For a bank to process the payment of an inheritance, certain essential procedures must be followed

Author: Alejandro Perdigones

Source: Tododica

When it comes to withdrawing inheritance money, many doubts may arise for the inheritor. The legal heir has the option to request from the bank a certificate of bank positions of the deceased. This document details the amount of money and financial products held by the deceased up to the time of their death.

Among other things, this document is also crucial for heirs to meet their obligations regarding the Inheritance and Donations Tax according to the relevant Autonomous Community; and to subsequently receive the inherited amount of money.

Salvador Salcedo, partner at the firm ‘Ático Jurídico’, explains to ‘Idealista’ that “it is important for the applicants to prove their status as heirs to the bank. To do this, they must provide a copy of the deceased’s death certificate, the certificate of last wills, as well as a certified copy of the last will. If the deceased did not have a will, they must present the so-called declaration of heirs ‘ab intestato’.”

Withdrawing Inheritance Money

Generally, these procedures with banks to withdraw inheritance money are free of charge. In fact, if a commission were required, it would be considered contrary to good practice. It is important to note that this document is key for heirs to fulfill their tax obligations and receive their share of the inheritance.

In any case, a bank might impose a commission on heirs who request transactions from more than a year prior to the death. This is an option, although it does not occur in all cases.

Similarly, it would not be appropriate for a bank to charge a commission for the testamentary procedure. This procedure is a common process initiated by the bank following the death of a client, at the request of the heirs. It is crucial for heirs to access the money they are entitled to inherit or modify the ownership of financial products held by the bank.

How Long Does It Take for the Bank to Pay?

Once the testamentary procedure and all related formalities are completed, the bank will have the authority to pay out the inheritance money to the heirs. The payment must be made according to the partition book and the agreed-upon terms.

Finally, ‘Ático Jurídico’ informs that “heirs can also request the change of account ownership, replacing the deceased with one or all of the heirs. Alternatively, they can request that the deceased’s account be canceled, which requires the consent of all the heirs for the cancellation to be carried out. This is only possible once the testamentary process has concluded and the taxes have been settled.”

There is no preset timeframe for the bank to process the inheritance payment. However, the average duration usually ranges between 15 and 30 days, though this period can vary depending on the complexity of the inheritance in question.