At the final stage of administering a death estate, the power of attorney takes effect. After that, the estate can be distributed and services terminated.

After the estate inventory

Once the estate inventory deed has been inspected, the distributees can prepare the power of attorney for managing the death estate’s banking affairs. Estate distribution should be done in writing by preparing a deed of estate distribution. The division of marital assets must be performed before the estate distribution.

Power of attorney for administering a death estate

We recommend preparing a specified power of attorney between all distributees of the estate for administering the death estate. In the power of attorney, the estate’s distributees decide together who is authorised to act on the estate’s behalf and in what scope. The power of attorney is effective once we have reviewed the estate inventory.

The bank must be provided the opportunity to verify the correctness and authenticity of the content and signatures of the power of attorney. For this reason, we can’t accept powers of attorney signed electronically in non-OP Financial Group services. 

  • As our customer, you can fill in the power of attorney for banking and insurance affairs in the op.fi service. If you are a customer at another bank, you can print out the template for the power of attorney. The template for the power of attorney is enclosed in the letter of condolences. Please note that products of OP Life Assurance Company use a separate power of attorney template that must be used whenever the decedent had products by OP Life Assurance Company.
  • If you decide not to draw up a power of attorney, all distributees must be present when handling banking affairs for the estate.
  • If any of the distributees is our customer, we recommend authorising him/her with the power of attorney. We will add access rights to accounts listed in the power of attorney to the estate’s authorised agent when we review the estate inventory deed. Distributing funds in the accounts is more straightforward when the person authorised by the power of attorney is our customer.

Submit a completed power of attorney to us easily online or bring it to the nearest OP cooperative bank branch.

Electronic power of attorney

Printable powers of attorney

Distributing the estate

In most cases, the distributees of the estate and the widowed spouse are free to distribute the marital assets and estate in the manner they see fit.
 
If any of the estate’s distributees is a minor or under legal guardianship and distribution is carried out without an estate executor, we require a permission from the Digital and Population Data Services Agency. In this event, the legal guardian’s deputy may be required to represent a disqualified custodian or legal guardian (for example, in cases where a child and parent are distributees in the same estate).

If any of the distributees’ share of the estate is under distraint and distribution is made without an estate executor, a permission from enforcement authorities is required before the assets can be distributed. 
 
 
We recommend that the death estate distribution be documented in writing. The deed of estate distribution is signed by all distributees of the death estate, and their signatures are verified by two competent witnesses.
 
  • The distributees themselves determine the distributed shares and the distribution of personal items. The bank can’t give an opinion on the distribution unless our legal services have been commissioned to carry out the division of marital assets and/or the estate distribution.
  • The estate's authorised agent can carry out the estate distribution directly with their personal OP user ID in the op.fi service if the distribution only involves funds in bank accounts. If the distribution involves mutual fund units or book-entry securities that are not realised/sold in connection with the distribution, the legally valid deeds of division of marital assets and/or estate distribution must be submitted to the bank. 
 

Terminating the estate’s account and other services

  • After the estate inventory deed has been delivered and reviewed, the estate's authorised agent can distribute the estate and terminate the estate’s services. You can also request closing of the account directly by messaging us on the op.fi service or OP-mobile. You can also book an appointment with any OP cooperative bank branch for terminating your services with OP.
  • For terminating investment services, such as book-entry securities and mutual fund units, we recommend booking an appointment with any OP cooperative bank branch.
  • We recommend that you keep the account active until after the following tax refund season. If you terminate the estate’s account before the next tax refund, be sure to notify the Finnish Tax Administration to which account you want the refund to be paid.
  • Was the deceased our owner-customer? We will refund the member cooperative contribution in January after one full calendar year. If you terminate the account before we have refunded the member contribution, be sure to notify us of an alternative account.
  • If the decedent’s holdings included Profit Shares, they will be refunded to the death estate’s account after one full calendar year from the end of the termination year. If you terminate the death estate’s account before we have refunded the Profit Shares, be sure to notify us of an alternative account.

Sale of an apartment

The distributees can sell an apartment the decedent left as an inheritance after the estate inventory deed has been concluded. The death estate is welcome to contact OP Koti's agents when considering the sale of the property.

When the sale of the apartment is close, you may need documents on the housing company share or residential property you are selling, as the agent or the buyer’s bank may ask for them. If you do not have the attachments, the sale of the apartment may be delayed.

The attachments you need depend on the situation and the apartment to be sold. They may include:

  • Property manager’s certificate
  • Residential and commercial property extract
  • Floor plan of the apartment
  • Energy performance certificate
  • Articles of Association
  • Financial statements
  • Budget
  • Maintenance report
  • Information about past renovations
  • Certificate of registration of title
  • Abstract of title
  • Extract from real estate register

So how does estate distribution proceed, and how long can it take?

First, the matrimonial assets are distributed between the decedent’s heirs and widow, after which the estate distribution can be performed. The distributees can agree on the distribution among themselves. If necessary, a deed of estate distribution is delivered to the bank. There is no time limit for the estate distribution, but it is a good idea to do it as soon as possible. The estate inventory preceding the estate distribution must be executed within three months of the death.

Administering a death estate

Learn how one administers the death estate.