How the bank gives you the money from an inheritance: these are the ways and what you should do

The moment of the death of a relative is loaded with sadness and also with some confusion about the completion of all the procedures that remain pending after their death. Such as, for example, inheriting the funds from the account or bank accounts that were in his name.

The first step is to make sure of all the accounts that the deceased could have. , just when a relative dies, his heirs can request certain information from the bank in which the deceased had his account: a copy of his contracts, the movements after his death and those from the year prior to his death. death.

All this information is free and the bank cannot charge commissions for it. However, if the heirs want data on bank transactions older than one year, they will be able to receive it but paying a commission established by the bank.

In any case, explains the Bank of Spain, the best way to find out about all the bank details of the deceased is by going to the Tax Agency, which will have the necessary documentation for the heirs.

Before proceeding with the transfer of funds to the heirs, the family should be aware that certain charges may occur to the deceased’s account. For this, yes, there must not be an express order to the contrary from all the heirs and said charges must be necessary for the maintenance of the inheritance.

One of those expenses, for example, . In those cases in which the heirs cannot face these amounts or do not wish to do so with their money, they can resort to the money from the bank account that they will later inherit. In practice, it is a kind of advance of the money from the inheritance, which is used to pay the tribute, which is mandatory in order to receive the inheritance.

How the inheritance money is received

Having clarified all these points, the most important question remains: how the bank pays the funds deposited in the account or bank account of the deceased to his heirs. The heir or heirs are free to choose any free method and the entity must provide it without being able to reject it.

Whether by transfer to a new account, with the use of a check or directly by making a cash payment, the bank has to respond to the request of the heirs. There is no deadline to pay the money from the inheritance, but it cannot be unreasonably delayed either.