Probate Service

When should you report the account holder’s death?

You should report the account holder’s death as soon as possible in order to begin the probate process and manage the assets.

How should you report the account holder’s death?

You should contact our specialist probate team by calling 971 776 414 (Spanish) / 971 776 415 (English) / 971 776 416 (German), by emailing testamentarias@bancamarch.es, or through the form available on our website (https://www.bancamarch.es/es/servicio-de-testamentarias/). You can also complete the process at one of our branches.

You can request the death certificate here: Death Certificate.

What documentation must be provided to begin the probate process?

You must submit the following documentation to report the death:

• The death certificate issued by the Civil Registry
• The Probate Processing Request Form, through which you request the processing of the probate case and provide your contact details so that we can reach you if necessary. 
• A copy of the National Identity Document (or the relevant identification document for the nationality in question) of the applicant, if not a client of the Bank.
• A Power of Attorney or private mandate in favour of the representative, if the applicant is acting on behalf of the heir(s) or interested parties.

In addition, so that we can verify the legitimacy of the applicant, the following documentation must be provided in order to issue the account balance certificate: 

• Certificate from the Register of Last Will.
• Will, Declaration of Heirs (intestate) or European Certificate of Succession.
• Equivalent foreign documents duly translated and bearing the Hague Apostille, in the case of non-residents.

How can you submit the probate documentation to Banca March?

You can begin the process by telephone, email, or through our website, without the need to visit a branch in person. These requests are received by our specialist Probate Team, who will handle the process.  The contact details are:

• Phone numbers: 971 776 414 (Spanish) / 971 776 415 (English) / 971 776 416 (German)
• Email:  testamentarias@bancamarch.es

You can also contact one of our branches.

Who can request to initiate the probate process?

This process may be requested by anyone with a legitimate interest in the inheritance, who must prove this status by providing the death certificate, the Certificate of Last Will, and the Will or Declaration of Heirs (intestate).

If the applicant is acting on behalf of the heir(s) or interested parties, they must provide the Third-Party Authorisation (Form 8647) duly completed and signed. Please note that, in order to sign the distribution, a Power of Attorney or private mandate in their favour must be submitted.  

 

What is the cost of the probate process for the applicant?

Banca March does not charge a probate processing fee.

What is a certificate of last will?

This is a mandatory document issued by the Ministry of Justice that confirms whether a person made a will and before what notary. If the person did not have a will, it will also note this. This document is required even if the deceased was not a resident of Spain.

You can request the certificate of last will here: Certificate of Last Will. 

What is the Declaration of Heirs (intestate)?

If a person did not make a will, the Declaration of Heirs (intestate) is the notarial document that certifies who their heirs are. It consists of two documents: the request for the declaration of heirs and the deed of notoriety. Twenty working days must pass between the two.

How can funeral expenses be paid?

Payment of funeral expenses may be requested against the balances of the deceased person. The original funeral home invoice and the death certificate must be submitted in order to make the payment, which will be made by bank transfer. 

What happens to the products once the account holder’s death is reported?

Once the client’s death certificate is provided, Banca March will take the following actions: 

 

• Direct debits and standing payments will continue to be processed unless an express instruction to the contrary is given by all heirs and, where applicable, the co-holder(s). 
• Standing orders for transfers and/or movements will continue to be executed and will only be stopped if an express instruction to the contrary is received from all heirs.
• Authorised persons and/or representatives (attorneys, guardians, curators, etc.) will be removed from all contracts held in the name of the deceased. 
• The deceased’s credit cards will be blocked, and their debit cards and online banking card will be cancelled. 
• In which the deceased appears as holder will be blocked, regardless of whether the deceased shared ownership with others or of the agreed method of disposition.
• The discretionary portfolio management service will be suspended and cancelled. 
• The deceased will be removed as an authorised person and/or representative from third-party accounts. 
• Regular pension plan contributions (if any) will be cancelled. 
• The claim will be reported to March Vida (if the product was contracted)

What will happen with bills and direct debits/deposits? 

