If the deceased was a holder of loans or credits, their substitution must be approved by BBVA and processed as a subrogation of debtor (change of debtor). The pertinent party must attend a BBVA Branch for further information.
Full title (full ownership) can be divided into beneficial and bare ownership. The usufructuary has the right to receive the yields and incomes of the balances subject to the usufruct (interest, dividends, etc.). The bare owner retains ownership of the balances, but does not receive its yields and incomes. To avoid problems of an operational nature, we recommend that you convert bare property and usufruct into cash.
The tax regulations currently in force sets out the following rule for the valuation of usufruct, for tax purposes:
- Valuation of usufruct = 89 – age of the usufructuary on the date of the deceased's death = % in full ownership to be applied to the usufructed balance, with a minimum of 10% and a maximum of 70%.
- Valuation of the bare ownership = 100 – valuation of the usufruct. The executors may use this valuation criteria to calculate the amount in cash that each person is awarded, or alternatively they may indicate other different amounts.
If the interested parties have been awarded, in the awarding and distribution of the estate, products deposited in the bank in joint ownership in a joint way (even if the award includes specific percentages), the new products will be opened in the name of all co-owners. With regard to the arrangements for gaining access to or drawing down on the products, this will be whichever arrangements are determined by the corresponding contracts. If the interested parties prefer individual (rather than joint) allocation, they must request it in writing, dated and signed by all of them.
If the goods are jointly owned with other parties who are not heirs, the non-inventoried part by inheritance will correspond to them. This is why, prior to the deposit being made to the heirs, the joint title holders who are not heirs must sign a written document in which they indicate that they agree with the percentage attributed to the inheritance and provide instructions for the deposit of the assets which correspond to them as joint title holder.
In certain cases it may be necessary to request additional instructions from those included in the documents stated in this guidance (due to differences in balances, distribution of outstanding balances, etc).