Bank Accounts and Estate Inventory
· 2 min read
Investigating bank accounts
One of the key stages of the estate inventory is investigating the deceased's bank accounts. The estate notifier must identify all banks where the deceased had accounts, deposits, or loans. Information is obtained by requesting details directly from banks as an estate shareholder. If the deceased's banking relationships are unknown, inquiries can be made to all major banks. Bank account balances on the date of death are recorded as assets in the deed, and any loans are recorded as debts.
It is important to also investigate any safe deposit boxes, which may contain valuables, securities, or documents.
Balance certificates
The balance certificate is a mandatory attachment to the estate inventory that shows the bank account balance on the date of death. The certificate includes account details, the balance in euros, any accrued interest, remaining loan principal, and collateral. An estate shareholder orders the certificate by presenting the family record and death certificate to the bank. The certificate price varies by bank, typically EUR 30–80. A loan balance certificate is also needed if the deceased had bank loans.
Account access after death
The bank closes access to the deceased's account immediately upon receiving notification of the death. Online banking credentials stop working, and funds cannot be withdrawn from the account. The estate shareholders can jointly authorise a person to handle the estate's banking matters. Before the estate inventory, the bank may pay essential expenses from the account, such as funeral costs and home insurance premiums, upon presentation of a receipt and death certificate. This usually requires visiting the bank in person.
Estate banking matters
A separate account can be opened for the estate, to which the deceased's funds are transferred and from which the estate's expenses are paid. The account is opened with all shareholders' consent. The estate account clarifies cash flow tracking and facilitates estate management. Payments arriving after death, such as tax refunds and any pension surplus, are also directed to this account. Estate inventory costs, funeral expenses, and other estate expenses are paid from the estate account.
Closing accounts
The deceased's bank accounts are closed in connection with the inheritance distribution, when funds have been distributed to the shareholders. Closing accounts requires the estate inventory deed and the inheritance distribution agreement or a power of attorney signed by all shareholders. Before closing accounts, it must be ensured that no further payments are expected. Any direct debits and recurring payments must be cancelled before closing the account. The bank may require the deed and civil registry certificates to be presented.
Frequently asked questions
How are the deceased's bank accounts investigated for the estate inventory?
The deceased's bank accounts are investigated by requesting balance certificates from all banks where the deceased had accounts. The balance certificate shows the account balance on the date of death. If it is unknown which banks the deceased had accounts with, an inquiry can be made to all banks operating in Finland. Banks provide information about account existence and balance to estate shareholders upon presentation of a civil registry certificate. It is also advisable to obtain online banking statements from the date of death and the preceding period. Shareholders should also check for any safe deposit boxes.
Who can use the deceased's bank account after death?
After the deceased's death, bank account access rights cease automatically. The bank closes account access upon receiving notification of the death from the population information system. The estate shareholders can jointly authorise one person to manage the estate's banking matters, or an estate administrator can be given access. Urgent payments, such as funeral expenses, can in most banks be handled by presenting the invoice and death certificate before the estate inventory.
What is a balance certificate and how is it ordered?
A balance certificate is an official bank statement showing the account balance on a specific date. The estate inventory requires a balance certificate of the status on the date of death. The certificate is ordered from the bank and includes account details, the balance, any loans and their remaining principal, and accrued interest. An estate shareholder can order the certificate by presenting the civil registry certificate and death certificate. In most banks, the balance certificate can also be ordered electronically. A small fee is usually charged for the certificate.
Can a separate bank account be opened for the estate?
Yes. A separate bank account can be opened for the estate, to which the deceased's funds are transferred and from which the estate's expenses are paid. Opening the account requires all shareholders' consent or an estate administrator's decision. The estate account facilitates the management and bookkeeping of the estate's funds. Any payments arriving after death, such as tax refunds, are also directed to this account. Access to the account is usually given to the estate notifier or estate administrator.
Read also
What documents are needed for an estate inventory? A comprehensive list: family records, civil registry certificates, will, bank statements, and property documents.
How are debts handled in an estate inventory? Learn about shareholders' liability, managing an insolvent estate, and reporting debts in the deed.
How much does an estate inventory cost? Free if done yourself, EUR 500–2,000 with a lawyer. Factors affecting price and saving tips.