By Carlos Baos (Lawyer) •
Published: 04 Nov 2021 • 13:38
At White Baos Lawyers, we have advised on many occasions, heirs and beneficiaries of inheritance about inheriting in Spain. And today, we would like to speak about inheriting a bank account in Spain.
Show the payment of the IHT
It is normal that the bank asks us to show that you have paid the inheritance tax, before allowing us to get access to the bank account of the deceased and also to be able to get the funds.
The reason is that as per the law, the bank could be considered legally tax liable for the lack of payment of IHT, if it allows the heir to get the money without paying the taxes.
In practice this happens all the time. Always the banks ask the heir to show this payment, although some courts understand that this is not a must for the heirs.
Other petitions from the banks
But some of the normal practices of the banks could be understood as abusive when inheriting a bank account.
For example. The banks may freeze the bank account and block all the funds, until the IHT is paid and that is proved to the bank. In reality, the banks should not make a retention of all the funds, just only the one needed for the IHT.
Also, they ask all the heirs to show the payment of the tax. If one heir wants to get his part, it should be enough to prove that he has paid his IHT.
Related to this, you could also check other articles:
Inherit a bank account in Spain. Legal advice. Can they force us to open an account? Can you charge us for the certificate?
Acceptance of the inheritance by the heir in Spain. Consequences. Legal advice.
If you want to get professional expert advice in the Inheritance Probate and Wills you could find more information at the following link: WHITE BAOS WILLS AND PROBATE SERVICE
And you can also contact us at WHITE BAOS LAWYERS.
The information provided in this article is not legal advice.
Carlos Baos (Lawyer) White & Baos.
Tel: +34 966 426 185
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Lawyer Carlos Baos has been advising on variety of expat-related legal issues for years and weekly column offers free weekly insights.
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