Certain procedures must be followed to collect the balance in the decedent's bank account.
Steps
- Inheritance certificate is obtained (notary public or court of peace)
- Deed of inheritance is prepared
- Inheritance and Transfer Tax Declaration is issued (4 months within)
- Tax is paid or an exemption certificate is obtained
- Applying to the bank
- The account is shared among the heirs
Inheritance and Transfer Tax
- Close relative (spouse, child): low rate and high exemption
- Distant relative: high rate
- Declaration statute of limitations: 4 month
Dispute Between Heirs
If the heirs cannot agree on the sharing of the money, the bank can deposit the entire balance to the court. The court makes distributions in proportion to the shares in the inheritance certificate.
Joint Accounts
- "And" account: Approval of all owners is required
- "Or" account: One signature is sufficient; but the rights of other partners are protected
Single Owner Account
Distributed in proportion to the shares in the inheritance document.
Supreme Court 12. HD
12. HD accepts that if the bank account of the testator has been seized, it cannot prevent the heirs from accessing the account, but the creditor's rights must be protected.
Inheritance law lawyer is recommended.