What to do when someone passes away - Guide | OTP banka

The transfer of securities from the deceased’s account to the account of the heir (or heirs) is not automatic; securities are transferred only upon a written request of the heir. 

The heir needs to indicate in the request his/her account number with the member of the KDD (Central Securities Clearing Corporation) system to which the securities should be transferred, and enclose to the request a copy of the final decision on inheritance. KDD requires a copy of the decision to check the grounds for the request and will return it to the heir by mail. The heir’s account with the KDD system member is a brokerage account administered by a KDD system member based on an agreement between said member and the heir. 

The Bank can open a trading account for the heir with KDD and advise him/her on the transfer of securities that is made based on a final decision on inheritance. 

A final decision on inheritance presents legal grounds for the transfer of securities. 

Contact:

KDD d. d.
Tivolska cesta 48
1000 Ljubljana
Telephone: 01 307 35 00
Fax: 01 307 35 07
Email: info@kdd.si

Important documents and forms: 

Personal Data Protection Act, ZVOP-1 
Pension and Disability Insurance Act, ZPIZ-2
Inheritance Act, ZD 
www.mnz.gov.si
www.uprava.gov.si
www.e-uprava,gov.si
www.kdd.si

Personal data protection does not end with the death of an individual. Article 23 of the Personal Data Protection Act (hereinafter: ZVOP-1) that protects individuals against undue processing of personal data applies to deceased persons as well. The Articles provides special terms and conditions when the processing of personal data of a deceased person is allowed. 
A Bank officer at the Branch Office can disclose data on the deceased to the lawful heir to the deceased of the first or second order, if the heir proves legal standing to receive such data and the deceased did not prohibit the disclosure of personal data in writing. 

The potential heir can prove his/her legal standing as the heir of the first or second order by presenting an extract from the birth register. 

Article 23 of the Personal Data Protection Act also applies to cases where the potential heir, who did not receive a decision on inheritance, visits the Branch Office, wishes to obtain personal data of the deceased due to the ongoing inheritance proceedings, and claims he is the lawful heir to the deceased. 

Per Article 23 of ZVOP-1, the personal data controller, i.e. the Bank, can disclose personal data of the deceased only to those personal data users who are authorized by law to process personal data (courts, lawful heirs of the first or second order). 

• personal data is requested by a person who is the lawful heir of the first or second order under the law governing inheritance, 
• the person making the request has legal standing to obtain this data, i.e. proves that he/she needs this data to exercise his/her rights and lawful benefits (e.g. inheritance proceedings, pension benefits), 
• persons who are beneficiaries to the deceased other than heirs of the first or second order (e.g. beneficiaries by will and testament or heirs of the third order – grandparents of the deceased and their children) are not entitled to obtain personal data of the deceased, 
• per Articles 11 through 17 of the Inheritance Act, the first and second order of inheritance includes the deceased’s descendants (children, grandchildren, grand-grandchildren), adopted children and their descendants, spouse (or non-marital partner), the deceased’s parents and their children, the deceased’s siblings and their descendants, if they prove the existence of a family relationship. 

The deceased’s estate passes to his/her heirs by law as of the time of death. The estate consists of both assets and liabilities (debts). 

The heir is liable for the deceased’s debts up to the value of the inherited estate. This does not mean that the creditors of the deceased can demand settlement only from the assets subject to inheritance, but rather from the total estate of the decedent, however, not beyond the value of the inherited estate.

The deceased’s estate can be administered only upon the delivery of a final court decision on inheritance. 

After receiving a final court decision on inheritance, the Bank will terminate the deceased’s personal account and distribute the assets to the heir or heirs in accordance with the court decision.