It is very common for couples to manage their expenses through joint bank accounts, where both owners have access to common money. But when one of them dies, questions arise such as whether the other owner can continue using the account or if he can withdraw money from it. The Bank of Spain, which clarifies that no, the survivor cannot freely dispose of the money without authorization from the heirs of the deceased.
The first thing to keep in mind, as explained by the organization, is that the bank accounts They may have one or more owners, and that the contract will determine how the balance can be disposed of. In the case of accounts with multiple owners, they can operate under two regimes:
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- Joint or joint provision, where “The signature or authorization of all holders (or a number of them) is required to withdraw money”.
- Indistinct or joint provision, where “Any of the holders can dispose of the money alone, without authorization from the others”.
Furthermore, the Bank of Spain remembers that “If there are several owners and nothing is indicated about the regime of the provisions, it will be understood that the account is joint”.
What happens if one of the owners dies?
According to the Bank of Spain, “If an owner dies, his heirs succeed him in his rights and obligations”. But the consequences depend on the type of account:
- In a joint account, the body is clear, “Once the death of an owner, others will not be able to use the money in it, unless they have the express consent of all the heirs of the deceased owner.”.
- In an indistinct account, the situation is different, since “The money may continue to be available after the death of one of the owners”.
That is, in joint accounts it is the heirs who must authorize any movement. This may temporarily block access to the money until the payment is made. declaration of heirs or the succession is proven.
Authorized and deregistered in shared accounts
The Bank of Spain also remembers that an owner can appoint authorized persons to operate in his name, but in joint accounts “The signature of all the owners will be required”. Furthermore, if one of them dies, “From the moment one of the holders dies or notifies the bank of the withdrawal of their authorization, the authorized party will not be able to use the money”.
Regarding the voluntary departure of a person from the account, the agency indicates that “Any co-owner of a shared bank account can unilaterally request cancellation”and the bank must communicate it to the rest, unless there is a cause that justifies denying it, such as a negative balance or associated contracts.