Financial Records After a Bereavement
The financial administration following a death is substantial and arrives when nobody has capacity for it. Knowing the order helps, and most of it does not need doing immediately.
The first few days
Register the death and obtain several certified copies of the certificate. Institutions frequently require certified copies rather than photocopies, and obtaining them later costs more and takes longer. Five to ten is a reasonable starting number.
Locate the will and identify the executor. Check whether funeral wishes were recorded separately, since the will is frequently read after the funeral.
Notify the funeral director, who will need the certificate.
Notifying organisations
Many jurisdictions operate a single notification service that informs government departments — tax, pensions, benefits, licensing — from one report. Using it saves considerable duplication.
Banks and building societies, which will usually freeze accounts in the deceased's sole name while allowing certain payments such as funeral costs directly to the provider.
Joint accounts generally pass to the surviving holder automatically, though the bank should still be notified.
Pension providers, insurers, mortgage lender, utilities, local authority, and any subscriptions or memberships.
Employers, and any professional bodies.
Probate or its equivalent
Whether a formal grant is required depends on the size and composition of the estate and the rules in your jurisdiction. Small estates frequently do not require it.
Institutions each set their own threshold above which they require a grant before releasing funds, so the answer varies by asset.
The executor is responsible for identifying assets and liabilities, settling debts and taxes, and distributing the remainder.
Things easily missed
Digital accounts and subscriptions, which continue billing. Photograph and record any known accounts before devices are wiped or lock people out.
Small pensions from earlier employment, which tracing services can help locate.
Premium bonds, shares held directly, and old accounts with institutions since merged.
Insurance policies written in trust, which pay outside the estate and frequently faster.
Outstanding credit and any guarantees given.
Practical advice
Keep a single file and a written log of who has been notified and when, since the same conversations recur over months.
Do not distribute anything to beneficiaries until debts and taxes are settled, since the executor can be personally liable for shortfalls.
Take advice where the estate involves property, business interests, foreign assets or any possibility of dispute.
Most of this can wait a few weeks. Very little of it genuinely cannot.
This article is general information and not legal advice. Procedures vary considerably by jurisdiction.
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