How to receive money from a bank through inheritance

How to claim a deceased relative's deposit

A deposit can be inherited in standard ways: under a will and in order of priority. A non-standard and less common way to receive a deceased relative's deposit is a testamentary disposition.

Under a will

A will allows the deceased's accumulated property to be distributed among relatives and other persons. This also applies to bank deposits. Once the will has been certified by a notary, it is difficult to contest the proposed share, but the law identifies certain groups of people who must receive a mandatory share. These categories include: 

• disabled spouses or parents;
• minor children or disabled children;
• people who were dependents of the testator.

The share for this category of people cannot be less than half of the portion they are entitled to by law.

In order of priority

If the deceased did not manage to make a will, the money remaining in the bank will be transferred to the heirs in order of priority. There are seven orders of priority:

• The first group of heirs by right of inheritance consists of close relatives, including children and parents. If a person has no first-priority relatives, the inherited property is transferred to persons from the next group.
• The second group includes grandparents, brothers and sisters. 
• The third order includes uncles and aunts.
• The fourth group consists of great-grandmothers and great-grandfathers.
• The fifth group includes grandsons and granddaughters.
• The sixth group includes maternal and paternal uncles and aunts, nephews, nieces, great-grandsons, and great-granddaughters.
• The seventh group consists of adopted and stepchildren. 

Do not forget about individuals who have an unconditional right to a portion of the remaining property. They must also receive their share of the bank deposit.

By testamentary instruction

A testamentary instruction performs the same functions as a will, but it applies only to a specific account or deposit in a specific bank. It can be drawn up with or without a notary. You can set up the instruction directly at the bank; the testator only needs to distribute the amounts shares and specify the heirs. 

If the deceased wrote a will and drew up a testamentary instruction, but the conditions specified in them do not match, the document drawn up later will take priority. 

Timeline for entering inheritance rights

According to current legislation, you must claim your inheritance rights no later than 6 months from the date of the testator's death or the date they are declared dead. 

If an heir misses this deadline, it does not mean they will not receive their share. The easiest way is to negotiate with the heirs of the next priority queue. If the relatives waive their right of inheritance, there will be no problems. If relatives refuse to give up part of the inheritance, you must defend your rights to the deposit in court. In this case, you will have to argue why the heir failed to claim their right to the funds within six months. The most common reason is a lack of notification about the relative's death.

How to receive money from a bank through inheritance

The procedure for inheriting funds held in a bank account after a relative's death follows the standard path for acquiring other property. The process must begin with gathering documents. The heir must provide:

• Russian internal passport;
• the testator's death certificate;
• documents confirming family ties; 
• the deposit or account opening agreement (if available). 

Once the full package of documents is in hand, the heir must contact a notary. Based on these documents, the specialist will issue certificates of the right to inheritance. It will indicate the heirs and their due shares. 

With these documents, you can contact the bank to receive your share, but you must understand that this cannot be done immediately; you will have to wait at least six months to claim the inheritance. The law allows for the possibility of receiving a deceased relative's deposit a little earlier. For example, you can withdraw up to 100 000 RUB from it to pay for a funeral or cremation, as well as to compensate for medical expenses. To confirm these expenses, the bank will request a cost reimbursement order from the notary.

Can you refuse an inheritance?

Everyone has the right to refuse an inheritance or a part of it in favor of another heir or simply give it up. In the second case, the property will be distributed among the heirs of the same or the next priority queue. To refuse, it is sufficient to write an application at a notary's office. The reason for the refusal does not matter. Most often, heirs refuse in favor of one of the beneficiaries.

In some cases, the refusal is explained by specific reasons. An heir may refuse an inherited deposit due to the debts and creditors of the deceased. This is because not only money is inherited, but also other property of the deceased, including debts.

Consequently, you can inherit a deceased relative's bank deposit even without a will. Before collecting the funds, you will have to prepare all documents and consult a notary.