What happens when bank accounts in Turkey are inherited? Explained by Attorney Avukat Dr. Pinarak – Your expert advisor in Turkish inheritance law
Closing Bank Accounts and Withdrawing Funds of a Deceased Person in Turkey
To close a deceased person’s bank accounts and withdraw the funds, heirs must follow a specific legal process in Turkey. This process ensures the rightful transfer of assets and compliance with inheritance laws.
Obtaining a Certificate of Inheritance
First, heirs must secure a certificate of inheritance. This document legally confirms their status as heirs and is indispensable for accessing the deceased’s assets.
Reporting to the Tax Office
Next, heirs should obtain an official statement from the banks where the deceased held accounts. This statement, which details the account balances as of the date of death, must be addressed to the tax office. Heirs are then required to submit this information through an inheritance and transfer declaration to the tax office.
Inheritance Tax and Official Documentation
The tax office will calculate the inheritance tax based on the reported amounts. Once the tax is paid, the tax office issues an official letter to the banks. This letter certifies that the inheritance process has been concluded from a fiscal perspective.
Accessing and Withdrawing Funds
To withdraw the money, all heirs must be present at the bank or be represented by authorized agents. If it is not possible for all heirs to be present or represented, a court must be petitioned to convert the joint ownership of the bank accounts into fractional ownership. This legal adjustment allows individual heirs to access their respective shares independently.
Required Documentation for Withdrawal
Upon meeting these requirements, the heirs can withdraw the remaining funds and close the accounts. The necessary documents include:
1. The certificate of inheritance.
2. The official letter from the tax office confirming the severance of the inheritance relationship.
3. Valid identification for each heir.
By adhering to these steps, heirs can ensure a smooth and lawful transfer of the deceased’s bank funds and the closure of the accounts.
