Bank Accounts and Money Inheritance in Tenerife: How It Works

When someone dies with a bank account in Tenerife, the bank will freeze the account until the inheritance process is completed. This is normal and happens even if the heirs urgently need access to funds. Here is how money inheritance works in Spain.

Banks Freeze All Accounts Immediately

The bank will block access as soon as it is notified of the death. Standing orders, direct debits and card payments stop too.

The Bank Requires the Inheritance Deed

The only way to unfreeze the account is to complete the inheritance deed before a notary. Once the bank receives the official document, it distributes funds according to the will or legal rules.

If the Account Is Joint

Joint accounts are also frozen, but the surviving holder may be able to withdraw half the balance depending on the bank’s policy. The inheritance process is still required to release the rest.

No Money Can Be Accessed Early Without Paperwork

Banks cannot legally release funds before the official inheritance documents are presented. This is why early preparation helps avoid financial stress for families.