Money and Legal Matters

Finances

There will be lots of financial information to process after someone passes away. This can be difficult to do because of strict security around accessing financial details.

A bank account can provide lots of information as to what other services are currently being paid for such as Direct Debits, Standing Orders etc. Those providers will not be aware that someone has passed away and will process payments as usual.

This can cause further distress when correspondence arrives stating payments have been missed. Contact each service and explain the situation and see if any of the contracts can be terminated – or transferred in to sole names if the payments need to continue.

What accounts do you have?

Think about these types of accounts that you may have:

  • Bank Account(s)
  • Mortgages
  • Overdrafts
  • Credit Cards
  • Store Cards
  • Personal and / or business Loans
  • Credit agreements – such as car finance, Hire Purchase Agreements
  • Premium Bonds

 

  • Savings Accounts
  • Investments
  • Stocks and Shares
  • ISA’s
  • Pensions – private, employers and Armed Forces pensions
  • Life Insurance Policies
  • Income Protection policies

Who can access these accounts...and how?

If someone will need to deal with your financial life one day, they will need to know not only what accounts you have – but where they are held and how to access them. 

Consider recording, storing and sharing the following information using our secure digital vault service:

  • Account numbers
  • Account providers i.e. Banks, lenders, savings companies
  • Log in details, passwords or bank cards
  • Statements
  • Loan or Credit Agreements

Financial advisors

Do you have an Accountant or Financial Advisor? Would someone know their contact details to be able to notify them?

There will be lots of financial information to resolve after a death. Plan ahead by making all of your financial information available in an easy to understand and organised way to help others.

Legal matters

Do you have a Solicitor? Have you appointed Executors or arranged for any future Guardianships?

Do you have the following documents? Where are they saved and who knows how to access and execute them?

  • Wills
  • Power of Attorney
  • Advanced Directive / Advanced Decisions / Living Wills 
  • Estate Plan
  • Legal plans such as Trust Funds, property transfer, taxation information and liabilities
  • Property deeds
  • Arrangements in place if you have complex, blended or estranged families?
  • Arrangements if you have overseas family, property, investments?

Work and Income

Consider your current employment and income status. Would someone know how to contact the relevant people on your behalf in the event of ill-health or death?

Employment

  • Who would know how to contact your Employer to let them know of the death?
  • Are there any in-work death benefits that are payable to your estate?
  • Is there any equipment, keys, paperwork or uniforms that would need to be returned to your employer?
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Sole trader or business owners

  • What will happen to the business?
  • Is there a succession plan in place for business continuity purposes?
  • What about any employees, premises or outstanding contracts for the business?
  • Contact HM Revenue & Customs (HMRC) for tax purposes

Unemployed

  • Contact the Department for Work and Pensions (DWP) to stop any welfare benefits and pension payments for the deceased
  • Contact the Local Council to notify them of the death, discuss any Council Tax obligations, update the electoral register and discuss any other housing benefits

Ensure your important information can be easily accessed by others when it is needed. Dealing with someone’s affairs after a death is emotionally difficult and can be very stressful. Relieve some of this future pressure by organising, storing and sharing your information ready for the future, Prepare and protect your loved one’s for the future. Create your Sunset Plan today.