testamentary service help guide for heirs...inheritance (heirs, widowed spouse and legatees, if...

1

Testamentary Service

Help Guide for Heirs

2

BBVA is aware of how hard it may be to complete

estate proceedings. To help you, we have drawn up

a guide with useful and detailed information about

the necessary steps for completing this process.

You can also contact our testamentary expert team for assistance and answers.

> If you would like information on how to handle an inheritance, you can contact them by emailing the contact details document on page 10 of this document

to: [email protected]

> If you would like to start the procedures for handling the inheritance, you can send us the documents detailed on

pages 5, 6 and 7 to the above email address.

We hope you find this guide useful.

3

Contents

1 - Procedural Guide.............................................................................................................................................. 4

2 - Request for contact with your experts ........................................................................................................... 9

3 - Letter of request for testamentary proceedings .......................................................................................... 11

4 - Request for certificates of positions ............................................................................................................ 14

5 - Appendices ..................................................................................................................................................... 17


Procedural Guide

5

Documents You May Need

Letter of request

What is it? – Document used by the interested party to express their interest in beginning testamentary

proceedings.

How to obtain the document – At any BBVA branch; the interested party may sign the letter when they

submit their request for it.

Full Death Certificate

What is it? – Official document that certifies the death to BBVA. The certificate must be in full.

How to obtain the document –

• By going to the Civil Registry where the death has been recorded. The requester must present his/her

identification document and state the full name of the deceased as well as the date and place

of death.

• By sending a letter to the Civil Registry. This letter must contain the name and address where the

certificate must be sent to. The request must also include the requester’s full name and ID number

and his/her contact details, a contact phone number, as well as the full name of the deceased and

his/her date and place of death.

• At http://sede.mjusticia.gob.es/ for computerized Civil Registries. For more information:

http://www.mjusticia.gob.es

Steps to Take1.- Request for certificate of positions, current statement of positions and account activity.

2.- Certification – The applicant/heir presents the necessary documentation for identifying the heirs:

• Death Certificate.

• Last Will and Testament Certificate.

• Will or Record of Common Knowledge.

3.- Issue of certificate of positions, current statement of positions and account activity.

4.- Request for proceedings – The interested party may begin the proceedings by signing the letter

of request.

5.- Awarding the estate – The applicant/heir presents the necessary documentation for awarding the

estate:

• Public document certifying that the estate has been accepted and awarded, or private distribution

document.

• Settlement of inheritance tax and certificate of payment; exemption or statute of limitations of

said tax.

• Additional instructions from heirs.

• Instructions from co-owners, if applicable.

6.- Execution and distribution – BBVA distributes and allocates the assets as per the documents

provided in the step above.

6

Last Will and Testament Certificate

What is it? – Document that certifies whether an individual has made a will and, if so, before which Notary.

In this way, the heirs can contact the relevant Notary and obtain an authorized copy of the last will and

testament.

How to obtain the document – At least 15 workdays after the date of death using Tax Form 790. The form

can be obtained from the following:

• The Regional Offices of the Spanish Ministry of Justice and/or Civil Registries across Spain.

• At www.mjusticia.gob.es

• And in Madrid, at the Central Office of Citizen Services.

The fee for form 790 may be paid at any BBVA branch and presented at:

• The Regional Offices of the Spanish Ministry of Justice or the Central Office of Citizen Services in

Madrid.

• By mail by sending the application to Registro General de Actos de Última Voluntad, Ministerio de

Justicia, Plaza de Jacinto Benavente, 3, 28012 Madrid. The certificate will be sent to the address

indicated in the respective section in Form 790.

• With the digital user certificate issued by the Ministry of Justice: http://sede.mjusticia.gob.es/

Form 790 can also be used to request the Certificate of Death Cover Insurance Policies in force at the time of death, and information about the insurer.

Will and Record of Common Knowledge of Heirs

What is it? – The will is the official document that contains the last will of the deceased as regards the

distribution of his/her estate by appointing heirs and/or legatees and stating how the estate will be

distributed.

If the deceased did not leave a will, a record of common knowledge is needed since it also states who the

heirs are.

