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Testamentary process guide

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Bankia facilitates the testamentary process procedures for its customers. This basic guide explains the steps to follow.

The heirs must report the death at any Bankia branch. The information relating to the balances and positions of the deceased can only be disclosed to those who are accredited heirs or legal representatives (having previously accredited their status by means of notarial power or an equivalent document).

The heirs shall provide the branch where they wish to manage the file, the following documentation:

  • DNI (National Identity Document)
  • Death certificate
  • Accreditation as being an heir (will, declaration of heirs,...)
  • Last Wills and Testaments certificate

After having provided these documents, all contracts will be blocked and all those authorised to use the accounts will be cancelled, while also cancelling the deceased account holder’s bank cards. Direct debit charges will continue to be paid from the bank account, unless expressly indicated otherwise by all heirs.

A certificate of balances will be drawn up, reflecting the positions the deceased had with Bankia on the date of the death. This certificate is required for preparing the Partition of Succession Statement and for settlement of Inheritance and Donations Tax.

Our specialists will contact the heirs to explain the process and the specific requirements applicable to each case.

In order to complete the procedure, it is essential that all heirs provide the receipt for having presented and paid the Inheritance and Donations Tax (model 650) along with the list of declared assets.

After the documentation is provided, it is analysed and, if everything is correct, a draft distribution is prepared based on the current balances, since there may be changes in the positions of the deceased after the date of the death. The heirs may accept or modify this if necessary.

All intervening parties shall be required to sign in order to carry out the distribution (these signatures will be reflected in the proposed distribution document).

Proceeding to deliver balances, change holders and/or cancel all contracts in which the deceased appears as a holder.

When making the distribution, you must take into account the following information for each type of product:

  • Accounts: these are closed after having distributed all balances.
  • Investment funds: to carry out the distribution of shareholdings, only the requested documentation will be accepted as instructions. A fund will be opened for the heirs for transferring the shares to which they are entitled.
  • Securities: heirs must have a bank account in their name (as sole holder) in order to complete the distribution of securities.
  • Debit/credit cards: the debit/credit cards associated to the bank accounts of the deceased, in the name of other holders, must change the associated account, as the bank account of the deceased will be closed.
  • Deposits: a reimbursement is made to associated account and the distribution is carried out from the latter.

You will always need

Death certificate, obtained from the Civil Registry of the place where the death occurred. It can be requested in person, by mail (to the Civil Registry) or over the Internet. For further information, please follow this link.

Certificate of Last Wills and Testaments, which accredits whether a person has granted a will, on which date and before which notary. This document is necessary for performing any succession act and it is issued by the General Registry of Last Wills and Testaments.

It can be requested as of 15 days after the date of the death. To obtain it, one must present a form, sold at tobacconists and provide the literal death certificate (model 790). For further information, please follow this link.

Payment receipt and presentation of the Inheritance Tax (model 650/660), or electronic copy. The settlement of the Inheritance Tax can be presented at any of the settlement offices or branches of the Provincial Ministry of Economy and Public Finance of the autonomous community where the deceased had established their normal place of residence.

The maximum period for settlement of the tax before the Administration is six months as of the death (an extension may be requested). In the event of exemption or prescription of the payment, supporting documents must be provided, in each case and in all cases, the list of declared assets must be provided:

  • If there is a will: the Certificate of Last Wills and Testaments will provide the information on the notary where the will was granted to request a copy of the same.
  • If there is no will: statement from intestate heirs. This is a notarial document which determines who are the heirs of a person when said person did not grant a will or the will is rendered useless or is declared null. This statement is processed before a Notary and will enable the Law to determine who the heirs are and the part of the inheritance they are entitled to. For further information, please follow this link (spanish version).
  • If you have a deed of acceptance and award of inheritance or the Partition of Succession Statement: after having defined the status of legal heirs, these must inventory the assets and debts of the deceased. The acceptance and award of the assets object of the inheritance requires a public notarial deed, whenever there are estates that can be registered with the Property Registry. In all other cases, the award can be carried out via a private document.

Faqs

After having presented the death certificate, the ID documents, and the Last Wills and Testaments Statement, what is the next step?

Manage the settlement of the Inheritance Tax with the certificate of balances, for which there is a 6-month period as of the date of death.

What cost does the inheritance procedure involve?

The certificate of balances is free of charge. The processing of the file entails the following cost: €80 + taxes in concept of detailed study of the necessary documentation for carrying out the distribution and managing the products until their cancellation.

What is a distribution proposal?

It is a draft of the distribution to be carried out that we propose to the heirs, based on the documents analysed. Once accepted, this proposal must be signed by all the heirs and co-holders. The positions may vary between the date of the death and the distribution of the balances.

In the event of it not being possible for all heirs to sign this proposal, a notarial power may be granted in favour of another person who will act as a representative for the signing. .

How is the distribution to each heir carried out?

After the tax has been paid and the distribution proposal has been signed, our specialists proceed to make the transfers from the account of the deceased to the bank accounts provided by the heirs.

What if I have any questions during the process, is there a telephone number I can call?

Our specialists will keep you informed throughout the entire process and will tell you the steps that need to be taken. However, there is a telephone number you can call if you have any questions or queries.

Service phone line for heirs: 91 451 89 07.

Hours: from 8.00 hours to 18.00 hours, from Monday to Friday.

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