Distribution of estate

Distribution of estate

The estate’s assets with Nordea can be distributed once we have verified the parties to the estate from the estate inventory deed. This is called the establishment of the parties to the estate, and we will notify the estate administrator via SMS, Omaposti or by post once it has been completed. The representative of the estate must contact Nordea for executing transactions.

If the deceased was married and the spouses didn’t have a prenuptial agreement excluding the marital right to property, the matrimonial property will be partitioned before the estate can be distributed. This is done to determine which part of the estate belongs to the widow(er) and which part to the heirs.

The parties to the estate decide on how to use and distribute the estate’s assets together. They may authorise one person to distribute the estate and manage the estate’s other banking affairs, such as closing services, with a specified power of attorney called “Power of attorney for managing an estate’s banking” (pdf, 152 KB)Opens new window. Please fill in and send this form to us digitally via Omaposti at nordea.fi/omaposti. Select “Estate documents” as the topic of the new message.

After the estate inventory is completed, and once all parties to the estate have provided specified powers of attorney, you can do the following:

• divide the cash funds between the parties to the estate 
• sell shares or fund units
• close accounts 
• empty any safe deposit boxes.  

Selling shares and other investments of an estate or transferring them to another person

After we have established the parties to the estate from the estate inventory deed and its appendices, the parties together can decide on what to do with the assets in the estate’s book-entry account or fund portfolio in Nordea. Once this is done, the shares and fund units owned by the estate may be sold or transferred to the parties to the estate.

Selling shares and fund units

When selling shares or fund units, you must provide a power of attorney from each party to the estate. You can place the sell order by calling Nordea Customer Service. You can provide a power of attorney, for example, by filling in the form “Power of attorney for managing an estate’s banking” (pdf, 152 KB)Opens new window (pdf, 612 KB) and sending it to us digitally at nordea.fi/omaposti. Select “Estate documents” as the topic of the new message.

Transferring shares and fund units

If shares or fund units are transferred from the estate to the parties to the estate without cashing them in (by selling them), you have to present us with an estate distribution agreement. The transfer of shares and fund units is carried out at one of our branches. You can book an appointment for this through our Customer Service. 

All trades and transfers are subject to a fee set in our tariff. See our 

• brokerage fees

• fees for the transfer of book-entry securities.

If you don’t yet have a book-entry account or would like to get investment advice, we are happy to help. Contact Nordea Customer Service (select saving and investment).

How to close a deceased person’s account

The parties to the estate decide on using and closing the deceased’s accounts together. You can leave an account active until further notice in case of any tax refunds, or to be used by the estate.

The funds in the accounts may be distributed with powers of attorney provided by all the parties to the estate or the accounts can be added to a party’s online banking service for distribution. If the estate distribution only concerns the estate’s cash assets, it is not necessary to present an estate distribution agreement to us because the parties’ specified powers of attorney will suffice.

Once the funds in the account have been distributed, the account can be closed. To close an account, please contact Nordea Customer Service. 

Inheritance taxation

The Finnish Tax Administration determines the amount of inheritance tax payable by the heirs on the basis of the estate inventory deed. As a rule, inheritance tax is calculated on the basis of the value of the estate stated in the inventory deed.

The Tax Administration processes estate inventory deeds within 6–12 months. Once this is done, each heir will receive a personal tax decision stating the amount of inheritance tax they have to pay. 

In the tax decision, you will also see whether the value of the assets and the deductions recorded on the estate inventory deed have been accepted as the basis for the inheritance tax.

For more information about inheritance tax and capital income tax as well as submitting the estate inventory deed to the Tax Administration, please visit their website at vero.fiOpens new window.