brochure - ING Belgium

Inheritance: all you need to know
ing.be/privatebanking
1
Introduction
When one of our loved ones passes away,
we find ourselves in a vulnerable position especially on an emotional level. We must
also contend with an estate that is governed
by an array of impersonal administrative
provisions.
ING has put great care into developing this
brochure in order to provide you with a
practical and easy-to-understand resource
that will allow you to resolve a host of
questions step-by-step.
You are of course always free to consult
your ING Private Banker who will help you
deal with your administrative obligations
and guide you through each phase of the
estate settlement process at ING1.
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Contents
I. Who must you notify of the death?
4
1. Urgent practical measures
4
2. Other agencies to notify
6
II. Financial implications of the death
1. How ING helps you to settle banking matters
8
8
2. Insurance policies
11
3. Pension
11
III. Tax obligations of heirs
12
Introduction: the various options available to heirs
1. The estate declaration
13
2. The payment of inheritance taxes
14
IV. Reorganising your financial affairs
15
1. How is an estate divided?
15
2. How does this specifically impact your accounts at ING?
15
3. Managing your assets going forward
16
Appendices
17
• Checklist • Useful contact information and websites
17
18
1
The information in this brochure was last updated on 1 October 2014.
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I. Who must you notify of the death?
At the back of this brochure you will find a handy checklist with an overview of the persons
and agencies you must contact, with their contact information. More detailed information is
provided below.
1. Urgent practical measures
It is also possible that the deceased specified his/her
wishes with the population registry office of his/her
municipality. The municipality will determine this when
the declaration of death is made (see below).
Once the death has been officially pronounced by a
physician, you must take the following steps as soon
as possible:
Report the death to the municipality’s register
of births, deaths and marriages
Contact the funeral director
In practice, either the funeral director or the director of
the hospital or care facility where the death took place
will usually do this for you.
The funeral director is the person responsible for
caring for the deceased’s body, arranging a number of
administrative formalities, and smoothing the funeral
arrangements.
You may choose any funeral director you wish. You
should check whether the deceased took out a
funeral insurance policy or has already made funeral
arrangements with a funeral director: in which case, the
funeral costs are covered, and the deceased may have
already communicated his/her specific wishes regarding
his/her funeral to the insurer or the funeral director.
Of which municipality?
Of the municipality in which the death took place
and (if different), of the municipality where the
deceased will be buried. In the case of a death that
occurs outside Belgium, you must contact the Belgian
embassy or Belgian consulate in that country.
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What documents do you need?
You can find more information about the role of the
notary on the website of the Belgian federation of
notaries: www.notaris.be.
• death certificate from the physician
• identity card of the deceased
• identity card of the person(s) reporting the death
• marriage certificate (if applicable)
• driving licence (if applicable)
• ast whishes for funeral arrangements (if applicable -
You are required to retain the services of a notary in
the following cases:
• if a will and testament exists
• if there is a marriage contract or a contractual
appointment of an heir (this is a bequest between
spouses that is usually incorporated into the
marriage contract or sometimes set out in a
separate deed)
• if there are “legally ineligible heirs”, such as
minors, persons who have been declared to be a
legal minor, persons who have been placed under
temporary administration, etc.
not to be confused with a will and testament)
• a cremation request (where appropriate).
What will the municipality do?
• The municipality will draw up the death certificate.
When it is drawn up you should immediately request
several excerpts of the death certificate for the bank,
the notary, the health insurance fund, the insurance
company, etc.
• The municipality will also determine whether or
not the deceased had submitted a last will
regarding his/her funeral wishes to the population
registry office.
With the exception of such cases, you can also have
the certificate of inheritance prepared by the receiver of
registration duties. The competent registration office is
in principle that of the last residence of the deceased for
tax purposes, and the certificate of inheritance is issued
free of charge. You can find more information about
requesting a certificate of inheritance and determining
the competent registration office on the following
website: http://annuaire.fiscus.fgov.be/info-suc.
TIP: immediately request several excerpts
of the death certificate. Not all the parties
involved accept copies, and this will save
you unnecessary travel.
It is also possible to draw up the estate declaration
yourself and submit it to the tax authorities. You can
obtain a declaration form at any registration office
or download it via the website www.myminfin.be
(available in Dutch or French) by clicking “formulieren/
formulaires” and then choosing “successierechten/
droits de succession” in the drop-down menu.
