INHERITANCE OF BANK DEPOSITS

Inheritance of bank deposits is the process of transferring the right to own and dispose of a bank deposit from the deceased owner to his heirs. In this case, the heir receives the right to use the deposit on the same terms as its deceased owner. In general, this process has its own characteristics and requires compliance with a certain procedure, depending on the circumstances under which it occurs. In this article, we will consider the main aspects of the inheritance of bank deposits and the cases when such inheritance can take place.

Features of inheritance of bank deposits

• Heirs have the right to inherit a bank deposit only after the death of the testator.
• When inheriting a deposit, the bank has the right to verify the existence of the last will (testament) and instructions of the owner of the deposit, which may have a decisive influence on the further distribution of the deposit.
• The right to inherit a bank deposit passes to the heirs in the amount determined by the will of the deceased owner of the deposit, or according to the conditions of inheritance established by law.
• Heirs must reflect the right to inherit a bank deposit in an inheritance case, which can be conducted by a notary or a court.
• When inheriting a bank deposit, the heirs are required to pay taxes in accordance with the norms established by law.

The procedure for inheriting bank deposits

For heirs who wish to qualify for the deceased owner’s bank deposit, the following steps must be followed:

1. Obtain a certificate of inheritance from a notary. This certificate will confirm that the heir is the legal offspring of the deceased owner and is entitled to inherit the bank deposit.
2. Contact the bank where the deposit is located and present documents confirming the inheritance of the right to the deposit. Such documents can be: certificate of death of the depositor; certificate of inheritance; court decision on the inheritance of a bank deposit; a copy of the will, if it was left, etc.
3. Fill in the necessary forms and documents necessary to transfer the right to deposit to the heir.
4. Wait for the transfer of funds on the deposit to the account of the heir.

There are various types of bank deposits, such as deposit deposits, bank deposits with higher interest, deposits for opening a credit line, deposits with reduced interest for pensioners, etc. Inheritance rules may differ for each of these types of contributions.

How is the heir to a bank deposit determined?

In the event of the death of the owner of a bank deposit, the right to it passes to his heirs. If the owner of the deposit has not left a will, the heirs in accordance with the law are his close relatives in the manner prescribed by law. If the owner of the deposit left a will, then his possession can be transferred according to the will indicated in the will.

In some cases, the owner of the deposit may provide for the inheritance of the bank deposit on the basis of a special order of the bank. For example, he can indicate in the order the person who has the right to inherit in the event of his death.

What actions must be taken by the heir in order to receive a bank deposit?

In order for the heir to gain access to a bank deposit, he must contact the bank and provide all the necessary documentation that will confirm his right to inheritance. The bank will check the documents and perform all necessary procedures to transfer ownership of the heir’s deposit.

In case of inheritance of a bank deposit, the heir receives the right to own and dispose of the deposit, which he was at the time of the death of the owner. The heir may continue the operation of the deposit and receive interest in accordance with the terms of the deposit agreement.

However, if the heir does not wish to continue the deposit, he can withdraw funds from the bank at the expense of the deposit. However, this may be accompanied by additional costs for commissions and penalties provided for by the terms of the deposit.

If you have any questions about the inheritance of a bank deposit, please contact the law office “Prikhodko and Partners”. Our company has experience in dealing with these issues and can provide qualified legal assistance in settling inheritance cases. Lawyers of the bureau will help you in drafting documents and carrying out all the necessary procedures for the successful inheritance of a bank deposit. Don’t hesitate and get in touch!