The heirs must arrange to change any direct debits and standing orders. Until then, these payments will continue to be processed unless instructions to the contrary are given by all heirs.

What happens to the deceased person's pension? 

The pension corresponding to the month of death, as well as the proportional part of the extra payment, belongs to the pensioner, and the heirs will be able to access it once the probate process is completed. Please note that any pension payments made in error will be returned by the bank at the request of Social Security.

What will happen to the deceased's current accounts?

If the deceased was the sole account holder, all online access to the account will be blocked as soon as the bank is informed of the death. However, direct debits and standing transfer orders will continue to be processed unless an express instruction to the contrary is given by all heirs and, where applicable, the co-holder(s). Incoming payments will be credited to the account.

If there are multiple account holders, in joint current accounts the surviving holders will continue to have access to the balance after the death of one of them. 

Current accounts with special conditions: Salary, Pension, etc. 

If the deceased was the sole holder of such an account, once the probate process begins, the special condition will be removed, and the account will be converted into a standard current account, losing any benefits previously associated with that specific account. If there are other holders, the condition will only be removed if the deceased was the one meeting the eligibility criteria.

How are associated cards managed?

Debit cards: They will be cancelled.

Credit cards: If there is no outstanding balance, they will be cancelled. If there is an outstanding balance, it will be settled against the associated account before the card is cancelled.

What will happen to investment products (investment funds, securities)? 

Investment products will be blocked, and no purchases, sales, subscriptions or reimbursements will be allowed.

What happens to loans?

If the deceased held a personal or mortgage loan, the loan instalments will continue to be charged to the associated account until the change of ownership has been processed or the heirs request early repayment.

It is important to note that all heirs will assume the debt jointly and severally, meaning that each is responsible for the full amount of the deceased’s debts.

If the heirs agree that only some of them will assume the deceased’s debts, releasing the others, Banca March will review the request and decide, based on its risk assessment criteria, whether to grant the requested release. 

What if the deceased was a guarantor on a contract?

If the deceased was a guarantor for a loan or any other type of debt, the guarantee does not end with their death. The heirs who have accepted the inheritance outright will succeed them in that capacity. However, Banca March will assess whether it is necessary for the heirs to assume the guarantee. For this purpose, the Centralised Probate Service will contact the branch of the deceased.

How will positions in Discretionary Portfolio Management be handled? 

If the deceased held DPM positions, the service will be cancelled upon notification of death, unwinding the agreement in the corresponding funds and/or securities that make up the portfolio, regardless of whether the DPM had co-holders.

What will happen to insurance policies and pension plans?

No new contributions will be accepted, only the death benefit will be paid.

What charges can be applied against the estate?

Payment can be requested from the deceased’s balances for the following charges: 

• Funeral
• Personal income tax of the deceased 
• Inheritance tax  

For payment of any other possible charges, please contact the Centralised Probate Service

How can the acceptance and division of the estate be formalised?

The estate can be accepted either in a public document (before a notary) or in a private document signed by all heirs, specifying in detail the assets to be distributed and the share corresponding to each heir.

The estate can be accepted either in a public document (before a notary) or in a private document signed by all heirs, specifying in detail the assets to be distributed and the share corresponding to each heir.

The corresponding tax must be settled within six months following the date of death.

Can inheritance and gift taxes be paid using the deceased’s assets held at the bank?

Yes, it is possible to pay these taxes using the deceased’s assets deposited with the bank. To do so, the death and the right to inherit must be proven, and all heirs must provide instructions regarding the payment.

Is tax payable when receiving benefits from pension plans, EPSVs, and PPAs? 

In this case, beneficiaries should not pay the Inheritance and Donations Tax (ISD); instead, they will pay the relevant tax when they file the annual tax return (IRPF) for the year in which they received the benefit.

