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How is the administration of an estate handled, and how do the heirs receive the funds held in the account?

When kompasbank is notified of a customer's death, the deceased's funds are transferred to a dedicated estate account for the duration of the estate administration process.

Below you will find an overview of the applicable terms, payout options, and the subsequent process.

1. Account Status and Terms

As part of reporting the funds held with kompasbank on behalf of the deceased, we have assigned a four-digit reference number. This reference number can be used when referring to the estate.

The funds are currently held in a BASIS account in the deceased's name. The following standard terms apply to this account:

  • Interest: During the estate administration period, the account earns 0% interest.

  • Term and deadlines: There is no maturity date or deadline associated with the account. The funds may remain in the account for the entire duration of the estate administration, allowing the heirs as much time as needed.

  • Fees: There are no fees or charges for keeping the estate's funds in the account.

  • Early withdrawal charges: No early withdrawal fee or deduction will be applied when the estate is paid out.

2. Payout Options

The funds will remain in the BASIS account until the heirs or their authorised representative submit instructions for the payout.

The following two payout methods are available:

Option A: Direct payment to the heirs' own bank accounts

If the estate funds are to be distributed directly to each heir's personal bank account, the bank must receive:

  • Written instructions by email specifying how the funds should be distributed.
  • The registration number and account number for each recipient account.
  • Valid photo identification (such as a copy of a passport or driver's licence) for each recipient.

Option B: Payment of the full estate balance to a single estate account

If the estate funds are to be paid as a single amount into a designated estate account (or into the deceased's existing NemKonto if it remains open for this purpose), the bank must receive:

  • The registration number and account number of the estate account to which the full balance should be transferred.

If the funds are to be paid into the deceased's NemKonto, we already have the relevant account details through the deceased's CPR number, which is linked to their NemKonto.

3. Processing and Completion

Once kompasbank has received the heirs' instructions together with the required documentation and identification, we will begin processing the case.

  • Review: The bank verifies the submitted information and documentation, including the probate certificate and any powers of attorney.

  • Payout: The full account balance, including any accrued interest up to the date of payment, is transferred in accordance with the provided instructions.

  • Account closure: Once the payment has been completed, the deceased's banking relationship and estate case with kompasbank are formally closed.

  • Confirmation: The heirs will receive written confirmation that the estate administration has been completed. No further action is required after this confirmation has been issued.