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Seif Arikhut Yamim – the “Survivorship Clause” in a Joint Bank Account – What is it?
If you have a joint bank account (between spouses, parent and child, business partners, etc.), it’s important to know about the “survivorship clause” – Seif Arikhut Yamim, also called the “surviving holder clause” – Seif HaYivaterut BaChayim.
Why is this important?
Without this clause, in the event of one account holder’s death (until 120), the bank in Israel freezes the account. In such a situation, it’s impossible to perform any operations, including on the portion belonging to the surviving holder, until obtaining a succession order – Tsav Yerusha, a process that can take a long time.
What does this clause allow?
Signing the form allows the surviving holder to continue performing routine operations: mortgage payments, bills, standing orders, and essential expenses, thus avoiding a form of “economic paralysis” at a particularly sensitive time.
Important limitation:
Generally, use of the funds is capped – most often up to 50% of the account balance, or up to a predefined maximum amount. The goal is to allow current payments, without authorizing withdrawal of all the funds.
For complete access to all funds, you’ll need to obtain a succession order – Tsav Yerusha or a probate order – Tsav Kiyum Tsava’a.
Good to know:
In most new joint accounts, the survivorship clause is included by default. However, for older accounts, it’s recommended to check if it’s included, and when opening a new account – to ensure the clause is actually included.
Where to add this clause?
By contacting your bank branch.
Of course, you can always consult a lawyer specializing in inheritance law.
For more information:
Bank of Israel – Joint Accounts