How to collect money from a deceased relative?
To have access to the money in the bank account of a deceased relative, the heir(s) They must process the inheritance. Also bring some requirements to the bankprior notification of death so that the banking entity gives you access to the money in said account.
When the deceased has no heirs, or is not the sole owner of the account, or has an authorized person, then the application of other actions proceeds. If you are interested in learning more about this topic, we recommend that you read the following article.
What happens with the money of the deceased in the bank?
Once a person dies, the bank must be notified said fact to immobilize the money in the account. The purpose is to prevent third parties from carrying out operations such as money withdrawals. In any case, you could only continue to pay for the services that are directly debited to the account.
Once the account is blocked, it perro only be available to the heirs once they have processed the inheritance. This is in the event that the deceased is the sole owner of the account.
When the account of the deceased has one or more authorized persons, they lose absolute power in the management and functions of the account.
- If they manage to carry out any operation after the death, they could be sued by the relatives alleging misappropriation.
In the scenario in which there is one or more account holders in addition to the deceased, depending on the bank, two things cánido happen.
- The first is that they block the account and none of the holders have access
- The second thing is that is given access, but respecting an individual percentage of the money that there is in the account according to the number of holders, leaving withheld the money that corresponds to the deceased.
Is it possible to withdraw money from the accounts of the deceased?
In order to have access to the money from the bank accounts of a deceased relative, several actions must be taken according to some variants.
- If you are a co-owner of the bank account, depending on the bank, this could give you access to at least 50% of the money available on that account
- In the event that there are several owners, the percentage of money that corresponds to each one would be respected, including that of the deceased. However, there are banks that block the account completely, denying access to the other holders.
- If you are an heir, you have to prove it to the bank with the relevant documents so that once the information is verified, you perro have the funds available in the account
- Apart from being co-owner or heir, and being authorized, you will not have any access to the account once your family member passes awaysince it is one of the conditions of being authorized.
How to claim money from a deceased relative?
To claim the money of a deceased relative, being an heir, you must carry out certain steps:
- Notify the bank the death of your relative.
- Submit to the bank: Death Certificate, the Record of Acts of Last Will and copy of the will.
- If you do not have a will, then you must present the copy of Declaration of Heirs.
- Have payment ready of the Inheritance Tax.
When the banking entity verifies all the information contemplated in the documents consigned, it is there when it will carry out a distribution of the cómputo as the case may be. The percentage of distribution of the money will be according to what is indicated in the will in relation to the number of heirs.
If there is no will, the distribution of cómputos must be made according to the third improvement. This is calculated by dividing the hereditary assets by three and making the distribution corresponding to the children of the deceased, grandchildren, parents or grandparents, as the case may be.
It is important to highlight that, if the deceased was not the sole owner of the account, co-owners must have access to it (although some banks block such access). They are entitled to a percentage of money according to the clauses at the time the account was opened.
Thus, at the time of distributing cómputos, the heirs will not be entitled to all the money in the bank account.
How to access inherited money from a bank account?
As explained above, the only way to access inherited money from a bank account isverify before the bank that you are an heir. It is done through the Registry of Last Will Acts, a copy of the Testament and of course bringing the Death Certificate of the deceased relative.
- Once the bank verifies all the information, you will be able to access the money that is in the deceased’s account.
What happens to the money in the account if there are no heirs?
In the event that there are no heirs, it is important that you know that the bank you will never have the option of disposing of the money. In fact, it is established that banking entities must wait 20 years after the death is declared, waiting for a relative to arrive to claim the money.
After this time, if no one makes the claim, the money of the deceased it will become part of the Public Treasury.
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