Managing Financial Assets After a Bereavement

The loss of a family member is a time of profound emotional difficulty, often compounded by the need to deal with complex and immediate bureaucratic tasks. Among the most urgent issues is undoubtedly the management of banking relationships held by the deceased. Many heirs suddenly find themselves facing blocked current accounts, inaccessible securities deposits, and the need to cover current expenses without access to the necessary liquidity. As an expert lawyer in succession law in Milan, Avv. Marco Bianucci fully understands the sense of bewilderment that can arise when dealing with the rigid procedures of credit institutions.

When a bank receives notification of a customer's death, it immediately proceeds with a precautionary block on accounts and deposits. This measure, although often perceived as an obstacle by heirs, is implemented to protect the estate and ensure that funds are distributed correctly according to legal or testamentary shares. However, without expert guidance, the time it takes to unblock these assets can be significantly extended, leaving families in a state of financial stalemate.

The Procedure for Releasing Funds and Securities

To gain access to money and financial instruments, a precise procedure governed by Italian law must be followed. The key document is the Declaration of Succession, which must be submitted to the Italian Revenue Agency (Agenzia delle Entrate). Once tax obligations have been met, the bank will request a copy of the declaration with its registration details, accompanied by an affidavit or a substitute declaration in lieu of an affidavit, depending on the value of the estate and the bank's internal policies. These documents serve to unequivocally certify who the legitimate heirs are and their respective shares of the inheritance.

The situation requires particular attention in the case of joint current accounts. If the account is operated with separate signatures, the surviving joint account holder theoretically has the right to operate the account, but the bank may still block the portion attributable to the deceased (presumptively 50%) pending the succession process. In the case of securities deposits, stocks, or investment funds, management is even more delicate: financial market fluctuations do not stop with a death, and delays in unblocking could lead to financial losses. It is essential to evaluate whether to liquidate the securities or transfer them to a securities account held by the heirs.

The Approach of Studio Legale Bianucci in Banking Successions

The approach of Avv. Marco Bianucci, an expert lawyer in succession law in Milan, focuses on speed and administrative precision to minimize heirs' waiting times. The firm takes charge of direct communication with the banks' Succession Offices, a step that is often difficult for private individuals due to the technical language and stringent documentation requirements.

Legal assistance is not limited to mere form filling. Studio Legale Bianucci analyzes the composition of the estate in advance to identify any potential issues, such as the presence of hidden debts or problems related to safe deposit boxes. The goal is to provide a clear and transparent overview, allowing heirs to receive what is rightfully theirs as quickly as possible, avoiding errors that could lead to tax penalties or disputes among family members.

Frequently Asked Questions

How long does it take to unblock a deceased person's current account?

The timelines vary depending on the complexity of the estate and the bank's efficiency. Generally, after submitting the Declaration of Succession and the affidavit to the bank, the unblocking occurs within 30-60 days. The intervention of an expert succession lawyer can expedite the process by ensuring that the documentation is complete and correct from the first submission.

Can I withdraw from a joint account if the other account holder has passed away?

If the account is operated with separate signatures, the joint account holder technically has the right to operate it, but case law and banking practice advise extreme caution. Withdrawing sums exceeding one's ownership share (usually 50%) can expose you to claims from other heirs and legal risks. It is crucial to consult a professional before making significant transactions.

What happens to the securities and stocks in the portfolio?

Securities are not automatically sold. The heirs must collectively decide whether to liquidate the investments or transfer them to a new joint or pro-rata securities account. Until the banking succession process is completed, the securities remain 'frozen,' but they continue to accrue interest or be subject to market fluctuations.

Do I need to pay taxes before accessing the money?

Yes, the bank will only release the funds after receiving proof of submission of the Declaration of Succession to the Revenue Agency, which involves calculating and, where applicable, paying mortgage and cadastral taxes (if there are properties) and any inheritance tax.

Request a Consultation for Succession Matters

Dealing with banking bureaucracy during a time of mourning can be exhausting. If you need assistance to unblock current accounts, manage securities, or resolve complex inheritance issues, contact Studio Legale Bianucci. At our Milan office at Via Alberto da Giussano, 26, Avv. Marco Bianucci will assess your case with the necessary expertise and discretion, offering you concrete support to protect your interests and those of your family.