Hi,
Has anyone added a beneficiary to the Bison Bank Account so that assets are handed over to the beneficiary in case of the death of Account Holder.
The bank representative says, in case of the death of the account holder, a new account will be opened in the name of the heirs and assets transferred.
But there are so many details involved. How will they determine who are the heirs ? What if the heirs are minors ?
Has anyone dealt with this ? Don’t the Portuguese bank accounts have an option to add beneficiary (I am not referring to joint account holder)
I asked my Portuguese lawyer similar questions about establishing my wife as a beneficiary of our investment in the private equity we are with and they said you must create a Portuguese will. Your lawyer can do that for you for all assets in Portugal.
As an alternative solution I changed the Bison account to be a joint account by adding my wife. Legal assistance was not required, and this change was accomplished by a request to the Bank, and the submission of some additional KNC (know your client forms), and the execution of new signature documentation.
By chance did your investment fund manager and/or lawyer make any comment one way or the other about possible implications for your GV holdings now being in a joint account rather than just you (as the primary GV applicant)?
No comments were passed to me on the subject. I recall that an associate at the Bison did say
that only my name would appear on the account and in the event of my demise my wife would have full access. I have at Bison accounts for investment, Euros and USD.