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Thread: Inheritance - Spanish banks not releasing money

  1. #1
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    Default Inheritance - Spanish banks not releasing money

    Title says it all
    AFAIK - All legal steps have been completed by spanish solicitor
    Yet the banks refuse to release the funds

  2. #2

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    Hello,

    Your post is somewhat vague, could you please extend the matter or be more specific about the queries you have?

    Regards,
    Patricia Martin
    Legal Assistant at Lawbird
    Check My Profile

  3. #3
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    Hi Patricia
    Thanks for repying and sorry for the incomplete post

    To be more clear - I am one beneficiary of 5 in my late parents' spanish estate
    The estate consisted of an apartment and a car along with the usual bank accounts

    In order not to duplicate the paperworks
    4 benficiaries, including myself, gave power of attorney to the fifth to act on our behalf

    All 5 benficiaries gave power of attorney(poder), obtained fron the spanish consulate, to the spanish solicitor

    The spanish solicitor has completed his duties
    paid the due taxes
    legalised the sale of the car
    transferred the property title to the beneficiaries
    and informed the banks that everything was complete
    As far as he was concerned all we had to do to complete the estate was inform the banks where to send the funds

    However, the spanish banks have refused to release the monies
    They appear to be dragging their feet, lose paperworks and ignore correspondence

    In a nutshell my queries -
    What exactly is the law in this matter i.e, what exactly do the banks require in order to release the funds?
    Can the banks can be forced to release the funds?

    This has been the situation for over a year now, and I am worried that there may exist a time limit for estate completion

  4. #4

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    Hello,

    Spanish Banks are legally bound by the regulations in relation to Inheritance matters to block those accounts that hold funds in the name of a deceased person until there is documented proof of the IHT payment. This can be proven by:

    - Death certificate
    - Last will certificate
    - Deeds of inheritance transfer
    - Stamped Inheritance tax form

    Most banks will only release the funds if these can be transferred to an account which holder is the heir. After that, the previous account will be cancelled.

    I recommend you to check with your solicitor that these documents have been submitted at the bank, and if so, file a complaint so the funds are released at the earliest.

    Regards,
    Patricia Martin
    Legal Assistant at Lawbird
    Check My Profile

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