Appoint a notary
The notary plays an important role in guiding the
heirs through the administrative process of settling
the estate.
What can the notary do for you?
Working with a notary is therefore not required in all
cases, but it is certainly recommended.
• Retrieve the will from the Central Register of Wills
and (where appropriate) carry out the necessary
formalities should you be in the possession of a
handwritten will of the deceased (a “holographic will”).
• Compile the certificate or deed of inheritance.
This document identifies the heirs and specifies their
rights with respect to the inheritance. You will need
this document to unblock the bank accounts and
safe-deposit boxes.
• Inform you of your options (acceptance, acceptance
under the benefit of inventory, or renouncing of
the inheritance) and the interpretation of wills and
marriage contracts.
• Offer you guidance in special situations, such as
when minors are named as heirs.
• Draw up the estate declaration and divide up the inheritance.
Notify the banks
You must report the death as soon as possible to any
banks with which the deceased or his/her spouse
held accounts or contracts. Beginning on page 8 “II Financial implications of the death” of this brochure,
you will learn about what the financial implications are
and how ING assists you with these issues.
When it comes to financial matters, it is not always
the case that everything has been communicated
beforehand. For this reason, it can sometimes be
difficult for heirs to obtain a clear picture of the various
banks at which the deceased held an account or
rented a safe-deposit box.
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• fund for occupational diseases: www.fmp-fbz.fgov.be
The solution to this is fairly simple: Febelfin (Belgian
Financial Sector Federation) can help you with your
search.But please note: Febelfin is unable to provide
any information on life insurance contracts!
You can find more information on this service at www.febelfin.be, or you can send an e-mail to [email protected] or phone 02/507 68 11.
or by telephone on 02/226 62 11
• public centre for social welfare (OCMW/CPAS)
• health insurance fund (see also above).
National pensions office
If the deceased was receiving a pension you do not
need to contact this office yourself because the
municipality does this automatically.
Please note: the banks at which only the
surviving spouse holds an account or safedeposit box must also be notified!
Bookkeeper or accountant
If the deceased was self-employed, then you should
consult his/her bookkeeper or accountant. This person will assist you in reporting the death to
the clerk of the Commercial Court, the direct taxation
authority, the VAT administration and the pension
fund for self-employed workers. The accountant
will also guide you through the subsequent steps
concerning the continuation or dissolution of the
enterprise or company.
2. Other agencies to notify
Health insurance fund
It is recommended that you send an excerpt of the
death certificate to the health insurance fund as soon
as possible and surrender the SIS card of the deceased,
especially if the deceased received payments from the
health insurance fund.
In certain cases, the health insurance fund will
reimburse a portion of the funeral expenses if the
invoices are submitted. You must also notify the fund
whether or not the deceased had a funeral insurance
policy. In that case, you will be entitled to a larger
contribution towards the funeral expenses.
Child benefits office
If one of the parents dies, one may be entitled to
an increased orphan’s benefit for each child that
is still generating a child benefit. In principle, the
municipality will inform the child benefits office and
you will not have to make any request. If you have
specific questions you should contact your child
benefits office. There is a separate arrangement for
the self-employed: in this case contact the National
Institute for the Social Security of the Self-Employed
(NISSE), www.rsvz.be, e-mail: [email protected]
or by telephone on 02/546 42 11.
Employer
The deceased’s employer must be notified as soon
as possible and will request an excerpt of the death
certificate. The employer will pay any outstanding
wages, holiday pay and bonuses.
It is a good idea to ask the employer about the
existence of any group insurance policies and/or any
contribution towards funeral expenses.
If the death was the result of an industrial accident or
an accident that occurred while commuting to or from
work, surviving relatives are often entitled to additional
compensation. The employer is responsible for reporting
the death to its industrial accident insurer.
Scholarships
The passing away of one of the parents almost always
has the effect of reducing a family’s income. A student
may become eligible for a scholarship. Eligibility for
a scholarship is normally based on the family’s past
income (specifically, the taxable income on the most
recent tax assessment). However, on the death of a
parent it is possible to apply for a scholarship based on
the probable income for the following calendar year.
More information can be obtained from the secretariat
or the social office of your child’s school or from the
following websites:
• for the Flemish Community:
www.studietoelagen.be or by telephone on 1700
• for the French Community:
www.enseignement.cfwb.be or by telephone on
0800/20 000
If the deceased received replacement income, you
must notify the institution that paid this income.