How to obtain the document – If the deceased made a will, his/her heirs will request an authorized copy

of his/her last will from the Notary office where the will was recorded.

If the deceased did not leave a will, this document will be replaced by the record of common knowledge

issued by a Notary at the deceased’s last address in Spain.

Certificate of positions, current statement of positions and account activity

What are they? –

• Certificate of positions. Lists all products held by the deceased at BBVA (with balances) as of the

date of his/her death.

• Current statement of positions. Lists the same products together with their balances as of the date

of the request from the heirs.

• Account activity. Lists the activity over the last year of the accounts listed in the certificate of

positions.

How to obtain the documents – These documents may be requested from your testamentary expert (see

this guide for contact details) or at any BBVA branch; fill out the document in this guide.

7

In any case, BBVA will only hand the documents over to the requester if he/she identifies himself/herself

and provides the death certificate, the last will and testament certificate, and the will or record of common

knowledge. Offspring or widowed spouses of the deceased only need to present the death certificate and

the family book.

The certificate of positions:• Allows you to pay the Inheritance Tax to the applicable regional authority.

The current statement of positions:• Makes it possible to distribute all assets deposited with BBVA as described in section 6.

The account activity document:• Makes it possible to issue instructions about keeping direct billing, periodic transfers and other

orders. Unless otherwise instructed, these shall not take place after the death has been certified.

Document on how to distribute and award the estate

What is it? – Document that contains the distribution of all assets deposited with BBVA with a precise list

of the percentage/fraction for each party.

How to obtain the document – At the discretion of the heirs:

• Public notary document of estate acceptance and award executed by all the interested parties in the

inheritance (heirs, widowed spouse and legatees, if any).

• Private distribution document signed by all the interested parties in the inheritance (heirs, widowed

spouse and legatees, if any).

Inheritance tax

What is it? – Document that is subject to self-assessment or settlement and must include the list of

balances deposited with BBVA, as well as the certificate of payment, or tax exemption document or

statute of limitations. Necessary to be able to access the awarded balances.

How to obtain the document – At the applicable regional authority.

8

Considerations to Take into Account• If the deceased was the holder of loans or credit, replacement of the holder must be accepted by BBVA

and processed as subrogation of debtor (debtor alteration). For this purpose, go to a BBVA branch for

more information.

• Full ownership can be divided into usufruct(1) and bare ownership(2). The usufructuary has the right to

receive the fruits and income from the balances affected by the usufruct (interest, dividends, etc.). Bare

owners have ownership of the balances but do not receive their fruits or income. To prevent operational

issues, we recommend that you convert bare ownership and usufruct into cash.

Current tax legislation provides the following usufruct valuation rule for tax purposes:

- Valuation of usufruct = 89 – age of the usufructuary at date of death of the deceased = full ownership

% to be applied to the usufruct balance, with a minimum of 10% and a maximum of 70%.

- Valuation of bare ownership = 100 – valuation of the usufruct.

Recipients may use this valuation criterion to calculate the cash amount to be distributed to each, or they

may indicate other different amounts.

• If the estate award and distribution document has allocated the products deposited with the bank to the

interested parties in pro indiviso(3) (albeit specific percentages may have been awarded), new products

will be subscribed jointly in the name of all awardees, as co-owners. As for how the products are disposed

of, the agreement made by the heirs when the contracts were signed must be complied with. If the

interested parties prefer individual awards (not jointly), they must submit a written request for it, dated

and signed by all.

• In the case of property held jointly with other holders who are not heirs, the joint owners are entitled to

the part not inventoried by virtue of inheritance. Therefore, prior to the deposit to the heirs being made,

the non-heir joint holders must sign a document stating that they agree to the percentage allotted to the

inheritance and giving instructions for the deposit of the assets that correspond to them as co-owners.

• In some cases it may be necessary to provide information in addition to the documents listed herein (if

there are balance discrepancies, distribution of pending balances, etc.).

GLOSSARY

(1) Usufruct.- Right awarded to the usufructuary to benefit from property that is not theirs (fruits and

income).

(2) Bare ownership.- The owner does not benefit from the property (the fruits and income are received by

the usufructuary).

(3) Pro indiviso.- Several individuals own the same property.


