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