After a testator’s death, the surviving relatives must deregister the deceased with government agencies and banks. As soon as they know which banks hold accounts in the deceased’s name, they must send the official death certificate to those banks. The banks will then freeze the accounts and securities accounts held in the deceased person’s name until an authorized person takes action to manage them.
Depending on the circumstances, existing standing orders must be suspended and the underlying contractual relationships terminated separately. Following the death of a decedent and until the division of the estate is finalized, the heirs may decide on the use of the estate’s assets only jointly (as a community of heirs).
In many cases, assets held in a bank account, a securities or precious metals account, etc., can be accessed by presenting a certificate of inheritance. For communities of heirs without a representative, an additional power of attorney from the co-heirs may be required. Executors are also authorized to temporarily manage a deceased person’s bank accounts. Information regarding which additional documents must be submitted for the transfer of securities, accounts, etc., can be obtained from the banks themselves.
More on this topic:
The death certificate
What to do in the event of a death?
Termination of a lease in the event of a death – What should be done?
Finalize the division of the estate promptly