Document to Provide Contact Details of Heirs

10

The personal data provided by the data subject (responsible for its accuracy and timeliness) will be added to BBVA’s file systems exclusively to manage the will’s proceedings referred to in this document and to provide information about the outcome of the arrangements made through the channels at their disposal. This data will be kept during and up to the conclusion of the will’s proceedings. After the proceedings are concluded, BBVA will maintain the personal data blocked during the legal term, generally, 10 years as per the regulations on prevention of money laundering and terrorist financing. After that period, they will be destroyed. The legal basis for this processing is the execution of the will’s proceedings. Banco Bilbao Vizcaya Argentaria S.A. is the data processing controller for the data provided, the address of which is at Pl. San Nicolás, 4, 48005 Bilbao. The data subject may freely exercise their rights to access, rectify, erase, object to, limit processing and portability by writing to Servicio de Atención al Client, Grupo BBVA, PO box 1598-28080 Madrid; or email [email protected]; or going to any BBVA branch. The request must be sent with a copy of the data subject’s ID card or equivalent document accrediting their identity. The data subject may also contact BBVA’s Data Protection Officer at [email protected] and, in any case, file a complaint with the Spanish Data Protection Agency (www.aepd.es). In order to properly process the will, BBVA has arranged certain services with other companies which will have access to the data subject’s personal data on behalf of BBVA exclusively to provide such services (back office services, administrative services and other auxiliary activities of financial services).

Full name of deceased:

Tax ID no.: Date of death:

These are my contact details to receive information about these testamentary proceedings (we

recommend email as the best communication channel):

Email:

Cell phone:

Mailing Address:

In , (month) (day), 20

Signed:

ID No.:


Letter of request for testamentary proceedings

12





Email:

Cell phone:

Mailing Address:

The undersigned (hereinafter, the interested party), expressing a legitimate interest in the succession of

the aforementioned deceased, requests that Banco Bilbao Vizcaya Argentaria, S.A. (hereinafter, BBVA)

complete Testamentary proceedings and the applicable transfers, switches or deposits. To this end, the

interested party must sign the letter of request and present the following documents:

1. Notarial instrument for acceptance and distribution of estate.

2. Full death certificate issued by the Civil Registry.

Certificate from the Central Registry of Wills.

Will (authorized copy) or record of common knowledge of declaration of intestate heirs.

Distribution and award document signed by all the parties interested in the inheritance (heirs,

widowed spouse and legatees, if any).

At all events, the settlement and certificate of payment or a declaration of exemption or statute of

limitations of inheritance tax, and a list of the assets (inventory) in the possession of the deceased at the

time of death submitted to the tax authorities and including the assets with BBVA. Additional documents

may be necessary in the case of usufruct, pro indiviso or accounts with joint holders that are not heirs.

The need for and details of all documents are described in the Help Guide for Heirs.

The cost for the testamentary proceedings service is €90 (plus VAT or equivalent taxes), as per the

applicable rate of fees, conditions and expenses payable by customers and published by BBVA. This

amount shall be charged to any of the deceased’s accounts.

The testamentary proceedings will be initiated when the interested party submits the necessary documents. The fee shall only be charged for full proceedings and after they have been completed.

13

The personal data provided by the data subject (responsible for its accuracy and timeliness) will added to BBVA’s file systems exclusively to manage the will’s proceedings referred to in this document and to provide information about the outcome of the arrangements made through the channels at their disposal. This data will be kept during and up to the conclusion of the will’s proceedings. After the proceedings are concluded, BBVA will maintain the personal data blocked during the legal term, generally, 10 years as per the regulations on prevention of money laundering and terrorist financing. After this period, the data will be destroyed. The legal basis for this processing is the execution of the will’s proceedings. Banco Bilbao Vizcaya Argentaria S.A. is the data processing controller for the data provided, the address of which is at Pl. San Nicolás, 4, 48005 Bilbao. The data subject may freely exercise their rights to access, rectify, erase, object to, limit processing and portability by writing to Servicio de Atención al Client, Grupo BBVA, PO Box 1598-28080 Madrid; or email [email protected]; or going to any BBVA branch. The request must be sent with a copy of the subject’s ID card or equivalent document accrediting their identity. The data subject may also contact BBVA’s Data Protection Officer at [email protected] and, in any case, file a complaint with the Spanish Data Protection Agency (www.aepd.es). In order to properly to process the will, BBVA has arranged certain services with other companies, which will have access to the data subject’s personal data on behalf of BBVA, exclusively to provide such services (back office services, administrative services and other auxiliary activities of financial services).

