Estate of a deceased

Who should you notify in the event of a death?

• The funeral director In the first instance, contact a funeral director to arrange the funeral.
• The municipality The municipality of the place of death will draw up the death certificate. Do immediately request several extracts of the death certificate from the municipality's registry office, as you will need to provide them to various authorities. The funeral home can also arrange this for you.
• The deceased's bank(s) The deceased's banks must be notified of the death. The heirs or the notary can do this. To reduce the risk of any incorrect information, the bank will request a copy of the death certificate. Send a copy of the death certificate to Keytrade Bank's Estates department at notary@keytradebank.com. Our bank will then block the accounts and open an estate case. Our Estates department will then inform you of the necessary steps to have the assets unblocked.
• A notary? The appointment of a notary is not required if the deceased did not draw up a will, was not married under a marriage contract, did not enter into a succession agreement and has no minor or otherwise incapacitated heirs. In all other cases, the appointment of a notary is mandatory. A notary can guide you through the various administrative steps of the estate, so their assistance is often recommended. Find a notary near you at www.notaris.be.
• Other services and institutions The health insurance fund, the insurance companies, the pension institutions or the employer, the Belgian Public Centre for Social Welfare (CPAS/OCMW), the water, gas and electricity companies, the Belgian Vehicle Registration Service (DIV), bpost to redirect the post, phone and internet companies.

What documents do you need to provide to the bank?

• The death certificate This is the official confirmation of a death. You can request this document from the municipality of the place of death.
• The certificate of succession This document specifies the heirs and any tax and social security debts. The heirs can request this:
  • Via the notary handling the administration of the estate
  • Via MyMinfin (free of charge)
  • By calling the contact centre of the Federal Public Service Finance free of charge on +32 (0)2 572 57 57
• The administration instructions The heirs must complete and send the instruction document with copies of all the heirs' identity cards to notary@keytradebank.com.

How can you contact Keytrade Bank's Estates department?

Our Estates department is not available by phone, but you can send them an email at notary@keytradebank.com.

What are the steps in a Keytrade Bank estate case?

• Step 1: Notification of death The bank is told about the death by the heirs, notary, National Pensions Office, etc.
• Step 2: Blocking of accounts The bank blocks the accounts of the deceased and their spouse, if they have one.
• Step 3: Tax list The bank draws up the document showing the account balances on the date of death. This document is then sent to the administration.
• Step 4: Authorised payments The heirs and notary can request the bank to make certain payments.
• Step 5: Receipt of the deed of succession and instructions The bank receives, analyses and processes the deed of succession. The bank then asks the heirs for the administration instructions.
• Step 6: Release of funds The bank receives, analyses and executes the heirs' instructions. Securities are sold or transferred, and accounts are closed.

How long does it take to complete an estate case?

On average, it takes three months to complete an estate case from the declaration of death until the permanent unblocking of the assets.

Why does it take time?

As a bank, we rely on external parties such as notaries, heirs or boards to draw up and obtain the necessary indispensable documents to release the assets. In addition, the bank sometimes has to observe certain technical restrictions, for example for securities that need to be sold or transferred.

Our Estates department will make every effort to process everything as quickly as possible.

Which bills can be paid from blocked accounts?

First of all, the due date of such bills must be within a period of three months before and six months after the death.

Invoices that the bank can pay on your behalf from a blocked account:

• Funeral bills
• Bills relating to the deceased's illness
• Bills relating to the deceased's final residence

How can you obtain this?

The heir has to send an email to notary@keytradebank.com with a copy of the bills signed by them or another heir and a copy of the identity card of the heir who signed the copies of the bills.

As the bank, we must receive confirmation that the heir is indeed entitled to part of the estate (deed of succession or certificate of family composition). The notary can also send payment requests to Keytrade Bank's Estates department.

Does the surviving partner still have access to their own accounts when their partner dies?

A declaration of death requires the bank to block all of the deceased's accounts. But in many cases, that's not all.

If the deceased was married, all the partner's accounts/assets will also be blocked, even accounts that were not held jointly with the deceased.

Only when the bank establishes that the deceased was married under the Belgian separation of property regime will the spouse's assets be unblocked. In the case of other matrimonial property regimes, such as the statutory regime and universal community regime, the accounts will not be unblocked until the estate case has been fully processed.

Please note that the surviving partner has the option to obtain an advance, so the deceased's partner has the necessary funds available to cover their costs in the meantime.

Were you and the deceased legally cohabiting? And did you have a joint account? In that case, the bank must also keep that account blocked until the estate case is fully completed. You can also request an advance in this case. The bank will not block accounts of which the (legally) cohabiting partner is the sole holder.

Why are the spouse's assets also blocked?

Banks are required to block the surviving spouse's accounts under Belgian inheritance tax law to avoid any money being withdrawn without the permission of the heirs.

What type of advance can you request from a blocked account?

The surviving legally cohabiting or married partner can request an advance. This advance is limited to half the assets on the day of death up to a maximum of €5,000.

How can you obtain this?

Send a written and signed request with a copy of your identity card to the Estates department. The request must mention the account(s) that the surviving partner wants to use for the advance. We can also open a new account to which the advance can be transferred.

How are the assets distributed?

When the bank receives the certificate of succession and the instructions from the heirs, it executes the instructions: the sale or transfer of the securities, transferring the funds from the account(s) of the deceased to the account(s) of the heir(s) and closing the account(s) of the deceased.

Can an heir become a Keytrade Bank customer after their inheritance?

Yes, of course.

Heirs can have the assets of the estate transferred to an existing or new account with our bank in their name (visit https://www.keytradebank.be/onboarding/en to open an account).

Can the deceased's securities be traded when the accounts are blocked?

No purchases or sales may be made while the accounts are blocked. The deceased's portfolio is therefore blocked until the funds are released and the heirs request a transfer or sale.

Does Keytrade Bank advise heirs who are not knowledgeable about the financial markets?

Keytrade Bank offers an asset management solution. This allows you to let our experts manage your portfolio for you. Our investment committee builds a personalised portfolio of trackers to achieve an optimal return. We provide asset management from €15,000. Find out more at https://www.keytradebank.be/en/investing/keyprivate.