

Maybe one should get in touch with them via email to establish the procedure in advance, for where the Australian assets would, presumably, be less than the AUD$50,000 shown - I don't know if that figure relates to worldwide assets or only those in Australia (you appear to have ignored my Presumably there are no other assets in Australia. but perhaps I should have made that into a question).

Can the individual change the account into a joint account, such that the bank account can then be in the name of the survivor on the decease of the current holder?


Return to “Taxes (Practical)”

Who is online

Users browsing this forum: No registered users and 6 guests