Examples include the following:
• fund for unemployment benefits. You can find the
competent payment office via www.hvw.fgov.be or
by telephone on 02/209 13 13
• trade union of which the deceased was a member
• fund for industrial accidents (in case of an incapacity
for work): www.fao.fgov.be or by telephone on
02/506 84 11
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information on the following website:
www.mobilit.fgov.be.
Landlord
A tenancy agreement is not terminated by the death
of either the tenant or the lessor, and the rights and
obligations of the tenancy agreement are transferred
to the heirs. The heirs must therefore observe the rules
of the contract or the law if they want to terminate
the lease, unless they are able to negotiate a mutual
agreement with the other party.
If you are included as a tenant along with your partner
on the tenancy contract, the contract will simply
remain in effect.
• for the German-speaking Community:
www.bildungsserver.be or by telephone on 087/596 414.
If you are the spouse or the legal cohabitant of the
deceased and your partner rented the home exclusively
in his/her name, then you are entitled to continue
renting the home.
Insurance companies
You must also notify insurance companies with which
the deceased had a contract without delay and, if
requested, provide them with an excerpt of the death
certificate.
Some insurance policies will have to be terminated
or modified, and certain insurance policies can
entitle one to a benefit, such as life insurance, death
insurance, group insurance, outstanding balance
insurance or accident insurance.
Other institutions
Telephone, gas, water and electricity operators, as well
as the internet service providers, must also be notified.
Current subscriptions in the name of the deceased
must either be terminated or modified.
It can be useful to have all correspondence sent to the
deceased forwarded to your address. You can do this
at the local post office of the deceased.
TIP: don’t overlook supplementary
insurance policies! A current account,
securities account or savings account
is often linked to an accidental death
insurance policy, and credit card holders
have travel insurance coverage. Inquire at
your financial institution.
TIP: it is very important to safely retain
all invoices and documents relating to the
funeral expenses. This includes the invoice
from the funeral director, as well as the costs
for the funeral ceremony, print work, flowers
and refreshments.
In certain cases you can receive
compensation for these costs from the
health insurance fund, the employer of the
deceased, the insurance company, or the
fund for industrial accidents.
These costs can moreover be included
in the estate declaration (minus any
compensation paid) as long as a copy of the
invoices is attached.
Vehicle registration service (DIV)
If the deceased owned a vehicle, the death must also
be reported to the vehicle registration service (DIV)
and the vehicle’s number plate must be surrendered
to the DIV.
It is possible to transfer a European number plate
(beginning with 1-***-***) between spouses,
cohabitants, or to one of the children of the deceased
number plate holder. It is no longer possible to
transfer a Belgian number plate.
Your insurer can help you, and you can also find more
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II. Financial implications of the death
1. How ING helps you to settle banking
matters
Are there any other consequences?
• Direct debit or standing orders on all accounts for
which the deceased was a holder or a co-holder are
suspended.
• All powers of attorney for accounts for which the
deceased was a holder or a co-holder are terminated.
The bank’s legal obligations:
Blocking of accounts and safe-deposit boxes
As soon as ING is notified of the death, a temporary
block is placed on all accounts and safe-deposit boxes
in the name of the deceased and/or his/her spouse. This
also applies to accounts in the name of the deceased
and/or his/her spouse and one or more other account
holders. This block is required by law in order to
safeguard the rights of the heirs and the tax authorities.
Even if the deceased did not hold an account or
safe-deposit box with ING, but his/her spouse does,
ING must be notified of the death, at which point the
account or safe deposit box will be blocked.
What payments can still be made and how can
ING help you?
Following the death, certain expenses must be paid.
ING has a number of solutions that will afford you
some financial breathing room.
• Some bills can be paid through the blocked accounts:
• funeral expenses (not including the cost of the
gravestone)
• most recent medical expenses of the deceased
(limited to within the last year)
• expenses associated with the last place of residence
of the deceased. This includes:
- costs for the rest home where the deceased
resided
- mortgage loan instalments for the residence of
the deceased
- bills for water, gas, electricity, heating oil, and
fire insurance.
What happens to credit/debit cards and Home’Bank?
