Updated: Jan 17
The passing of a loved one is never easy. If you have recently lost someone, we are very sorry for your loss.
On top of the grieving process, you may also be tasked with having to deal with their financial affairs. This can be a daunting thought, and you might not know where to start. In this blog we’re going to be sharing some advice…
Dealing with the estate
This is everything that they owned:
Money (cash, bank account/building society)
Any money that they are owed
Shares they own
Possessions e.g. car, jewellery
If the person who has died has a valid Will in place, their estate can be shared out according to their wishes. If they didn’t, the rules of intestacy will apply.
If they owe debts
Sometimes the person who died owed debts e.g. on a credit card, for their mortgage or rent.
If this is the case you should:
- Try to contact all of their creditors
- Put a note in The Gazette on their website (the official public record of legal notices in the UK).
This then informs creditors that they can make a claim against the estate in order to pay off the debt.
Taxes, National Insurance and Benefits
The tax office and every government office that was paying benefits to the person who died need to be informed.
You may also need to report the death to the Department for Work and Pensions. They will be able to let you know too if the next of kin is entitled to any benefits.
Dealing With Jointly Owned Property
Jointly owned property is very common amongst couples. There are two different ways of jointly owning a home:
- Beneficial Joint Tenancies: The surviving partner automatically inherits the share of the
- Tenancies in common: A Grant of Representation will be needed so that the share of the
property can be inherited in accordance with the Will or rules of intestacy.
Dealing with the financial affairs of someone who has passed can be very complicated and time consuming.
If you would like help in managing the affairs, get in touch with Kindred Estate Planning.