When will Grant of Probate/ Letters of Administration be required?

When will Grant of Probate/ Letters of Administration be required?

Defence Bank requires a Grant of Probate or a Grant of Letters of Administration in the following scenarios:

A Grant of Probate is required where there is a valid Will and the deceased held account(s) at Defence Bank with a total balance of $15,000 or more.

OR

A Grant of Letters of Administration is required where there is no valid Will and the deceased held funds at Defence Bank of $1,000 or more.