The moment a family member dies is always difficult, especially when it comes to managing their estate. In this regard, Abel Marín, lawyer and partner at the law firm Marín & Mateo Abogados, warns ON ECONOMIA about the problems surrounding the bank accounts of the deceased and denounces the lack of regulation in this area.
This legal gap leaves financial institutions free to establish their own protocols for handling the accounts of the deceased, resulting in inconsistent procedures for accessing the funds. As part of their control measures, it is common for the bank to freeze the accounts until documents proving the identity and legitimacy of the heirs are presented. These include the death certificate, the will, if there is one, or, failing that, the declaration of heirs. The bank is obliged to ensure that the funds are correctly delivered to the beneficiaries.
In essence, the bank should simply release the funds in accordance with what the heirs have agreed in the deed or private document of acceptance, partition and distribution of the inheritance. However, all too often they go on to assess the wishes of the heirs, frequently with unjustified delays and hold-ups. Likewise, Marín addresses complex situations, such as the existence of joint accounts or the addition of co-holders shortly before death, which could imply potential legal conflicts. But these are matters that must be settled through other channels — the bank is not the judge.
Another relevant aspect he highlights is compliance with tax obligations. "Financial institutions are required to notify the Tax Agency about the accounts of the deceased, and the heirs must settle the inheritance tax before accessing the funds," explains the lawyer. This process can add an additional layer of complexity, since the amount inherited will directly influence the amount of tax to be paid.
Possible solutions
According to Marín, it is really difficult to offer a definitive solution, but he recommends that heirs be well informed about the specific procedures of each banking institution and have all the legal documents in order, such as the death certificate, the will or the declaration of heirs, and the partition and distribution of the inheritance. In addition, he stresses the importance of complying with tax obligations and suggests seeking out a lawyer specialised in inheritance to speed up the process and avoid legal and tax problems.