When it comes to inheritance, heirs’ first concern is often the real estate left by the deceased and the
article published in several newspapers and radio stations – 25/06/2025
destination to be given to it. However, the money that the deceased owned at the time of their death also forms part of the estate.
In view of this recurring question, I would like to clarify the best way to guarantee correct access to this asset for all heirs.
This asset, like any other movable or immovable property, belongs to the estate and is therefore also the subject of the division process, but it is first necessary to guarantee access to it legally.
For this procedure, the law requires that a number of requirements be met so that, once they have been met, it is possible to withdraw the amount and proceed with the division in a fair and secure manner.
First of all, the heirs must report the death of the deceased to the bank and submit a written or oral request to withdraw the bank balances at the time of death and bank statements for the sixty movements prior to death. If they have information about the account number, the type of account and the names of the respective account holders, they must provide it to the bank; if not, they must request it when asking to withdraw the balances and statements. For this request, they must be accompanied by the death certificate (if foreign, it must be duly apostilled) and the notarial certificate of the deed of entitlement of heirs.
The inheritance certificate, on the other hand, consists of a notarial act formalized through a public deed which, as the name suggests, serves to habilitate/identify the heirs of a deceased person and declare that there is no one who prefers them or
competes with them
in the succession, before the division of the assets left can proceed.
If the request is made through a lawyer or other person acting as the heirs’ attorney-in-fact, the bank must be provided with a notarial power of attorney empowering it to obtain information from the respective banking institutions about the bank balances held by the deceased, either separately or in conjunction with others.
Once this request has been analyzed, the bank “blocks” the bank account, preventing unauthorized movements. However, if one of the heirs or another is the second holder of the account, they will have access to the account until the death is notified. After this, 50% of the balance, which corresponds to the deceased’s share, is “blocked”, while the other 50% remains unblocked, as it is the share of the second holder, who can freely move the money belonging to them. If all the account holders have died, the entire account is blocked.
It’s important to note that banking institutions only have to comply with the law once they know that the account holder has died, in order to prevent amounts from being unduly withdrawn by anyone other than the heirs. It is therefore a process that requires various formalities and documentation. Seeking legal support for this type of procedure can be crucial to ensure that the rights of each heir are respected and that the division takes place more quickly and fairly, within the limits set by Portuguese law.
Judith Teodoro,
Lawyer
With the colaboration of the collegues,
Catarina Menezes e Filipa Cabral
