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.

🏦 Seif Arikhut Yamim - the "Survivorship Clause" in a Joint Bank Account 

🔹 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: https://www.boi.org.il/information/bank