• Credit and debit cards (ING debit cards, ING Card, Visa
and MasterCard) and the Home’Bank subscription in
the name of the deceased are cancelled.
• Credit and debit cards and the Home’Bank
subscription in the name of the spouse or a coholder of the account are blocked.
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Please note: the only bills which qualify are
those which fall due within the period which
begins three months prior to the death and
ends six months following the death.
Important information: if the deceased
was married under the matrimonial regime
of separate estates, the accounts that are
exclusively in the name of the surviving
spouse may be unblocked as soon as
ING has submitted the tax report and the
matrimonial regime of separate estates has
been established. Your notary and your ING
Private Banker can assist you with this matter.
At this stage it is not yet possible, however,
to unblock the safe-deposit box that is
exclusively in the name of the surviving
spouse (see below under “Unblocking the
safe-deposit box”).
• Maximum advance of 5,000 euros for the
spouse or legal cohabitant
The spouse or legal cohabitant can request an
advance from ING. The maximum amount of this
advance is equal to half of the credit balance of the
current, savings and fixed-term deposit accounts,
with a maximum ceiling of 5,000 euros.
The maximum amount of the advance is the
maximum for all banks combined. For example, if
you request a 5,000 euros advance from ING, you
are not allowed to request any additional advances
from any other bank.
• ING can open a new account in the name of the
surviving spouse or legal cohabitant. The advance
payment can be deposited into this account, and
payments and deposits can be freely made to/from
this account.
• Sometimes pension payments are mistakenly
deposited in the period following the death. In
certain cases, ING will resolve this directly with the
agency in question.
Unblocking of accounts and safe-deposit boxes
by ING
Unblocking of accounts
Once ING has submitted the tax statement, it can
release the assets to the heirs following the receipt of:
• certificate or deed of inheritance, in the absence of
an European Certificate of Succession (always)
• instructions from the heirs concerning the asset
settlement (always)
• certificate of guarantee in the event any heirs
reside outside the European Economic Area (where
appropriate)
Tax statement by ING
In the event of a death, ING is obliged (as are
all banks) to submit an overview of assets in the
name of the deceased and/or his/her spouse to the
Registration Administration. Such assets must be
declared on the basis of their value on the date of
the death. ING will endeavour to fulfil this reporting
requirement as quickly as possible and will also
provide the notary with a copy of such tax statement.
1. Certificate or deed of inheritance
Since 1 July 2012, the notary or the receiver of the
local registration office must observe a “notification
requirement” before being allowed to issue the
certificate or deed of inheritance. This means that he/
she first consults the tax authorities and the competent
social security institution regarding the existence of
debts borne by the deceased or his/her heirs.
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2. Instructions from the heirs concerning the
distribution of assets
The tax authorities and social security institution then
have 12 business days to report the existence of debts
to the notary or the receiver.
ING will always request instructions for the distribution
of assets from all the heirs. The heirs can grant power
of attorney to a single heir who will represent the
interests of the others during the settlement of the
estate. In this case, ING must be in possession of a
copy of this power of attorney.
If the inheritance assets held at ING total less than
50,000 euros, they may be divided according to the
instructions of the notary-executor of the estate.
The effect of this legal obligation is that it now
takes an average of three to four weeks to issue the
certificate or deed of inheritance.
ING may only unblock the assets if the following is
stated on the certificate or deed of inheritance:
• that neither the deceased nor his/her heirs bear any
debts, or
• that the reported debts have since been paid, or
• that the debts may be paid with the assets of the
estate.
3. Heirs outside Belgium
It may be the case that one of the heirs resides in a
country outside the European Economic Area (EEA). In that case, the accounts can only be unblocked with a
certificate issued by the receiver of the registration office.
This certificate indicates either:
• that the inheritance taxes were paid or that no
inheritance taxes are owed, or
• that a guarantee was provided and accepted.
It is also possible to unblock part of an account to
the individual heirs who are debt-free.
For the proper settlement of a dossier that includes
debts, we recommend that you contact your ING
advisor.
This formality is not required for heirs who reside in a
country within the EEA2.
TIP: it is recommended that all tax and
social security debts (including those
which have not yet reached their due
date) be paid prior to requesting a
certificate or deed of inheritance.
Unblocking safe-deposit boxes
As is the case with unblocking the accounts, ING must
first submit the tax report and be in the possession of
the certificate or deed of inheritance, as well as the
certificate issued by the receiver of the registration
office if any heirs reside outside the EEA.
