Who does the inheritance go to if you save through a bank?

How you save and with whom you save can directly determine who receives the inheritance and what the destination of the deposits at the bank will be later. Even without a will, you can indicate to whom part of your inheritance and your estate will go. Saving in a bank savings account or saving for a bank annuity and single premium may have a completely different outcome for the heirs than saving with an insurer. What are the consequences for the inheritance if you opt for bank savings or an annuity with a bank instead of an insurance company?

Annuity and bank savings for retirement

In addition to a savings account, there are also all kinds of more complicated products with which you can save for later. These require more attention. Think of:

  • Save annuity at a bank;
  • A golden handshake or severance pay;
  • Bank savings for your pension or house.

Bank inheritance: who does the inheritance go to upon death if you save through a bank?

Who you save with will have consequences for the destination of your inheritance and estate after your death. You can choose to save with a bank or insurer for an annuity policy or your mortgage. At first glance it looks like lead around old iron. But that is not the case. What you then forget are the possible consequences in the event of death. If you save through the bank, you will have to arrange a lot of additional things.

Save annuity with an insurer

If you save with an insurer, the terms and conditions of the insurance usually include all kinds of conditions, which allow you to directly arrange what goes to which surviving relatives. With an annuity policy or single premium policy, agreements can be made about what happens if you die before the annuity payment takes place, but also what happens if you die when the annuity payment has already started.

Saving an annuity at a bank is fiscally smart saving with bank savings

At a bank, inheritance law is leading in the event of death. A Certificate of Inheritance is requested by the bank and this has consequences for the settlement of the inheritance and the deceased’s account. The division takes place entirely in the proportions in which one is also an heir. If you have not arranged anything in your will, the inheritance will be divided according to the legal distribution. A number of options are shown below, including the requirements for the payments of the bank annuity in the event of death and the resulting inheritance:

1. Bank survivor annuity for a non-family member

The benefits must:

  • Take effect immediately after the death of the insured.
  • To a natural person.
  • Last at least 5 years.

2. Bank surviving relatives annuity family, when the heirs are younger than 30 years old

The benefits must:

  • Take effect immediately after the death of the insured.
  • Attributable to a natural person.
  • These are:
    • There is at least 5 years between the first and last term, with a maximum of the number of years that an heir is younger than 30 years old.
    • Whether the benefit lasts for at least 20 years.

3. Bank surviving relatives annuity family, when heir is 30 years or older

The benefits must:

  • Take effect immediately after the death of the insured.
  • Attributable to a natural person.
  • Last at least 20 years.

Lock savings and inheritance

Saving through an insurer is actually the same as saving with a built-in will. The insurance conditions are your wishes after your death. Saving at a bank, on the other hand, does require a separate will if you are not satisfied with just the normal legal distribution of the inheritance. You must go to the notary for this.