Dealing with finances after someone dies: step-by-step guide
This guide gives a basic overview of the first steps you’ll need to take, from notifying banks and insurance providers to applying for any benefits you’re entitled to and closing your loved one’s Compare the Market account.
This guide gives a basic overview of the first steps you’ll need to take, from notifying banks and insurance providers to applying for any benefits you’re entitled to and closing your loved one’s Compare the Market account.
60-second summaryJust want a brief overview? Here are the basics:
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Losing a loved one is difficult in all kinds of ways, and dealing with their finances may well be the last thing you want to be thinking about. This guide isn’t designed to be a comprehensive list of everything you could possibly need to think about, but we hope that by laying out some of the first steps you might need to take, we can help make the process a little simpler.
1. Get a copy of the death certificate
You can do this by visiting a register office or ordering a death certificate online at Gov.uk.
You’ll usually need a copy of the death certificate to serve as proof to banks, building societies and other agencies that someone has died.
2. Let any relevant parties know about the death
Notify banks, building societies, credit card providers, and any other organisations you can think of where your loved one might have held an account.
Most companies should be able to help you through the process and answer any questions you have.
3. Cancel subscriptions and memberships
Request that any accounts be frozen or cancelled to prevent money being taken out of your loved one’s account.
4. Keep tabs on any ongoing bills
You may have to cover some ongoing bills or financial commitments, such as mortgage payments or utility bills, even if it’s only temporary.
5. Use the Tell Us Once service to sort out a few things in one go
This service lets you report a death to most government organisations in one go. It will notify the below among others:
- HMRC to deal with tax
- DWP to deal with benefits and pensions
- Passport Office to cancel a British passport
- Driver and Vehicle Licensing Agency (DVLA) to end vehicle tax
- The local council – you may be able to get a council tax reduction
- Veterans UK to cancel or update Armed Forces Compensation Scheme payments
Find out more at Tell Us Once.
6. Redirect mail so you don’t miss important details
If you didn’t live with the person who’s died, you can make sure you don’t miss out on any important documents by using Royal Mail’s redirection service. This lets you redirect mail for up to four years after someone has passed away.
7. Apply for probate so you can deal with your loved one’s property, money, and possessions
A probate gives you the right to deal with someone’s property, money, and possessions (their estate) after they’ve died. For example, you may need probate to transfer money from their bank account to yours.
Gov.uk says you should ‘not make any financial plans or put property on the market until you’ve got a probate’.
You can apply for probate at Gov.uk.
8. Take care of their insurance policies
You’ll need to let the providers of any insurance policies your loved one held or was named on know that they’ve died.
You’ll generally need to cancel or amend the policy – or, in the case of life insurance, potentially make a claim.
Find out more about claiming on a life insurance policy.
9. Claim benefits including Bereavement Support Payment if you’re eligible
According to Gov.uk, you could get financial support if your partner dies and you’re under State Pension age.
For more details on eligibility and how to claim, head to Gov.uk.
If you get certain benefits or tax credits, you may also be entitled to help with funeral costs. Visit Gov.uk’s guide to the Funeral Expenses Payment to find out more.
Closing a Compare the Market accountIf your loved one had a Compare the Market account, we want it to be as easy as possible for you to close it. If you know their account details
For more, read How do I close my account? If you don’t know their account detailsContact us using our online form to let us know someone has passed away. Our team can:
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We know dealing with finances after losing someone isn’t easy, but we hope this guide has made the process a little simpler for you. If you’d like more information, you might find the following sites helpful:
Tim Knighton - Life, health and income protection insurance expert
For over 20 years, Tim’s been building and managing relationships with big brands for the benefit of customers. As our expert on all things life, health and income protection, he’s working hard to find the right products that look after you and those you love most.
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