Please note: this involves not only the tax and social security debts of the
deceased, but also those of the heirs!
2
ING must additionally comply with a legal procedure in
order to open the safe-deposit box.
The following countries (in addition to Belgium) belong to the EEA: Austria, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovak
Republic, Slovenia, Spain, Sweden and the United Kingdom.
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2. Insurance
This procedure entails the following:
• either the notary or an employee of the bank must
make an official inventory of the contents of the
safe-deposit box
• all heirs (or their representative) are invited to the
opening of the safe-deposit box and are required to
be present; the law requires that the receiver of the
local registration office also be invited, but he/she is
not required to be present
• all parties present sign the inventory for
agreement.
Certain insurance policies can entitle one to a benefit,
such as life insurance, death insurance, group insurance,
outstanding balance insurance or accident insurance.
The policy beneficiaries must contact the insurance
company (or the employer in the case of a group
insurance policy) in order to find out what steps they
need to take to collect the insurance benefit.
The contents of the safe-deposit box can then be
divided among the heirs according to their instructions.
Special situations:
• Will and testament: if a will and testament
is found in the safe-deposit box, ING
must re-block the safe-deposit box and is
required to bring in a notary. This is because
additional heirs might be named in this will,
or because it might alter individual shares in
the estate.
• Safe deposit box held exclusively in the
name of the surviving spouse who was
married under the matrimonial regime
of separate estates: in this case, the legal
procedure for opening the safe-deposit box
must also be observed, but the inventory
can be made exclusively in the presence
of the surviving spouse (or also with the
receiver of the local registration office if
present). The others heirs are not invited.
The insurance company is required to provide the
Registration Administration with a tax inventory upon
the death of the policyholder (or his/her spouse). This
tax inventory contains a summary of the insurance
products in the name of the deceased, the name of the
deceased, the names and addresses of the beneficiaries
and the amount of the benefit.
If a beneficiary resides outside the EEA, the benefit can
only be paid following the receipt of the unblocking
certificate issued by the receiver of the local
registration office.
Please note: in most cases, the beneficiary of
a life insurance policy will be required to pay
inheritance taxes on the benefit paid. For more
information, you can always contact your ING
Private Banker.
3. Pension
Upon the death of his/her spouse, a surviving spouse
may apply for a survivor’s pension calculated on the basis
of the deceased spouse’s career as a salaried employee.
You can find more information on the website of the
national pensions office (RVP/ONP): www.onprvp.fgov.be
or via the free telephone number 1765.
Survivor’s pensions are also allocated to the surviving
spouses of employees enrolled in other pension
systems. For more information, consult the websites of
the offices listed below:
Soutien des actions philanthropiques
Thanks to a partnership with the King Baudouin
Foundation, ING supports you effectively through the
administrative procedures related to the deceased
person’s philanthropic wishes. ING has noticed that
its customers increasingly wish to do a good deed by
making a donation to a socially-oriented charity.
To this end, ING has developed its own philanthropic
project from A to Z. For more information, please
contact your ING Private Banker directly.
• Self-employed: National Institute for the Social
Security of the Self-Employed (NISSE), www.rsvz.be or via telephone on 02 546 42 11.
• Tenured civil servants: public sector pension service
(PDOS/SdPSP), www.pdos.fgov.be or via the free
telephone number 1765.
• Employees enrolled in the overseas social security
system: Overseas Social Security Office (OSSO),
www.dosz-ossom.fgov.be or via telephone on 02 642 05 11.
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III. Tax obligations of heirs
Introduction: the various options
available to heirs
If the heirs have doubts about the composition of the
estate, specifically with regard to the ratio of assets to
liabilities, they are advised to accept the inheritance under
benefit of inventory. One consequence of acceptance
under benefit of inventory is that the maximum amount
of the estate’s debt for which such an heir is liable is
equal to the portion of assets that he/she receives from
the inheritance. This means that such debts cannot be
enforced against the heir’s personal assets.
This form of acceptance is required by law for all
heirs who are legally ineligible, including minors and
persons placed under temporary administration, in
order to shield them from the potentially harmful
financial consequences of an inheritance.
Although this section discusses tax obligations, it is
important to be aware of the options available to
you as an heir with regard to the estate to properly
understand these obligations. This is because each
option has its own financial and/or tax implications.
