Financial Matters
When someone dies, there are many financial questions to consider. Our expert team is here to signpost you in these matters.
Funeral Finance Support
What should I do first?
The first thing is to register the death and take care of the funeral arrangements.
The cost of the funeral can normally be released directly from one of the deceased’s accounts upon production of the invoice and death certificate, if there are sufficient funds.
If there are insufficient funds, you may be eligible to help from the State – please ask our team and you will be advised of the eligibility criteria.
Once you have attended to the above, make a list of the following – all of which may need to be contacted and notified of the death:
- Accounts/shares/ISA’s etc
- Life insurance
- Private pensions/annuities
- DWP/state pension
- Utility companies
- Council tax
- Buildings insurance
Executors/ next of kin:
The person that has the responsibility of dealing with the administration of the estate is either:
- The executor if there is a will
- The next of kin under the rules if Intestacy of there is no will
It will be up to them to decide whether they wish to deal with matters personally or whether to get assistance from a solicitor to assist with the administration of the estate.
Probate
Whether you will require a Grant of Probate or Letters of Administration to deal with the estate will vary from person to person.
As a rule of thumb, it is required if there is:
- Land or property
- Money in accounts over £15k
The circumstances will dictate, and it is often not required on the first death in a couple whose assets are held jointly.
Where to find help
Each A.W. Lymn office has a relationship with a local firm of solicitors who will be able to signpost you and will be familiar with the procedures following a death.
