Who gets the money in my bank savings account if I die?

Many users of different financial institutions are curious to know what will happen to their money. savings accounts in the event of his death. In this context, it is crucial that they know that the Superintendency of Banking, Insurance and AFP (SBS) regulates this scenario and provides information on deposits, insurance, credits and pensions belonging to the deceased person.

So that you are aware, here we will explain everything that happens with your savings if you die without leaving an inheritanceas well as the recommendations that family members should take into account in these cases.

What happens if I have savings in the bank and I die?

According to the legal manager of the Peruvian Association of Insurance Companies (Apeseg), Eduardo Chávez, to the newspaper La República, in the event of the death of a bank saver, the money does not become the property of the bank. Instead, it must be transferred to the relatives or direct heirs of the deceased.

Chávez points out that, in this situation, family members must manage the intestate succession or the declaration of heirs. Once this declaration is filed, the legal heirs of the deceased saver will be able to access the funds that the person had in his or her account during his or her lifetime.

How is the declaration of heirs obtained?

In situations where the deceased relative and account holder has not left a will, it is necessary to carry out the intestate succession process or obtain the declaration of heirs.

This document is drawn up before a notary or in the Judiciary. It is then registered in the Public Registries and, finally, presented to the financial institution. According to Chávez, “the bank automatically releases those savings in favor of the legal heirs.”

If there is a will, family members must make it official at a notary office and record it in the Public Registries to be able to access the funds that the account holder had during his or her lifetime.

How to obtain financial information about a deceased relative?

Relatives or heirs of a deceased person can access free services provided by the SBS. Each one has a maximum period established for the delivery of information, depending on the type of procedure.

The services and maximum deadlines are detailed below:

• Certificate of life or personal accident insurance policies: 11 business days
• Proof of deposits or other passive products: 12 business days
• Proof of SPP membership status: 5 business days
• SBS debt report (last published report): 5 business days.

In addition, it is possible to carry out the process virtually to obtain the certificate of life or personal accident insurance policies, as well as proof of SPP membership status of the deceased relative. The steps to carry out the online process are as follows:

1. Go to https://servicios.sbs.gob.pe/serviciosenlinea
2. Select the ‘Informed heirs’ option
3. Enter the necessary data to access the procedure and, later, click on the information you wish to request. It is important to attach the required documents in PDF format, such as the death certificate, the declaration of presumed death, the electronic declaration of heirs or the will registered in Public Registries, as necessary.

Additionally, citizens have the option of carrying out the procedure in person at the user service offices or through the parties desk. To do this, they must complete the forms provided, which are available at https://www.sbs.gob.pe/usuarios/nuestros-servicios/servicios-sbs/herederos-informados.