Each heir and/or legatee can choose to accept the
inheritance purely and simply, to accept it under
benefit of inventory, or to renounce it.
To accept it purely and simply, no special formalities are
required. For instance, acceptance can be (implicitly)
evidenced by the fact that you are conducting yourself
as an owner would: by withdrawing funds, selling
certain items belonging to the estate, etc.
An heir who accepts an inheritance purely and simply
is liable for the debts of the deceased. Such debts can
be enforced against the heir’s own assets, even above
and beyond the portion of assets he/she receives from
the inheritance.
A third option is the renunciation of the estate. By
renouncing the inheritance, the heir is treated as
if he/she were never an heir in the first place. The
renouncing heir is not entitled to any of the estate’s
assets, and is not required to pay any of the debts of
the estate nor any inheritance taxes.
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On the other hand, the submission of an estate
declaration cannot be regarded as an act of accepting
the inheritance. This means that an heir who has
already submitted an estate declaration can still choose
to renounce the inheritance at a later date, provided
he/she has not behaved in any way that could give the
impression that he/she has accepted the inheritance
purely and simply.
TIP: if you are not sure whether you want to
accept the inheritance purely and simply, it
is recommended that you avoid behaving in
such a way as to give the impression that you
have in practice accepted the inheritance
purely and simply. Examples include the
withdrawal and expenditure of funds from
an account or the sale or lease of a piece of
property belonging to the estate. If in doubt,
you should contact your notary.
What is the deadline for submitting the declaration?
The law makes a distinction based on the location of death:
• 4 months for a death that occurred in Belgium
• 5 months for a death that occurred in another
1. Estate declaration
country in Europe3
• 6 months for a death that occurred in a country
outside Europe3.
The heirs must draw up an estate declaration that lists
all the assets and liabilities of the deceased along with
their corresponding values. This declaration is what
the receiver of the local registration office uses to
determine the inheritance taxes.
Heirs can request an extension to the deadline if they
have a legally valid reason. Any such extension will
have no impact whatsoever on the deadline for the
payment of inheritance taxes.
Inheritance taxes are owed on anything acquired from an
estate of a resident of Belgium, including any movable
property or real estate located outside the country.
With respect to movable property or real estate that
is located outside the country, it may be the case that
this is subject to tax both in Belgium as well as abroad.
If the estate contains movable property or real estate
located outside the country, or if you are inheriting
from someone who was not a resident of Belgium, you should seek the advice of your notary.
Who must submit the estate declaration?
The legal heirs and the universal legatees are the ones
who are obliged to submit the estate declaration.
They are required to submit a declaration, even if they
are not actually receiving anything, or even if there
are still certain formalities they have to perform. The
existence of a dispute will not discharge them of this
obligation either.
The only way an heir can avoid having to submit an
estate declaration is by renouncing the inheritance
altogether. This is because this individual would then be
deemed to have never been an heir in the first place.
3
In this case “geographic Europe”.
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What happens if you still do not have all the
information when the deadline arrives? In this case,
you can make a “provisional” entry in the declaration
and then submit this information later on via a
supplementary declaration.
Where must the declaration be submitted?
The declaration must be submitted to the competent
registration office of the last tax residence of the
deceased.
In the event the deceased lived in more than one
region of Belgium during the last five years of his/
her life, the declaration must be submitted to
the competent office for the region in which the
deceased resided for the longest period of time
during those five years.
In the event that a family enterprise or a family
company is transferred via an inheritance, a reduced
rate can, under certain conditions, be claimed for
these assets. You must make it clear in the estate
declaration that you want to claim a reduced rate and
that you satisfy the conditions. You can obtain more
information about this from your notary or your ING
Private Banker.
If the deceased had a revolving credit line with ING, we
can provide you with a “creditor certificate”.
2. Payment of inheritance taxes
Who must pay the inheritance taxes?
Anyone receiving money or property from the assets of
the deceased must pay inheritance taxes on the value
of the money or property that has been acquired.
When do the inheritance taxes have to be paid?
If the estate is that of a non-resident of Belgium who
owned real estate in Belgium, then the declaration
must in most cases be submitted to the competent
registration office of the place where the real estate is
located. Special rules apply if multiple properties are
spread over more than one region.
