If your relative passed away, here’s how you can find out how much they had in their savings and AFP accounts

The loss of a family member is a difficult time that, in addition to emotional pain, brings with it various legal and financial responsibilities. Among them, one of the most important is to determine whether the deceased left savings in banks or contributions in a AFPThis process may seem overwhelming, but it is essential to ensure that accumulated resources are properly distributed among heirs.

In Peru, the Superintendency of Banking, Insurance and AFP (SBS) offers a service called “Informed Heirs”, designed to facilitate family members’ access to the deceased’s financial information. This service allows them to find out if the deceased had debts, deposits, insurance or contributions to the Private Pension System (SPP). Below, we explain in detail how to use this service and what requirements you need to meet.

How to find out the financial details of a deceased relative?

The service “Informed Heirs“The SBS is a fundamental tool for heirs who wish to know the financial situation of a deceased relative. This free service provides detailed information on the financial products that the deceased may have had, without the need to go to each financial institution separately.

What are the requirements for requesting financial information from the SBS?

To request financial information about a deceased relative through the “Informed Heirs” service, certain requirements must be met. Heirs must submit the following documents:

1. Death certificate: This official document certifies the death of the person and is essential for initiating any legal procedure related to the succession of assets.
2. Will or intestate succession: essential for identifying legitimate heirs. The will establishes the deceased’s wishes regarding the distribution of his or her assets, while intestate succession applies when there is no will.
3. Identity document of the heirs: each heir must present his or her identity document to prove his or her relationship with the deceased and his or her right to access financial information.

What information can you get from the SBS report?

The SBS report provides heirs with a complete overview of the deceased’s financial situation. Information that can be obtained includes:

1. Certificate of policies: This document provides information on any life or personal accident insurance that the deceased may have taken out. Knowing this information is crucial to claiming the corresponding benefits.
2. Proof of deposits: details the fixed-term deposits, savings accounts, securities, documents and objects in custody that the deceased held in the financial system. This record allows the heirs to know all the financial assets of the deceased.
3. Debt Report: lists the debts and credits that the deceased had in the financial system. The heirs can use this information to request the financial institutions to apply for the life insurance, if applicable.
4. Pension report: indicates the deceased’s pension fund and which Private Pension Fund Administrator (AFP) he or she was affiliated with. This is vital for managing pension contributions and ensuring that the accumulated funds are correctly distributed.

What documents do I need to collect money from a deceased relative’s bank?

In order to collect the savings of a deceased relative, it is necessary to present a series of specific documents to the bank. In addition to the death certificate and the declaration of heirs, the heirs must gather the following documents:

1. Identity document of the heirs: to prove their right to claim the funds.
2. Will: if it exists, it facilitates the process of identifying heirs and distributing assets.
3. Formal Request: Heirs must submit a formal request to the bank to begin the process of claiming the funds. Each bank may have additional requirements, so it is advisable to check directly with the financial institution involved.

What is SBS?

The Superintendency of Banking, Insurance and AFP (SBS) is a Peruvian entity that supervises and regulates the financial, insurance and pension fund system. Its objective is to guarantee the stability, solvency and transparency of the system, protecting the interests of depositors, policyholders and affiliates. The SBS supervises banks, insurance companies and AFP, ensuring compliance with regulations and proper risk management.