The data subject authorises BBVA to assign BBVASeguros, S.A. de Seguros y Reaseguros (“BBVASeguros”) personal data collected in the documentation (the “Personal Data”) to handle insurance claims, if any policy has been arranged, using this document for the request for no additional cost. The legal basis for this processing is the execution of the will’s proceedings. Responsibility for the processing of the Personal Data lies with BBVASEGUROS, S.A. de Seguros y Reaseguros, with registered office at Calle Gran Vía de Don Diego López de Haro 12, 48001, Bilbao, and head office at Calle Azul 4, 28050, Madrid. Email address: [email protected]. The Personal Data will be kept during and up to the conclusion of the claim’s process. After the process is concluded, BBVASEGUROS will maintain the personal data blocked during the legal term, generally, 10 years as per the regulations on prevention of money laundering and terrorist financing. After this period, the personal data will be destroyed.

The data subject may freely exercise their rights to access, rectify, erase, object to, limit processing and portability at [email protected]; or contact the Departamento de Calidad de BBVA Seguros, calle Azul, Madrid 4.28050. The request must be sent with a copy of the subject’s ID card or equivalent document accrediting their identity. The data subject may also contact the BBVA Group’s Data Protection Officer at [email protected] and, in any case, file a complaint with the Spanish Data Protection Agency (www.aepd.es). For further details on BBVASEGUROS’ Data Protection Policy, see here: www.bbvaseguros.com

This commission for processing the testamentary file is justified by the service provided by the bank,

consisting of the analysis of the documentation provided by those interested in the inheritance, as referred

to above, in order to prove their status as heirs, in order to justify the right to the specific award of the

assets deposited with the bank and the fulfillment of their tax obligations.

Ordinary transfers to another bank’s accounts will have a commission per transaction of 0.40% with

a minimum of €4. The transfer of securities to other banks will have a commission of 0.35% with a

maximum of €600 for each class of security. Taxes will be charged on the rates listed in this paragraph.

You can view the rest of the rates at www.bbva.es.


Signed:

ID No.:


Request for certi� cates of position

15





Email:

Cell phone:

Mailing Address:

The undersigned (hereinafter the interested party/ies) notify Banco Bilbao Vizcaya Argentaría, S.A.

(hereinafter, BBVA) that the aforementioned customer has passed away and, for the purpose of

certifying his/her death, hereby present the death certificate issued by the Civil Registry. YES NO

BBVA shall consider the customer to be deceased when the aforementioned death certificate is

presented.

The interested party expresses his/her legitimate interest in the deceased’s succession and hereby

requests that BBVA issue a certificate of positions for any positions the deceased had in BBVA or in other

companies in the BBVA Group, and authorizes BBVA to deliver this document to these companies so they

can individually issue the certificates.

In order to be able to collect the certificate of positions, the interested party will be required to accredit

their condition of heirs to the inheritance by presenting the following documents:

• Full death certificate issued by the Civil Registry.

• Certificate from the Central Registry of Wills.

• Will (authorized copy) or, when not available, record of common knowledge of declaration of

intestate heirs.

The need for and details of these documents are described in the Help Guide given to you.

Forced heirs (offspring and spouse) only need to present the following documents to obtain the

certificate of positions:

• Full death certificate issued by the Civil Registry.

• Family register.

No fee will be charged for issuing the certificate of positions.


