Settling financial affairs of a deceased person

After informing us of a death, you will receive an email within a few working days, telling you which documents we need. The procedure is explained in more detail below.

 

Banking services will be frozen

Once we have been notified of a client’s death, we will block all access to the deceased person’s banking services. This includes services such as Internet Banking, Mobile Banking, bank accounts, debit cards and credit cards. It is, however, still possible to make deposits to the accounts.

Mortgages

The beneficiaries are legally obliged to pay the deceased person’s monthly mortgage repayments and the interest rate. They can do so via the Nabestaandendesk.

Repayments or interest rate changes without a penalty
If you repay the mortgage in full within 1 year of the death, you will not incur a penalty. The same applies if you change the fixed-rate period within 1 year of the death.

Insurance

Any ABN AMRO insurance policies will continue to be in force for the time being.

Was the deceased the sole policy holder?
If this is the case, the beneficiaries will be able to cancel the insurance policy. The terms and conditions of the policy will determine whether a life insurance, such as a term life insurance, will be paid out. Non-life insurance policies (such as a car insurance policy or a household contents insurance policy) will only be cancelled if these assets have been sold or a transfer of ownership has occurred.

Were there several policy holders?
If this is the case, the insurance policy will continue to be in force under the name of the joint policy holder.

Loans

Revolving credit facilities will automatically be blocked once you have informed us of a death and new withdrawals will no longer be possible. Any amounts withdrawn after the death must be repaid. As soon as we have been able to establish that you are responsible for handling the inheritance, we will discuss with you the amount that needs to be repaid.

Residual debt cancellation
For some loans, the residual debt can be cancelled, up to a certain amount. This means that the heirs do not need to pay us the outstanding amount. If the residual debt is not cancelled, the heirs will be required to repay the loan.

Investment accounts

If the investment account is registered in more than one name, the joint account holder can continue using it. If there is no joint account holder, the investment account will be blocked right away once you have informed us of the death. It will no longer be possible to buy and sell investment products. We will only unblock the account once we know who is taking care of the inheritance. The value of the investments may increase or decrease in the meantime. Just like with loans, we can only quote specific amounts once we have established that you are responsible for handling the inheritance.

Pension products

If the deceased had a supplementary pension, the accrued pension will be paid out to the beneficiaries. The beneficiaries will be required to use this capital to purchase a surviving dependants’ annuity, such as the ABN AMRO Nabestaanden Leefrente (Next of kin annuity).

If the deceased had an annuity and received regular pension benefits, these will be paid out to the beneficiaries as the ABN AMRO Nabestaanden Leefrente.

If the deceased had a Koopsom Garantie (single premium life insurance) policy or Lijfrente Garantie (guaranteed annuity) policy, these will be paid out by the insurer to the beneficiaries specified in the policy. The beneficiaries will then be required to use this capital to purchase a surviving dependants’ annuity.

Additional rules or other options will apply in many cases. With pension products too, we can only quote specific amounts once we have established that you are responsible for handling the inheritance.

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