The first bank has commenced electronic transmission of information in estate matters to district commissioners

This new method saves heirs the trouble and simplifies their work related to the estate settlement, as they no longer need to request this information from Landsbankinn themselves and deliver it to the district commissioners. The information will also be pre-entered into electronic applications/reports that heirs need to complete and submit for estate settlements:

• Electronic request for permission for private settlement.

• Electronic application for permission to remain in an undivided estate.

• Electronic declaration of no assets.

• Electronic inheritance financial statement.

The automatic transmission began on 21 February 2025 and thus applies to estates established after that date.

Since 2021, district commissioners have been working on digitising the estate settlement process. All applications/reports that heirs need to submit for estate settlements are now digital. Additionally, HMS, the Transport Authority, the Tax Authority, and the Social Insurance Administration have already commenced automatic transmission of information regarding assets and liabilities of estates into the estate system of district commissioners.

In mid-2022, district commissioners, in collaboration with the Association of Financial Services Companies, sought cooperation with Landsbankinn, Íslandsbanki, Kvika Bank, and Arion Bank to establish this automatic transmission. It is hoped that connections with the other banks will be established by summer. Furthermore, efforts will continue to ensure that banks receive electronic access to progress reports on estate settlements from district commissioners.

In February 2024, the laws on estate settlements were amended. Commercial banks and savings banks were required to provide information to district commissioners electronically. Additionally, it was legislated that district commissioners should transmit information to the same entities electronically, such as progress reports on estate settlements.

The connection with Landsbankinn marks an important step in making the estate settlement process safer, more efficient, and simpler for all parties involved.