Inheritance taxes must be paid no later than two
months from the day on which the period for
submitting the estate declaration expires. A late
payment will result in interest charges.
What are the inheritance tax rates?
Inheritance tax rates are based on the size of the
inheritance and the degree of kinship that exists
between the deceased and the beneficiary. Each region
of Belgium moreover has its own tax rate.
What has to be included on the estate
declaration?
You will find a complete list of everything that must
be declared via the website www.myminfin.be by
clicking “formulieren/formulaires” and then choosing
“successierechten/droits de succession” in the dropdown menu.
The notary is usually the one who will draw up and
submit the estate declaration. He is also responsible
for assigning an appropriate value to the items that
are declared.
You can find a list of the rates for each region of
Belgium on the following website:
http://www.minfin.fgov.be/portail2/nl/themes/family/
decease/inheritance.htm
The declaration must include a detailed list of the
property (assets) and the debts (liabilities) as well as a
corresponding value for each item.
Please note: any donations made by the deceased
during the last 3 years prior to his/her death
must also be declared.
14
IV. Reorganising your financial affairs
1. How is an estate divided?
2. How does this specifically impact your
accounts at ING?
When there are multiple heirs, and when the assets
which make up the estate have not been explicitly
awarded to a single person, the heirs receive the assets
of the estate in co-ownership. All the heirs thus become
the collective co-owners of the entire estate.
If the deceased is survived by a spouse, then this
surviving spouse will generally exercise usufruct over the
assets of the estate. In this case, the other heirs inherit
the bare property. If there are multiple heirs, this bare
property is passed on in co-ownership.
These heirs will naturally need to decide whether or not
they want to remain co-owners of the inherited assets
in question.
You can obtain more information regarding the division
of an estate from your notary.
15
We recommend that you make an appointment with your
ING Private Banker before the assets are divided. He or
she can provide you with all the information concerning
your accounts, investments and insurance policies, and
will help you make any changes that are necessary.
Here are a few important points to consider in the meantime:
• If the account is being passed on in a proportional
relationship of usufruct to bare property, a new
account must be opened that is in the name of the
person exercising usufruct and all of the bare owners.
The funds in this account are then diverted to an
account (which may or may not already exist) held
exclusively by the person exercising usufruct.
Please note: for tax purposes, it is important to
open this account correctly, namely for usufruct
- bare property.You can obtain more information
about this from your ING Private Banker.
• If you become the new exclusive holder of the
account of your deceased spouse, this account can
remain active and will be added to your existing
Home’Bank subscription.
• The account can also remain active if the deceased
was partner to a civil-law partnership or a pre-existing
co-ownership arrangement.
Your ING Private Banker can also assist you with more
complicated situations. Do not hesitate to seek his or
her advice.
3. Managing your assets going forward
For an analysis and the management of your assets
going forward, it is important that you have a
confidential adviser that you can count on - a contact
person who listens to you and who has a perfect
understanding of your personal situation, your
current and future needs, and the priorities for you
and your family.
Your ING Private Banker is a thoroughly reliable
source of information in this regard. He or she keeps
track of all your assets throughout each stage of their
evolution - from their build-up to their transfer.
It may be the case that you already maintain a longstanding confidential relationship with him or her,
please do not hesitate to consult your ING Private
Banker if necessary. He or she is ready to assist
you in word and deed, and will honour one of the
fundamental rules of the trade: discretion.
