- Question on how to withdraw a mere $10,000 from a deceased's bank account?

Question on how to withdraw a mere $10,000 from a deceased's bank account?

Written by Wilfred Ling

Sunday, 26 February 2012

Question:

Wilfred, my mother just died. She has no other assets other than a $10,000 fixed deposit. The bank refused to allow us to make withdrawal saying we need to obtain the Letter of Administration. I asked a lawyer and was quoted a whopping $3000 to get the Letter of Administration! Can you help me to solve this problem?

Answer:

I suggest you approach the Public Trustee which is able to administer a small estate size not exceeding $50,000. Based on just $10,000 estate value, their fee is $572.50 based on the fee schedule as at 22 Feb 2012. Letter of Administration is not required if the Public Trustee agrees to administer an estate. See this page for more information: Administration of Small Estates of the Deceased

I've no commercial relationship with the Public Trustee.

Comments

Add New

RSS