Bank Accounts and Grants of Probate

We understand that there is a change of practice amongst the Banks in Australia as to when they will require a Grant of Probate for the Administration of an Estate. It was previously the case that if a deceased person held a number of Bank Accounts with a Bank, with those accounts being held in different states, that the Bank would only require a Grant of Probate in one state to release all of the different Bank Accounts.

 

However, there appears to have been a change in practice and we understand that the banks are now starting to insist upon a Grant of Probate being obtained in each different state in which a Bank Account is held. Unfortunately this will result in further delay and increased cost in the Administration of Estates when Grants of Probate are required.