Estate Banking Matters: Closing Accounts, Bills and Access to the Deceased's Account

What happens to bank accounts after death?

The Digital and Population Data Services Agency (DVV) passes information about the death to the banks. The information usually reaches the bank within a few days, in some cases only after a couple of weeks. You can also notify the bank yourself. Once the bank has the information:

• The deceased's online banking codes, cards and access rights to accounts end.
• E-invoice orders are cancelled, and existing payment service and direct debit agreements should be checked and cancelled if they are not needed.
• The funds stay in the account and the account continues as the estate's account.
• A joint account holder can continue to use the account.

The bank usually sends the relatives instructions and balance certificates that are needed for the estate inventory.

Required documents

Required documents vary by bank and situation, so always check them with your own bank.

Before the estate inventory

• Identification with your own bank codes or an ID document. Nordea, for example, does not require a certificate of death and heirs (virkatodistus) for paying the estate's bills before the estate inventory.
• An official certificate (virkatodistus, issued by DVV or the parish) is often needed for opening a new account or changing agreements.
• A power of attorney from the other shareholders if one shareholder handles matters on behalf of the others. More: power of attorney for estate matters.

After the estate inventory

After the estate inventory the following are delivered to the bank:

• The estate inventory report with its attachments, the official account of the deceased's assets and debts.
• Any will and the estate distribution agreement, if they affect the distribution of the bank funds.

After the report has been delivered, the shareholders jointly, or a person they authorise, can use the account without restrictions.

Right to use the account after death

The deceased's own online banking codes must not be used after death. Unauthorised withdrawals can cause disputes and liability.

Bank-specific instructions

Banks give their estate instructions on their own pages, and practices differ:

• Nordea: banking matters after a relative's death (in Finnish)
• S-Pankki: what happens to banking matters when a relative dies (in Finnish)
• OP, Danske Bank and other banks: step-by-step instructions are in the Finnish article OP, Nordea, S-Pankki and Danske Bank: the estate's bills.

Paying bills from the estate account

The estate's bills can be paid before the estate inventory according to banks' instructions. For example Nordea and S-Pankki mention funeral and memorial service costs, medical costs and housing company charges as bills to pay.

Bills to pay first

1. Funeral and memorial service costs.
2. Rent or housing company charges, which keep the home under control.
3. Electricity, water and heating, which prevents services from being cut off.
4. Insurance premiums, especially home insurance.

How payment works in practice

• A representative of the estate, such as the widow or widower, an heir or the estate manager, identifies themselves to the bank and submits the bills as instructed by the bank (for example through an online service or as paper bills).
• Only the estate's bills are paid from the estate's account. If there are not enough funds, a shareholder can pay a bill from their own funds, but you should agree on it with the other shareholders beforehand.
• Keep all receipts and vouchers. They are recorded in the estate inventory, and costs a shareholder has paid from their own funds can in principle be reimbursed from the estate's assets after the estate inventory.
• More on responsibility for debts: estate debts.

What NOT to do before the estate inventory

• Pay bills that are unrelated to the estate
• Make donations or investments
• Distribute funds or pay advances to shareholders

Joint accounts

If the deceased had a joint bank account (a "TAI" account) with another person:

• The surviving account holder can continue to use the account.
• The estate takes the deceased's place. The deceased's share belongs to the estate.
• Banks act differently, so contact the bank immediately and clarify the situation of the account.

Safe deposit box

If the deceased had a safe deposit box at a bank:

• The box is opened in the presence of the estate shareholders and a bank representative.
• The contents are listed for the estate inventory.
• Opening the box must be agreed separately with the bank.
• The rent continues, so cancel it once the contents have been collected.

Bank certificate for the estate inventory

A bank certificate is needed for the estate inventory from every bank where the deceased had an account, loan or other service. The certificate includes:

• Account balances on the date of death
• Remaining principal of loans
• Values of investments
• The existence of a safe deposit box
• Unpaid credit card debts

Price and delivery time: these vary by bank, so check your bank's price list. Ordering: ask for the certificate when you take care of the other banking matters.

Common mistakes

• Using the account before notifying the bank - if the deceased's online banking still works, do not use it. Notify the bank of the death. Unauthorised withdrawals can cause disputes.
• Forgetting automatic payments - check e-invoices and direct debits. Cancel services that are no longer needed.
• Ordering the bank certificate late - order it immediately, because delivery takes time and the deadline for the estate inventory is 3 months.
• Throwing away receipts - keep all receipts for payments made from the estate's account.

Timeline summary

Read more about the duties of the estate manager and the documents needed for the estate inventory. The whole process: handling an estate.