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Thread: Joint Bank Account death

  1. #1
    Join Date
    Oct 2007
    Posts
    12

    Default Joint Bank Account death

    I understand that following the death of one of the non-resident account holders the account is frozen. It is only used to pay Direct Debits on property owned by children who now wish to take over payment of bills. Why is it frozen? Account holders had no other assets in Spain. Any advice appreciated.

  2. #2
    Join Date
    Dec 2012
    Location
    Orihuela Costa
    Posts
    75

    Default

    Dear Mr Stuart, I am very sorry for the delay in replying. I imagine you may be aware now, but the Bank freezes the account after a death as inheritance tax maybe payable on the assets of the Estate, and until they know that this has been paid (usually proved by seeing the Probate documentation), they cannot allow the account to be operated and emptied. Given this is a joint account, normally they would make a deduction of the amount equating to the deceased´s share, until they receive the appropriate paperwork. We are actually dealing with a Probate solely for a Bank account at present. If you would like to email me if this has not been resolved, I will help with what you need to do. sales@spanishsolutions.net

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