How to Transfer Aforro Certificates After Death: A Complete Guide
When a loved one passes away, they might leave behind Savings / Aforro Certificates (Certificados de Aforro) and Treasury Certificates (Certificados do Tesouro). As an heir, you have the option to request the transfer of ownership or redemption of these certificates. This guide will help you understand how to transfer aforro certificates, including the necessary documents, requirements, and steps involved.
Table of Contents
- Who Can Request the Transfer of Aforro Certificates?
- When Can You Request the Transfer of Aforro Certificates?
- Documents and Requirements for Transfer Aforro Certificates
- How to Request the Transfer of Aforro Certificates
- Cost of Requesting the Transfer of Aforro Certificates
- Example of Transfer of Aforro Certificates After Death
- Conclusion
Who Can Request the Transfer of Aforro Certificates?
The heirs of the deceased holder of Savings / Aforro Certificates and Treasury Certificates can request the transfer aforro certificates. These heirs include:
- Spouse or civil partner
- Children or descendants
- Parents or ascendants
- Siblings or their descendants
- Other relatives up to the fourth degree
The “cabeça-de-casal” or head of the family, usually the closest relative such as the spouse or eldest child, typically initiates the process. This person manages the estate and oversees the distribution of assets to the rightful heirs.
When Can You Request the Transfer of Aforro Certificates?
Heirs must request the transfer aforro certificates within specific timeframes following the death of the certificate holder. Missing these deadlines means the value of the certificates will be transferred to the Public Debt Regularization Fund (Fundo de Regularização da Dívida Pública, FRDP). Here are the specific timeframes:
Savings / Aforro Certificates Series A and B:
- Within 5 years if the holder passed away before May 4, 1997.
- Within 10 years if the holder passed away after May 4, 1997.
Savings / Aforro Certificates Series C, D, E, and F:
- Within 10 years from the date of their redemption.
Treasury Certificates:
- Interest: Within 5 years from the maturity date.
- Principal: Within 10 years from the maturity date.
Documents and Requirements for Transfer Aforro Certificates
To transfer aforro certificates, you’ll need to submit the following documents:
Identification Documents:
- ID and taxpayer number of the deceased.
- ID and taxpayer number of the heirs.
Required Forms:
- Form 706: Signed by all heirs or their representatives. Signatures must be notarized or authenticated and submitted at a CTT store. Heirs can also sign in person at a CTT store in the presence of counter staff.
Inheritance Documents:
- Notarial deed of inheritance qualification or simplified inheritance qualification and records.
- Free transmission participation proof (Form 1) from the Tax and Customs Authority, listing the certificates as of the date of death. Non-direct heirs must present proof of tax payment.
- Physical titles (paper certificates) for Series A, B, C, and D Savings Certificates. If these are not available, a justification must be provided using Form 706.
- Form 701: If new clients are being registered or IBAN is included in existing Savings Accounts, this form must be submitted, signed in person or with notarized signatures. Attach proofs of address, occupation/employer, and IBAN.
- Form 701-A: For adding an authorized person to manage the Savings / Aforro Certificates for Series A, B, C, and D. This person must complete and sign Form 701-A in the presence of counter staff and provide copies of their ID card, taxpayer card, proof of address, and occupation/employer details.
Bank Account Information:
- Bank document with the IBAN of each heir’s account if they wish to redeem the certificates.
Representation Documents:
- If an heir is represented by a proxy, the proxy must present a photocopy of their ID and a properly authenticated power of attorney with specific powers for the act. If an heir is represented by a lawyer, the lawyer must present a copy of their professional card.
Other Legal Documents:
- Will, if it exists.
- Partition deed, if it exists, requiring the involvement of the heirs to whom the certificates were allocated.
- Judicial certificate, if it exists, accompanied by relevant parts of the inventory process.
Minor or Incapacitated Heirs:
- Notarial partition deed preceded by judicial authorization or;
- Certificate extracted from the judicial inventory process containing the allocation of savings products and the distribution of these assets among the heirs.
- In the case of a single minor or incapacitated heir, where the total is allocated to them, the legal representatives must sign Form 711, confirming no extrajudicial partition without prior judicial authorization, that the inheritance/legacy has no charges, and agreeing to the registration and immobilization of the certificates until the incapacity ceases.
- Form 701-A: Completed by the legal representatives with copies of their ID documents, taxpayer number, proof of address, and occupation/employer.
Also Read: How to Buy Bond Certificates (Certificados de Aforro) in Portugal?
How to Request the Transfer of Aforro Certificates
To request the transfer aforro certificates, visit a CTT store or the public service desk of the Agency for Treasury and Public Debt Management (Agência de Gestão da Tesouraria e da Dívida Pública, IGCP).
Steps:
- Check Required Documents: Ensure you have all necessary documents.
- Schedule an Appointment: Visit the relevant service desk to schedule an appointment for inheritance qualification and registration. Appointments can also be scheduled online through the Siga portal or the mobile app SigaApp (available on Android and iOS).
- Submit Documents: Submit all required documents at the time of the appointment or mail them if scheduling online.
- Document Review: The service desk will review the submitted documents. Additional documents may be requested, which should be provided at least five business days before the appointment. If documents cannot be provided on time, a new appointment will be set.
- Finalize Process: On the appointed day, after signing the necessary documents, the assets will be registered in the names of the heirs.
Cost of Requesting the Transfer of Aforro Certificates
There are various costs associated with the request to transfer aforro certificates. Refer to Instruction No. 1 of 2024 from the Agency for Treasury and Public Debt Management (IGCP) for detailed information on the applicable fees.
Payment Methods:
- Cheque or Postal Order: Payable to the Agency for Treasury and Public Debt Management (IGCP, E.P.E).
- Multibanco: Payment through ATM.
Example of Transfer of Aforro Certificates After Death
Let’s illustrate how to transfer aforro certificates with an example:
Scenario: Maria, a Portuguese citizen, passed away, leaving behind several Savings / Aforro Certificates (Series C) worth €50,000. Her heirs, João and Ana, wish to transfer the ownership of these certificates.
Step-by-Step Process:
- Identification and Documentation:
- João and Ana collect Maria’s ID and taxpayer number.
- They gather their own ID and taxpayer numbers.
- Completion of Forms:
- João and Ana fill out Form 706, signing it in the presence of a notary for authentication.
- Inheritance Qualification:
- They obtain the notarial deed of inheritance qualification and a copy of the free transmission participation proof (Form 1).
- Certificate Submission:
- They locate the physical certificates (Series C) and attach them to the application. If the certificates are lost, they provide a justification in Form 706.
- Bank Information:
- João and Ana provide their bank documents with IBAN for the redemption process.
- Submission:
- They visit a CTT store with all the documents and submit their request for transfer of ownership.
- Review and Approval:
- The CTT staff review the documents and process the transfer, updating the ownership records.
- Notification:
- João and Ana receive confirmation of the transfer, and the certificates are now registered in their names.
This example highlights the importance of following the correct procedures and ensuring all required documents are submitted to facilitate the transfer aforro certificates after death.
Conclusion
Transferring aforro certificates after death involves several critical steps. By understanding the requirements, gathering the necessary documents, and following the outlined procedures, heirs can successfully manage and transfer the certificates left by the deceased. Whether opting for the transfer of ownership or the redemption of certificates, it’s crucial to adhere to the stipulated timeframes and legal obligations to avoid complications and ensure a smooth transition of assets.