Can the heirs request bank statements?
When a person dies, one of the most delicate issues that arise is whether the heirs can request bank statements of the deceased. And, although normally, this act is carried out to verify the real assets of the deceased, in certain cases there may have been the misappropriation of inheritance from bank accounts.
Today, we are going to find out the answer to these questions that may arise before a notary for inheritances in Barcelona.
Can heirs request bank statements?
Indeed, the heirs can request bank statements to find out the transactions, balances and possible withdrawals made before or after the death. This step is not only essential to correctly distribute the inheritance, but also to ensure transparency in the management and avoid conflicts among family members.
In fact, for the inheritance distribution procedure, it is necessary to present at the notary bank certificates issued as of the date of death of all current accounts and investment products in which the deceased was the holder. These certificates must contain information relating to the balances in the accounts and financial or pension products.
A bank account with two holders and one dies
What happens in this type of accounts with multiple holders when one dies? After the death is notified to the bank, a bank account with two holders can be partially blocked by the financial institution, or even completely, if it is joint (that is, if it requires the signature of both holders) until the inheritance is distributed.
This is because the amount does not belong to the surviving holder, but becomes part of the estate and must be distributed among the heirs who were designated at the time, before a Notary for wills or as determined by law through the declaration of heirs abintestate.
After formalising the inheritance deed and its distribution, the inheritance tax is settled and the documentation is submitted to the bank in order to release the funds.
The withdrawal of money from the deceased's accounts
If the co-holder of a bank account withdraws money or disposes of it after a death, pays debts or bills of the deceased charged to their accounts, or does not justify the use of the money withdrawn from the shared account, the Tax Agency may consider that the account holder tacitly accepts the inheritance, and, therefore, the heir would be obliged to pay the Inheritance Tax (including additional penalties).
When is misappropriation considered to exist in the inheritance of bank accounts?
Once we understand that it is possible for the heirs to request bank statements and details about what happens in a bank account with two holders when one dies, let us see when misappropriation can occur.
Obviously, we start from the case where a person with access to the funds disposes of them outside the legal limits and for their own benefit. Misappropriation in the inheritance of bank accounts can happen before or after death.
Before death, if the account holder granted a general power of attorney to the other person, they could manage the money as long as they acted in the benefit of the principal. If they made transactions that favour themselves or harm other heirs, these could be unlawful.
After death, powers of attorney are extinguished and withdrawal or transfer without the consent of the heirs constitutes misappropriation.
Therefore, it is possible for the heirs to request bank statements and balance certificates, and thus be able to present the information to the Notary for inheritance division or to initiate legal actions where they demand accountability, if appropriate.
Discover more about inheritance division:
When is the unauthorised misappropriation of bank accounts considered to exist?
It may also happen that an authorised person can dispose of funds, without being the holder or heir. In this case, the same applies as before, and it can be done during the lifetime within the limits established by the holder. Any act for personal benefit during the holder's lifetime or after their death is illegal and can be challenged in court.
Misappropriation of dormant inheritance
When the deceased's assets have not been accepted or distributed, they belong to the hereditary estate and no heir can unilaterally dispose of them. This is known as dormant inheritance. This unauthorised appropriation is not legal and, as we have seen, civil or legal actions can be taken to demand accountability or recover the funds.
Learn more about dormant inheritance in this post on our blog:
Can the heirs withdraw money from the bank accounts?
Legal heirs can withdraw money as long as they are accredited and under specific and justified circumstances. Furthermore, all heirs must authorise this act. These are:
- The payment of expenses related to the burial
- Meeting tax obligations that are mandatory in order to access the inheritance
Conclusion on bank accounts in inheritances
We hope that this article, in which we resolve whether heirs can request bank statements, delve into bank accounts with two holders after a death, and the misappropriation of such accounts, has been helpful to you.
For clear information and further advice on this topic, we invite you to contact us to assist you with the formalisation of your inheritance. Write to us. We are Notaries in Barcelona specialised and at your disposal for any enquiries.
