How to collect the money that my deceased relative has in the bank?

Faced with the sensitive loss of a loved one, the inevitable question arises about the destination of your savings in the bank. The Superintendency of Banking, Insurance and AFP (SBS) regulates the handling of these cases and provides clarity over a deceased relative’s funds.

However, for this delicate process it is necessary to clearly understand the steps to follow. Therefore, we tell you what papers you must present and which family members can carry out the procedure.

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

When an account holder dies, the money does not become the property of the bank. Eduardo Chávez, legal manager of the Peruvian Association of Insurance Companies (Apeseg), highlights that the transfer of these funds falls on the family members or direct heirs (children, spouses or parents).

“What the family members have to do is present the intestate succession, or also called declaration of heirsand once the declaration is presented, the legal heirs of the bank will be able to access the money of the person who kept his savings during his lifetime,” adds the specialist.

How to claim the savings of a deceased relative?

The process to claim the savings of a deceased relative involves the management of an intestate succession or declaration of heirs. In cases without a will, this document is prepared before a notary or in the Judicial Branch, it is registered in public records and presented to the financial institution. “Automatically, the bank releases those savings in favor of the legal heirs,” says Chávez.

In situations with a will, it is essential to formalize it at a notary and then register it in public registries to guarantee access to the funds. This legal approach, although it may seem complex, is established to protect the rights of heirs.