16
CHECKLIST
Persons and agencies to be notified
Your ING Private Banker to assist you
❑
Funeral director
❑
Municipality where the death occurred
❑
Notary
❑
Receiver of the registration office for the residence of
the deceased
❑
Banks and financial institutions
❑
Insurance companies
❑
Health insurance fund
❑
Employer
❑
Fund for unemployment benefits
❑
Trade union
❑
Fund for industrial accidents
❑
Fund for occupational diseases
❑
Public centre for social welfare (OCMW/CPAS)
❑
National pensions office
❑
Bookkeeper or accountant
❑
Child benefits office
❑
Scholarship office
❑
Vehicle registration service (DIV)
❑
Landlord
❑
Local post office of the deceased
❑
Utilities and subscriptions:
- electricity
- water
- gas
- telephone
- mobile phone
- internet
- newspaper
❑
❑
❑
❑
❑
❑
❑
❑
17
Useful contact information and websites:
FEBELFIN
www.febelfin.be
[email protected]
02/507 68 11
VEHICLE REGISTRATION SERVICE (DIV)
www.mobilit.fgov.be
[email protected]
02/277 31 11
FUND for UNEMPLOYMENT BENEFITS (HVW/CAPAC)
www.hvw.fgov.be
02/209 13 13
NATIONAL PENSIONS OFFICE (RVP/ONP)
www.onprvp.fgov.be
1765
FUND for INDUSTRIAL ACCIDENTS (FAO/FAT)
www.fao.fgov.be
02/506 84 11
PUBLIC SECTOR PENSION SERVICE (PDOS/SdPSP)
www.pdos.fgov.be
1765
FUND for OCCUPATIONAL DISEASES (FBZ/FMP)
www.fmp-fbz.fgov.be
02/226 62 11
OVERSEAS SOCIAL SECURITY OFFICE (OSSO)
www.dosz-ossom.fgov.be
02/642 05 11
NATIONAL INSTITUTE for the SOCIAL
SECURITY of the SELF-EMPLOYED (NISSE)
www.rsvz.be
[email protected]
02/546 42 11
ROYAL FEDERATION of BELGIAN NOTARIES
(KFBN/FRNB)
www.notaris.be
OFFICE of the ADMINISTRATION of the LAND
REGISTRY, REGISTRATION and DOMAINS
FLEMISH COMMUNITY SCHOLARSHIPS
www.studietoelagen.be
1700
- To determine the competent registration office and
to obtain information on the estate declaration:
http://annuaire.fiscus.fgov.be/info-suc
- To download the declaration form: www.myminfin.be
- Inheritance tax rates for each region of Belgium:
http://www.minfin.fgov.be/portail2/nl/themes/
family/decease/inheritance.htm
FRENCH COMMUNITY SCHOLARSHIPS
www.enseignement.cfwb.be
0800/20 000
GERMAN-SPEAKING COMMUNITY SCHOLARSHIPS
www.bildungsserver.be
087/59 64 14
18
Notes
19
ING PRIVATE BANKING
Your designated contact persons
at ING Private Banking
General Manager
Philippe Wallez
Chief Investment Officer
Thierry Masset
Avenue Marnix/Marnixlaan 24
1000 Brussels
Tel. +32 2 547 62 00
[email protected]
Avenue Marnix/Marnixlaan 24
1000 Brussels
Tel. +32 2 547 79 68
[email protected]
Head of Business Development
Kristof Kustermans
Avenue Marnix/Marnixlaan 24
1000 Brussels
Tel. +32 2 547 69 08
[email protected]
Head of Portfolio Management
Rudy Vandorpe
Avenue Marnix/Marnixlaan 24
1000 Brussels
Tel. +32 2 547 79 68
[email protected]
Head of Wealth Engineering
Edouard Zurstrassen
Avenue Marnix/Marnixlaan 24
1000 Brussels
Tel. +32 496 58 80 22
[email protected]
WORLD
FINANCE
0
1
Office Park Namur
Avenue des Dessus de Lives 8
5101 Loyers
Tel. +32 499 97 06 40
[email protected]
Head of ING Private Banking
Central zone (Brussels)
Marie Helsmoortel
Avenue Marnix 24
1000 Brussels
Tel. +32 498 25 13 37
[email protected]
Head of ING Private Banking
Western zone
(East Flanders/West Flanders)
Kurt Lamquet
Kouter 173
9000 Ghent
Tel. +32 478 21 71 37
[email protected]
Head of ING Private Banking
Eastern zone
(Antwerp/Limburg-Leuven)
Marc Vankeirsbilck
Lange Gasthuisstraat 20
2000 Antwerp
Tel. + 32 475 37 01 57
[email protected]
B A N K I N G
AWA R D S
2
Head of ING Private Banking
Southern zone (Wallonia)
Benjamin Francq
3
ing.be/privatebanking
ING Belgium SA/nv – Bank – Registered office: avenue Marnix 24, B-1000 Brussels – Brussels RPM/RPR – VAT: BE 0403.200.393 – BIC: BBRUBEBB – IBAN: BE45 3109 1560 2789.
Publisher: Inge Ampe – Cours Saint-Michel 60, B-1040 Brussels © Editing Team & Graphic Studio – Marketing ING Belgium – Z75017E – 10/14
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