Do I have to do something?
A separate inheritance tax must always be carried out in Spain for assets left behind by the deceased, be it real estate, vehicles or bank accounts.
An official deed of inheritance, stating the deceased’s assets and who the heirs are, must be signed. After the respective taxes and fees have been paid, this is presented to the property registry to be registered. Only when the inheritance agreement has been approved can property and/or vehicles be sold and bank accounts settled.
What happens to bank accounts in Spain when the account holder dies?
To settle bank accounts, these must be included in the inheritance, and the respective taxes and fees paid. Balances are based on the date of death.
If the accounts are only used by the deceased, they will be blocked.
In cases where there are two account holders, the bank will generally block half of the outstanding balance on the date of death until the estate has been settled and the rightful heirs have been identified.
Fixed assignments will continue to be serviced, known in Spain as “domiciliaciones”.
Can I sell the deceased’s car?
The same rule applies here as for property. Before the deceased’s car can be sold, it must be included in the inheritance settlement.
use a lawyer – it’s affordable insurance
We recommend that you seek legal assistance from a skilled lawyer who knows both your countries and Spanish law. It can save you a lot of headaches.
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