Anyone who suddenly dies as a pensioner leaves behind all sorts of rights and obligations for the bereaved.
This includes the bank account.
Update from February 21, 2023:
Update from February 21, 2023:
After the death of a relative, a death certificate can be requested.
You can find out what information you need and where to apply for the death certificate here.
Hamburg/Berlin – In the event of the death of a family member, many people probably have other things on their mind than managing bank accounts, custody accounts and the like.
Nevertheless, one of the realities is that ongoing contracts still have to be serviced – bills and other costs have to be paid.
For this purpose there is, among other things, the estate account, which can help to regulate the financial affairs of the deceased person.
Knowledge that is important for retirees and survivors.
Pensioners in Germany:
21.3 million people
1,553 euros (West), 1,491 euros (East)
Credit institutes in Germany:
1,411 (Source: Bundesbank)
Who gets the money from the bank in the event of death – knowledge for pensioners
When someone dies, their bank account is usually frozen until the deceased's estate is settled.
This is done to ensure that no unauthorized transactions are made on a consumer's account and that the assets of the deceased are distributed fairly and equitably.
If the bank account is held jointly by more than one person, such as a spouse, the account is usually transferred to the survivor's name, who then becomes the sole owner of the account.
In this case, no steps need to be taken to settle the estate.
How does a probate account work?
How pensioners can save
After the death of an account holder, the account remains in existence for the time being.
If the account was opened in the name of a single person, it will automatically become a so-called estate account after the person's death, once the bank has been informed of the death of a pensioner.
Then the question of who is entitled to the three months' pension in the quarter of death is also decided.
The Volksbanken and Raiffeisenbanken advise taking care of things in good time: “A power of attorney for a bank is very helpful in any case.
Anyone who also writes a will can be sure that their estate will really be dealt with as they wish,” says Volksbank Freiburg, for example.
In addition: Pensioners must note this in the will.
Canceling a bank account as a pensioner – these things need to be considered
If you're a retiree looking to close your bank account while you're still alive, there are a few things to keep in mind to ensure the process goes smoothly.
Here are some key points to keep in mind:
Are there alternative payment options to pay the bills?
Check notice periods and fees for an account termination.
All payments and direct debits are taken into account so that there are no reminders.
Have proof of identity such as a passport or identity card ready
Submit the cancellation in writing – preferably by registered mail or registered mail with acknowledgment of receipt.
By the way: Many pensioners in Germany are faced with the question of whether they need a living will and power of attorney.
Both have advantages and disadvantages.
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