Signed:

ID No.:

16

The personal data provided by the data subject (responsible for its accuracy and timeliness) will be added to BBVA’s file systems exclusively to manage the will’s proceedings referred to in this document and to provide information about the outcome of the arrangements made through the channels at their disposal. This data will be kept during and up to the conclusion of the will’s proceedings. After the proceedings are concluded, BBVA will maintain the personal data blocked during the legal term, generally, 10 years as per the regulations on prevention of money laundering and terrorist financing. After that period, they will be destroyed. The legal basis for this processing is the execution of the will’s proceedings. Banco Bilbao Vizcaya Argentaria S.A. is the data processing controller for the data provided, the address of which is at Pl. San Nicolás, 4, 48005 Bilbao. The data subject may freely exercise their rights to access, rectify, erase, object to, limit processing and portability by writing to Servicio de Atención al Client, Grupo BBVA, PO box 1598-28080 Madrid; or email [email protected]; or going to any BBVA branch. The request must be sent with a copy of the data subject’s ID card or equivalent document accrediting their identity. The data subject may also contact BBVA’s Data Protection Officer at [email protected] and, in any case, file a complaint with the Spanish Data Protection Agency (www.aepd.es). In order to properly process the will, BBVA has arranged certain services with other companies which will have access to the data subject’s personal data on behalf of BBVA exclusively to provide such services (back office services, administrative services and other auxiliary activities of financial services).


Appendices

The following pages contain several reference templates that you yourself must write and provide to the Bank if you fi t into any of the relevant circumstances.

18

TEMPLATE FOR PRIVATE DISTRIBUTION DOCUMENT WITH SPOUSE (IN THE EVENT THAT THE DECEASED WAS MARRIED AT THE TIME OF DEATH)

In , on (date) , the heirs and the widowed

of Mr./Mrs. , who passed away in (date) :

Mr./Ms. , Tax ID no.





Agree to the distribution of the following assets deposited with BBVA (specify % of ownership distributed

in each case):

Community property:

1) .......................................................................................................

2) .......................................................................................................

3) .......................................................................................................

4) .......................................................................................................

Personal property (where appropriate):

1) .......................................................................................................

2) .......................................................................................................

As follows:

(specify, for each person, % of current balances of accounts and deposits, specific no. of stocks

and specific no. of holdings in mutual funds; specify whether the distribution is FULL OWNERSHIP/

USUFRUCT/BARE OWNERSHIP, except for accounts where FULL OWNERSHIP is required)

The widowed spouse , AS PAYMENT FOR HIS/HER HALF OF THE COMMUNITY

PROPERTY, is awarded, , AND AS PAYMENT FOR HIS/HER INHERITANCE RIGHTS,

is awarded .

Mr./Ms. , is awarded





Date:

Signed by all interested parties:

19

TEMPLATE FOR PRIVATE DISTRIBUTION DOCUMENT WITH NO SPOUSE(IN THE EVENT THAT THE DECEASED HAD NO SPOUSE AT THE TIME OF DEATH)

In , on (date) , the heirs of Mr./Ms.

, who passed away in (date) :






Agree to distribute the following assets, deposited with BBVA in the deceased’s name:

1) .......................................................................................................

2) .......................................................................................................

3) .......................................................................................................

4) .......................................................................................................

As follows:

(specify, for each person, % of current balances of accounts and deposits, specific no. of stocks

and specific no. of holdings in mutual funds; specify whether the distribution is FULL OWNERSHIP/

USUFRUCT/BARE OWNERSHIP, except for accounts where FULL OWNERSHIP is required)






Date:

Signed by all interested parties:

20

DIVISION OF PRO INDIVISO:

Reference: Testamentary proceedings of

In relation to the above testamentary proceedings, please note:

The estate distribution document dated jointly to the undersigned the assets (specify assets if

not all) were awarded in pro indiviso, i.e.

However, it is our wish to hereby execute the division of the assets. As a consequence, we request that the

Bank make a deposit of the assets individually for each one of us, as per the same ownership proportion

listed in the aforementioned distribution document.

Date:

Signature:

21

EXECUTION OF CASH USUFRUCT:

IT IS NOT POSSIBLE TO SUBSCRIBE CASH CHECKING ACCOUNTS ON WHICH USUFRUCT HAS BEEN

APPLIED. Consequently, it is not possible to establish usufruct of a checking account in favor of the

spouse.

As a result, all interested parties (heirs, spouse and, where appropriate, legatees) – bare owners and

usufructuary – must specify the cash amount awarded to each one in the private distribution document,

dated and signed.

This Guide contains templates for private distribution and asset award documents.