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.
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Probate, Foreign Bank a/c question
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- Lemon Half
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Re: Probate, Foreign Bank a/c question
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/
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- Lemon Half
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Re: Probate, Foreign Bank a/c question
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?
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