Death: what happens to the bank account?

The most important things at a glance:

Here you will find answers to the following questions:

After the death of a relative, the financial regulation of the remaining bank account is very important. In order to terminate contracts or to stop standing orders, an access authorization to the account is required.

Who can access the bank account?

First, the financial institution should find out about the death of the account holder so that the so-called estate account is created. This type of account allows further execution of the orders that were made prior to death.

If the relatives have a special power of attorney or a right of disposal, they decide how to manage the account. Access to the bank account is left to the surviving dependents even with proof of an inheritance by submitting a certificate of inheritance, an inheritance contract or a certified will.

What is an OR account?

An OR account is a joint account in which both holders have power of attorney . The opening and administration are usually possible with spouses. As a rule, the second account holder retains full rights of disposal if the first one dies. However, he is not authorized to continue to manage the account if the inheritance is not presented. At best, this should be arranged with the financial institution.

What happens in the case of legal support for the account holder?

A common example of this is dementia. In such a case, a relative with a power of attorney usually intervenes. Without the power of attorney, the survivor will be appointed as the legal representative by the court upon request. A legal guardian is obliged to manage the assets according to the wishes of the account holder. In addition, he is not authorized to use additional remuneration for his benefit. For this purpose, an extra account is opened for the supervisor.

If the family takes care of the account holder, the billing obligation is automatically lifted. Nevertheless, the court requires an inventory every two years. It is therefore advantageous to keep all receipts and evidence.

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