Distribution of the estate

The usufructuary has the right to receive the income and yields from the assets subject to usufruct (interest, dividends, etc.). The bare owner retains ownership of the assets but does not receive their income or yields.

How is the usufruct and bare ownership valued?

According to tax law, the usufruct is valued using the following formula: 

Usufruct valuation = 89 − age of the usufructuary at the date of the deceased’s death = % of full ownership to be applied to the usufructed balance, with a minimum of 10% and a maximum of 70%.

While bare ownership is valued as follows: 

Valuation of bare ownership = 100 - usufruct value

Example: if the usufructuary is 65 years old, the usufruct value is 89 − 65 = 24. The usufruct represents 24% of the full ownership balance, and the bare ownership represents 100 − 24 = 76. In other words, the bare owner will receive 76% of the full ownership balance.

What happens when securities and investment fund positions have been allocated as usufruct and bare ownership?

It is important to note that, in the case of securities and investment funds, if they have been allocated as usufruct and bare ownership, the usufruct cannot be capitalised unless a new deed of allocation or a private agreement between the heirs is provided that modifies the initial allocation. 

What happens if the account balances have changed since the date of death?

If, at the time of distribution, the account balances have changed compared with the balances on the date of death, Banca March will distribute the current balance according to the proportions indicated.

In the case of joint accounts, if there are significant discrepancies between the balance at the time of distribution and the balance at the date of death, instructions will be requested from the heirs and co-holders on how to proceed with the distribution.

How is the estate distributed if the deceased held securities, investment funds, or shares?

For the transfer of securities and funds, the heirs receiving these assets must have a securities and funds account where the assets can be deposited, which may be either at Banca March or another institution. 

For Banca March accounts, simply providing the account number is sufficient.

For accounts at another institution, a certificate of the account held solely in the heirs’ name and a copy of their ID must be provided. If the heir is a legal entity and/or a non-resident, they must confirm whether their institution offers the fund to be transferred; if not, they must open a securities account at Banca March. These transfers may take some time.

It is important to note that, due to operational limitations, it is not possible to remove account holders from securities contracts. Therefore, if the deceased had accounts with joint ownership, the co-holders must open a new contract to transfer their share of ownership. 

What is the average timeframe for transferring securities, investment funds, or shares to the heirs’ accounts?

It is important to remember that investment products are assets, not cash, so they must be transferred to accounts held in the heirs’ names. They cannot be sold from the deceased’s accounts, as doing so would have tax implications.

The estimated timeframes for transferring these products are:

• 5-7 days: stocks, international funds, and March AM funds.
• 1–4 weeks minimum: domestic funds managed by a company other than March AM. 

What happens if the deceased had loans or credit facilities?

If the deceased had loans or credit facilities, all heirs will assume the debt jointly and severally, meaning each heir is responsible for the total debt of the deceased. Therefore, if they are not already clients of Banca March, they must register as such. 

If the heirs agree that only some of them will assume the deceased’s debts, releasing the others, Banca March will review the request and decide, based on its risk assessment criteria, whether to grant the requested release.  

In the case of a mortgage, it is essential to provide an updated property registry extract showing the inheritance registered or the registration in the deed of acceptance and allocation of the estate.

Can the distribution be processed remotely, without visiting a Banca March branch?

Yes, this is possible as long as all heirs have their own email address and mobile phone. If accounts need to be opened and the heirs are not clients of the bank, they will be referred to the relevant Banca March branch.  

Please note that all heirs must carry out the process using the same method (either remotely or in person).

Is a certificate of positions issued for a Pension Plan as of the date of death? How are Pension Plans taxed?

Pension plans are not part of the estate and are therefore processed separately from other products. No certificate of positions is issued. 

They are subject to income tax (IRPF) rather than inheritance tax, and no certificate of positions as of the date of death is issued. 

Is a certificate of positions issued for a March Vida insurance policy as of the date of death?

Insurance policies are not part of the estate and are therefore processed separately from other products. 

Insurance policies are not part of the estate and are therefore processed separately from other products.