I have a shared account with my wife. My question is whether Swiss law determines whether the account is a “Joint account with survivorship” OR an “Owners in Common” account, Is there a fixed law in Switzerland or can the Bank/Broker decide their policy?
The question is relevant if one of the shared account holders dies. We are not Swiss citizens if that is relevant.
In the event of your spouse’s death, the bank will immediatly freeze the account. Generally, the bank makes no exceptions before the issuance of a certificate of inheritance from the judge, as the bank risks having to pay the heirs again for any amounts the bank allowed to be withdrawn without their clearance. Even with a certificate of inheritance, it is common for banks to have a policy of not disbursing any funds until the final settlement of the estate. To avoid this problem, it is best to arrange, in agreement with the bank, a “procuration post mortem” for the surviving spouse, allowing her/him to withdraw a predefined amount each month in deduction of her/him inheritance rights.
I would keep a small reserve (fixed costs for three months) per person in a personal bank account.
Discuss with your bank, you can opt for the “Joint account with survivorship”. At death, the remaining survivor becomes the only account holder with no distribution to the heirs. You may have to sign a dedicated form and/or transform your actual account.
The bank will definitely be able to help/advise.
thank you