The death of a loved one is always a painful moment for their loved ones and family. However, after this moment you must also deal with a series of proceduresamong them, those related to the banking entity of which the deceased is a client.
Having a shared account is very common, especially when it involves two people who live together. These types of accounts are usually used to cover common expenses, such as those related to housing. In this sense, each of the owners usually contributes a series of funds, as both have agreed. However, if one of them co-owner dies You will need to take several issues into account.
Firstly, from the blog of the insurance company Reale they indicate that when this situation occurs, banking entities have a “rigorous and specific” protocol. Despite the bureaucratic procedures, insurers insist that the idea that if one of the co-owners dies, the money belongs to the bank, this is not the case.
What you should keep in mind if the co-owner of an account dies
On the Occident blog they emphasize that if the deceased was a joint owner, the part of the account that corresponded to him becomes part of your inheritance with or without the existence of a will. The first thing the survivor should do is contact the bank as soon as possible.
At that time, the cdeath certificate. It must be taken into account in this sense that the co-owner You can only have 50% of the funds since the rest, as we have indicated, is part of the deceased’s inheritance and may belong to the heirs or, “failing that,” as indicated in Reale, to first-degree relatives by consanguinity or affinity. Once the inheritance is resolved, these funds will be unlocked.
Those who are heirs of these funds must also prove their status. It can be done, they explain on the insurer’s blog, by copy of the will or a declaration of heir.
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Death certificate
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Copy of the will or, if there is none, declaration of heirs
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Documents proving the heirs
Once this step is completed, money management will depend on the type of account. There are mainly two types. The first: a joint account where to carry out an operation you must authorize the rest. The second: a solidarity account where authorization from the co-owners is not required for the operations carried out. In any case, a maximum of the funds corresponding to each person may be available.
Likewise, to access the funds you must have paid the corresponding Inheritance and Donation Tax. In the case of the Valencian Community, before the tragedy caused by DANA, I was bonused at 99%. In the case of Castilla-La Mancha, minor children, spouses or parents have a 100% bonus if the inheritance is less than 300,000 euros.
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