JOINT AND INDIVIDUAL BANK ACCOUNTS IN GREECE: WHAT HAPPENS AFTER THE DEATH OF THE ACCOUNT HOLDER
- Jul 17
- 3 min read
Funds held in bank accounts are among the most common types of assets that form part of a person’s inheritance after death. These assets often raise the first and most important questions among heirs: who has the right to the funds, how they can be accessed, what happens when a bank account is held jointly, and how heirs can protect their rights if access to the funds is restricted or if the money is used without proper authorization.
INDIVIDUAL BANK ACCOUNTS
Under the Greek Civil Code, upon a person’s death, all of their assets pass to their heirs. This means that the funds held in an individual bank account become part of the deceased person’s estate. If there is more than one heir, the funds are distributed according to the law or the provisions of a will.
How can heirs access the funds?
In practice, banks do not release funds automatically. In order to access the money, heirs must provide documents proving who the legal heirs are and what share of the inheritance each heir is entitled to. The list of required documents may vary depending on the amount of money held in the bank account.
In general, banks may request the following documents: a death certificate, a certificate of close relatives, a certificate confirming that no renunciation of inheritance has been filed, a certificate confirming whether a will exists, the will itself (if applicable), a certificate of inheritance rights (κληρονομητήριο), as well as the required tax documents.
JOINT BANK ACCOUNTS
A joint bank account is an account opened in the names of two or more persons, each of whom has the right to independently manage the funds without the consent of the other account holders. In practice, this means that each holder may deposit or withdraw funds and manage the account within the terms and conditions agreed with the bank.
If one of the joint account holders withdraws the entire amount from the account, the bank is generally not liable to the other holders, provided that it acted in accordance with the banking agreement. In such cases, any potential dispute concerns the relationship between the joint account holders themselves.
What happens after the death of one of the joint account holders?
As a general rule, after the death of one of the joint account holders, the funds in the account remain available to the other joint account holders. As a result, the heirs of the deceased do not automatically acquire rights to these funds, even if they are the deceased person’s closest relatives.
In practice, this mechanism is often used as a form of financial planning and protection. It allows the remaining account holders to continue accessing the funds without the account being frozen and without the need to go through lengthy inheritance procedures. For this reason, joint accounts are frequently opened within families as a way to ensure easier financial management and provide financial security for one partner after the death of the other.
Therefore, issues related to bank accounts after death do not have a universal solution and always require an individual legal assessment. The applicable legal framework depends on whether the account is individual or joint, the terms of the banking agreement, and the relevant inheritance law.
In practice, these differences are the main reason for many disputes between heirs and banks, as well as between family members themselves. In some cases, the funds form part of the deceased person’s estate and must be distributed among the heirs; in other cases, they pass directly to the surviving joint account holders outside the inheritance process.
Therefore, any decisions regarding the use of funds, as well as the assessment of heirs’ rights, should be made carefully and with full consideration of the legal consequences. Obtaining professional legal advice in a timely manner can help avoid mistakes, account restrictions, and lengthy court proceedings, while ensuring proper protection of property rights.
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