Joint current account: watch out for succession

Joint current account: watch out for succession
Joint current account: watch out for succession

This is a widespread practice especially between husband and wife and among the members of the same family … but not only. The Joint current account, in fact, it represents a practical solution to allow – with established constraints – the same Cc between different people by virtue of the fact that it is basically a contract concluded between the parties and the credit institution.

But what happens in the event of a succession? Let’s go in order and analyze everything in detail

What is the joint current account

As written above, the parties, at the time of ignition or at a later time, can establish, with the credit institution, that more people can act on a Cc. This type of contract is regulated by the Civil Code and art. 1854 of the Italian Civil Code, which provides as follows: “In the event that the account is in the name of more than one person, with the right for them to carry out transactions even separately, the holders are considered to be creditors or debtors jointly and severally of the account balances”.

Consequently, the joint Cc can be registered in the name of several parties who can carry out operations acting autonomously (separate signature) or in an agreed manner (joint signature) and, for what has been done, the joint holders are both co-debtors and creditors in the event of a balance. .

Furthermore, there are hybrid forms, for which it is established which actions can be carried out on the Cc jointly and which ones in a disjoint way.

As mentioned in a previous article de IlGiornale.It the family relationship or the number of co-holders is not foreseen among the obligations in the activation, paying attention, however, to follow the rules in order not to fall into annoying consequences or late payments (as in the case of the payment of the ” The pension on joint account “).

What happens in the event of separation, foreclosure or other events involving the joint holders

As reported in another article, there are “variables” to be taken into account in the management of a joint current account, starting from a risk situation foreclosure; “in the event that one of the joint holders has an executive procedure against him, the debtor will be able to retaliate on the sums present in the joint current account but there is a limit that is established in 50% of the sums present at the time of attachment. the debtor, if the other joint holder does not object, he has the possibility to withdraw the remaining sums In the event that the amount withdrawn is not sufficient to cover the debt, all the sums subsequently entered into the account, such as a bank transfer, would continue to be blocked always within the limit of 50% “.

Another variable, however, concerns the case of divorce therefore the sums must be divided by 50% except in the event that one of the two parties can demonstrate that the economic resources deposited on the Cc are the result exclusively of the stock of the person concerned. In the latter case it is possible, but not certain, that the sums should not be divided between the parties.

Finally there is the theme of succession which we analyze in more detail below.

What happens in the event of a succession

If there is the death of one of the contracting parties to the joint current account, the initial prerequisite is, logically, that there is acceptance of the inheritance by the persons involved. This procedure must be carried out at theRevenue Agency and subsequently, in the event that the succession concerning the joint Cc is present in a testamentary deed, the notary also takes over.

The next steps are as follows:

  1. notify the bank of the death of the joint holder by sending the death certificate and the declaration of succession;
  2. Following the sending of this documentation, it is possible to start the procedures by paying the foreseen expenses
  3. The expenses will be calculated on the basis of the parental degree of the co-holder. It starts from 4% of the total amount which becomes 6 in the case of brothers and sisters for a deductible of 100 thousand euros.

Specifically, in the case of a spouse and children, the amount is 4% of the sum with a deductible of one million euros each; in the event that the assets do not exceed this sum, the heirs will not have to pay anything while the heirs will have to pay 4% on the excess sum.

For brothers and sisters the amount is equal to 6% with the deductible of 100 thousand euros each. Same threshold for related relatives who are in the fourth degree in direct line.

Finally, for the other heirs the amount is 8% and there is no deductible.

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