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Inheriting A Bank Account In Spain

Inheriting a bank account in Spain

If you have inherited a bank account in Spain, you can make the arrangements directly with the bank. The procedure is straight forward: the bank will ask you for some compulsory documents common to all inheritances and some other documents that may vary according to the policy of each bank. The most important documents are the following:

1. Certificate of the account balance

In order to get the inheritance process started, you will need to find out the balance on the account of the deceased. You will need to request from the bank the “Certificate of balance” showing the balance on the accounts or any other products in the name of the deceased (life insurance, investment funds, etc.) and the number of holders at the time of death.

The bank will ask you to provide the following documents:

  • Proof of your identity (or that of your attorney and the POA that enables him to represent you)
  • Death certificate, which will need to receive the Apostille and be translated by a sworn translator.
  • Certificate of Last Will and Testament
  • Will or Probate

2. Distribution of the balance

The heirs will have to sign a document to distribute the balance. This document can be signed privately, it is not necessary to do it before Notary Public as it happens with properties.

Sometimes the bank will provide you with a model; however, we advise you to have it drawn up by a specialist lawyer to ensure that your rights are preserved.

3. Payment of inheritance tax

You will need to make a tax declaration to the Spanish Tax Office before you can inherit the money in the account.

4. Required documents and bank details for transferring funds

Once you have obtained all the documents and the taxes have been paid, you will need to present them to the bank together with a Certificate of bank showing an account opened in your name where the funds can be transferred. However, this simple procedure can sometimes take a long time, especially if you are not fluent in Spanish.

If you are going to inherit a bank account in Spain, a life insurance or any other banking product, do not hesitate to contact us, we will be happy to guide you through the steps to make the procedure easier for you.

 

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