Withdrawing Inherited Money from the BankAccording to Article 599/1 of the Turkish Civil Code, upon the death of the deceased, the heirs inherit the estate as a whole by operation of law.
This estate includes all assets and liabilities, including the deceased’s money in the bank. Heirs do not need to take any action or apply to any authority to inherit the estate.
The money in the bank is jointly owned by all the heirs. Therefore, to withdraw the inherited money from the bank, all heirs must act together. If they do not act together, they must wait for the liquidation of the estate.
After the liquidation, each heir will receive their share of the money.
How to Withdraw Inherited Money from the Bank?
To withdraw the inherited money from the bank with the cooperation of all heirs, the following steps need to be taken:
Obtain a Certificate of Inheritance (Veraset Belgesi): The certificate can be obtained from a notary public or the Civil Court of Peace.
Visit the Bank: Go to the bank where the money is held with the certificate of inheritance and obtain a “no inheritance relationship” letter from the bank.
File a Tax Declaration: With this letter, fill out the inheritance and transfer tax declaration at the tax office or online and pay the tax.
Get a Tax Payment Receipt: After paying the tax, obtain a receipt confirming the payment. With this receipt, return to the bank, and each heir will be able to withdraw their share of the money according to their inheritance ratio.
Distribution of Inherited Money
How is the inherited money divided? After the deceased passes away, the money left in the bank is divided among the heirs according to the ratios in the certificate of inheritance.
For example, how would 100,000.00 TL be distributed to the heirs if there is a spouse and three children? The spouse’s inheritance share is 1/4, and each child’s inheritance share is 1/3 of the remainder. In this case, the spouse will receive 25,000.00 TL, and each child will receive 25,000.00 TL.
Claiming Inherited Money through Legal Action
If the heirs do not act together or if there is a disagreement, the money left in the bank can only be claimed through legal action. The money in the bank can be obtained through a lawsuit for the dissolution of the inheritance partnership.
One or more of the heirs who want to withdraw the deceased’s money from the bank must file a “lawsuit for the dissolution of the inheritance partnership.”
As a result of this lawsuit, the joint ownership of the money in the bank is converted into shared ownership. After the money in the bank is converted into shared ownership, each heir can perform their own transaction separately from the other heirs.
The lawsuit for the dissolution of the inheritance partnership must be filed in the Civil Court of Peace.
How to Find Out About Inherited Money?
How can you find out about inherited money in the bank? This is one of the most frequently asked questions by heirs. If it is not known which bank the deceased had an account with, there are two methods to find out:
Write a Petition to the Banks Association of Turkey:
This can take some time as the Banks Association of Turkey often responds slowly to petitions.
Write a Petition to Each Bank Individually:
Writing to each bank individually may yield quicker results.
Tax on Inherited Money
To withdraw the inherited money from the bank, the inheritance and transfer tax must be paid. First, an inheritance and transfer tax declaration must be submitted.
After the declaration, the tax office will issue a tax assessment. Once the tax assessment is issued, the inheritance and transfer tax can be paid. These transactions can be completed at the tax office or online.
Navigating the process of withdrawing inherited money from the bank can be complex and time-consuming. At Bayraktar Attorneys, we are ready to help you through every step of this process.
Our experienced team can provide the legal support and guidance you need to ensure a smooth and efficient resolution. Contact us today to discuss your situation and find out how we can assist you.
