What happens when the account holder passes away? Executing the will and your information rights
When one of our loved ones passes away, all of a sudden we see ourselves having to organise their last will, their finances, and even, what will the money in their bank account be destined for.
If we are the heirs, we will obviously be interested in obtaining information about such bank accounts (transactions, debits, etc.), or in allocating the balance. In such difficult moments it’s normal to have all sorts of doubts. Every Tuesday we will try to answer your most frequently asked questions.
What fees can I be charged?
You may possibly be charged a fee for executing the will, an analysis the bank carries out of the documents provided by the heir or heirs, in order to either release the deposited funds or to name a new holder or holders. As usual, the bank must always inform us about the fee to be charged before accepting it, and in any case it should not be charged before the procedure ends.
You should also know that the credit institution is not allowed to charge a fee for issuing a certificate of the deceased’s assets at the time of death, as it’s a necessary document for the heirs to comply with legal duties, such as paying Inheritance and Donation Tax.
How long will the bank take to execute the will?
Even though there is no established term, credit institutions must act in these cases with the greatest diligence and speed, avoiding unjustified delays.
What information am I entitled to?
The heir or heirs are entitled to receive information on the deceased’s assets at the time of death, as well as on the transactions that took place after the death. With regards to the transactions that took place before the holder’s death, best banking practices consider that you should be provided with all the transactions performed up to a year before, but always with the approval of the other account holders, if any.