Death Notification Service

Meester_W

Hi - apologies if this isn't the right area for this question.

However, my father has recently been diagnosed with terminal lung cancer and has been given months to live.

I'm trying to take my mind off this awful diagnosis by being as proactive as possible.

Has anyone used 'The Death Notification Service' - I hope it'll be many months before I need this service, I'm just looking for some guidance.

I have power of attorney for my dad's finances and I'm both the executor and sole beneficiary of his will. That said, I've never notified any of the financial institutions' dad is with that I hold power of attorney status. With some of the banks dad is with, I wondered whether I should pool all of his monies into just the one bank to make it easier for when the time does come - or would it be best just to let them be?

SonOf

Is probate going to be required? If not, then moving the savings into one account could force probate to be required. If its just the savings/investments that would create a probate need then splitting them up to be below the probate limits may be better.

Apodemus

I’d say simpler is better, but be wary of cashing in investments if these create a CGT liability now and the estate is going to be under the IHT threshold.

Apodemus

SonOf wrote: »

Is probate going to be required? If not, then moving the savings into one account could force probate to be required. If its just the savings/investments that would create a probate need then splitting them up to be below the probate limits may be better.

Is the limit for probate not applied to the total value of the estate, regardless of how it is split up?

Robin9

Does one of the accounts have enough cash in it to meet funeral costs- say £3/4000 ?. When you get the Funeral Directors bill you can present it to the bank

LobsterMemory

Apodemus wrote: »

Is the limit for probate not applied to the total value of the estate, regardless of how it is split up?

No, that's inheritance tax

If the amount in a bank account is below a threshold (each has their own) then they'll release the funds to the executor on presentation of a death certificate without needing to see Grant of Probate

AnotherJoe

Meester_W wrote: »

Hi - apologies if this isn't the right area for this question.


Its not really, this is the right one. https://forums.moneysavingexpert.com/forumdisplay.php?f=217


However, my father has recently been diagnosed with terminal lung cancer and has been given months to live.

I'm trying to take my mind off this awful diagnosis by being as proactive as possible.

Has anyone used 'The Death Notification Service' - I hope it'll be many months before I need this service, I'm just looking for some guidance.

My sympathies. In the grand scheme of things, its pretty much an irrelevance just saves you two or three calls, and it doesn't always work perfectly anyway. Is your dad in receipt of any pensions or benefits? Be on the lookout for those organisations to be asking ("demanding" overpayments of such after five minutes )

I have power of attorney for my dad's finances and I'm both the executor and sole beneficiary of his will.

I take it you know that POA is null and void after death.


That said, I've never notified any of the financial institutions' dad is with that I hold power of attorney status. With some of the banks dad is with, I wondered whether I should pool all of his monies into just the one bank to make it easier for when the time does come - or would it be best just to let them be?

As said by others "it depends". If each bank account has say £5k, whilst it might be a pain to go to multiple, production of a death certificate will likely be enough to release the money, whereas if you put them all into one account and now there's £100k in it you'll need probate first.
Also, be careful with investments. Again as said, if hes sitting on unrealized capital gains they are wiped at death but if you cash them in now then they are payable. Though from what you write it seems just like its cash?

Reaper

Meester_W wrote: »

Has anyone used 'The Death Notification Service' - I hope it'll be many months before I need this service, I'm just looking for some guidance.

I haven't used it and think the idea is good, but in practice it only works with a small number of organisation.

You can check which ones it covers here and see if you think it is worth it
https://www.deathnotificationservice.co.uk/financial_institutions.ofml

Be_Happy

I used it when my husband died. It did only apply to certain organisations and I found that there was a delay in notification.

I was concerned about his state pension and disability benefits continuing, so a week later phoned the government depts concerned and was told that they hadn't been notified yet.

Keep_pedalling

The tell us once service deals with organisations such as the DVLA,and DWP, it does not cover financial services or utilities those are things that you will need to to handled individually.

Banks and building societies will release quite substantial amounts of money to executors without the need for probate for example it is £30k with Barclays so I would be careful about consolidating his cash as that could make it more difficult rather than simpler..

If he has anything like P2P savings I would certainly look at trying to liquidate those now. I did that with my mum’s RateSetter account as they want probate regardless of how much is in it.

Reaper

Be_Happy wrote: »

I was concerned about his state pension and disability benefits continuing, so a week later phoned the government depts concerned and was told that they hadn't been notified yet.

The "Death Notification Service" doesn't do any government departments. For those it is the "Tell Us Once" service, maybe that is the one you are thinking of?
https://www.gov.uk/after-a-death/organisations-you-need-to-contact-and-tell-us-once