Did you know that if your partner dies and you shared a bank account, you could be left without immediate access to those savings? Every year, hundreds of families in Spain discover this reality the worst way: at the ATM. They believe that, because they were co-owners, that account also belongs to them; but when death comes, the law and the banks say otherwise.
The warning comes from the Bank of Spain itself, who has officially explained that no co-owner can move a single euro without the consent of the deceased’s heirs. The objective is to avoid asset conflicts and, above all, improper uses of money.
Not all shared accounts work the same
The Bank of Spain details that the key to everything lies in the fine print of the contract: it is necessary to determine whether the account is sole or shared ownership, and above all, under what regime it was signed. Here the difference is vital. On the one hand, there is joint and several joint ownership, which allows any of the owners to operate independently and without giving explanations.
On the other hand, joint ownership, a much more restrictive model that requires, as a rule, the signature or permission of all owners to make any movement, no matter how small.
However, when one of the incumbents dies, the picture changes radically. In joint accounts, the bank can continue to comply with the orders of the joint owners who are still alive, but if the heirs of the deceased claim part of the money, the matter can end up in court. While in joint accounts, the situation is even more rigid: not a single cent can be moved without the authorization of the heirs.
What happens with single-holder accounts?
In cases where the account belonged only to the deceased, entities are obliged to immediately block cards, passwords and digital access as soon as they receive news of the death. From that moment on, not even those authorized during life can operate, since the authorization expires upon death. Only very specific operations are allowed: the payment of the funeral or the so-called ‘maintenance of the lying inheritance’, which covers essential expenses such as electricity, insurance or taxes on the inherited property.
During this intermediate period, between death and acceptance of the inheritance, banks must collaborate to avoid harm to the heirs, maintaining current direct debits and ensuring the good condition of the assets.
In both single and shared accounts, the bank will only be able to deliver the funds to the heirs once the probate file has been processed, which must be carried out in the entity itself. This process requires presenting the documentation that proves the status of the heir and the payment of the Inheritance Tax, a step that, according to data from the General Council of Notaries, more than 250,000 families in Spain carry out each year.