Sorting finances after death

Mistermeaner · 6 February 2019 at 10:17AM

Hi my mum passed away earlier this week after a brave battle with cancer

My dad is still here but not in great health and mum did everything financially - he doesn't even know who they bank with

I've been round and found boxes upon boxes of all sorts....

Pensions
Premium bond coupons from the 60s
Various investment plans from the 80s until fairly recent
Etc

They are not 'rich' (both were teachers) but they were comfortable in retirement

Dad thinks they have approx 300k in various investments but no idea where

Going through the papers is both over whelming emotionally and just difficult to make sense of as a lot of companies they had plans with have gone and there seems to be duplicated of stuff where I expect one plan \ investment supersedes another but the papertrail goes cold

Does anyone have any general advice as to how to approach this e.g. Single points contact of track and Trace services for old plans etc

Also procedurally is there a best way e.g. Getting a death cert eff

Is there some stuff that one must always do rd things like the state pension

Sorry for not being specific - I'm just really struggling and my dad is stressing : i want to sort to help him

Thanks

AnotherJoe · 6 February 2019 at 10:55AM

My commiserations. You might get some good responses in the deaths and probate forum in here where this situation obviously crops up frequently.
AFAICR there is a central tracing agency for lost savings and bank accounts. There is one for pensions but if they were both teachers that probably doesn't apply.
One tip I've seen, look at bank statements, look for income and outgoing payments, might be dividends incoming or payments out to say stockbroker for management fees. Both will give you a clue where to start looking next.
Who is the executor?Was there a will?
Again, all these Q's will come up in the above forum I suggest you head off there

eskbanker · 6 February 2019 at 11:45AM

On the subject of tracing financial affairs, I put some links in a recent post for someone in a similar situation:

eskbanker wrote: »

The credit files held by the three credit ratings agencies should include all current accounts as well as loans and cards, and in any case those from previous generations are unlikely to be as financially promiscuous as those of us who've opened strings of current accounts for interest and incentives!

https://www.mylostaccount.org.uk/ is a free service that searches for savings accounts.

For shares, there's info on searching registrars, etc, at https://unclaimedassets.co.uk/unclaimed-shares-and-dividends/, as well as a (chargeable) search service.

https://www.moneywise.co.uk/make-more-money/work-family/track-down-your-lost-assets is another site suggesting avenues to explore.

Cross-referencing should also help, e.g. identifying dividend payments from bank accounts.

Uxb1 · 6 February 2019 at 11:48AM

One of those things I've done several times.
Get the death registered - anyone can do this but it is a lot easier all round if the executor of the will does it.
this is because their name and address appears on the death cert which makes it easier when writing off to financial groups.
Ring up local register office to ask their proceedures - different parts of the country vary

When walking into this with no prior knowledge as I did to a house of a distant relative the golden rule is never to throw away any papers until double sifted through to ensure then is not vital info in them.
I ended up with boxes of umpteen 1000's of unfiled and stacked papers which I took home and sorted into maybe 20 or more piles and then resorted the piles into date order.

Get several copies of the death certificate that the time you register - 'cos its a lot cheaper than having to go back for more and you will need to send and original to each financial group and make sure you ask for it to be returned.
For each financial group you think the deceased held finances write to the special bereavement dept (check their website do google search etc) with an original of the death cert (not a photocopy) and ask them to list any and all accounts held, valuation at death and and income received in the last financial year up to date of death.
You do not need to know the specific account nos.
This needs to be done by the executor of the will - not by any family member who is so inclined to help out.
I advise the executor to write at all times and do not phone - phone conversations are lost and never noted recorded properly
Do not contact their general call centres!

When you register the death also ask for the tell us once service which automatically tells SOME organizations of the death - inland revenue/Council and DHSS/State pension, DVLA. You may have to contact the teacher pension service yourself.

There is a starter for you...
Do not expect this to be quick
I'm doing a large complicated estate at the moment involving inheritance tax and charities and I'm into the second YEAR following the death in 2017 and its still not yet finalised.

Voyager2002 · 6 February 2019 at 11:51AM

See a solicitor.

There are at least two online asset-tracing services for investments: one of them accepts instructions from solicitors and businesses but not individuals. This is one of the points that will be talked through when you have an initial meeting to discuss obtaining probate.

xylophone · 6 February 2019 at 12:41PM

https://www.gov.uk/after-a-death

Advise Teachers' Pension Scheme.

Advise DWP re state pension.

https://www.pensionsadvisoryservice.org.uk/about-pensions/when-things-change/bereavement-what-to-do

Has your mother made a will?

How is their house owned (joint tenants/tenants in common)?

Are all bank accounts/savings sole or joint?

https://www.citizensadvice.org.uk/family/death-and-wills/dealing-with-the-financial-affairs-of-someone-who-has-died/

Does your father have a debit card?

Did your mother?

Check bank statements for incoming payments - dividends?

cfw1994 · 6 February 2019 at 12:47PM

Not much beyond the above....but my commiserations on your loss, it is a tough time

My only advice: take your time: it will take time, & grieving comes first.

Regarding the paperwork, just take it a box at a time, and make a clear list of what you find: bank, account, what you think it is, date, value. As you find older versions of the same account, put that aside (perhaps file the one useful page behind the latest), & do try to bin the obviously useless papers (glossies that accompany every useful letter).

Try to make sure there is money in your Dad's current account that would avoid any points of going overdrawn in the near future.

talexuser · 6 February 2019 at 1:00PM

My sympathies, I had to got though the same thing last year with my Mum. All very good advice above, get many copies of the death certificate, if you are the executor in the will it will save a lot of hassle. Inform relevant financial institutions and send the death certificate signed for. Try and sort out paperwork into piles, then rearrange each into date order to get an overall picture. Save all paperwork well after probate in case any tax issues come up.

badger09 · 6 February 2019 at 2:24PM

So sorry for your loss.

I won't add to the posts above except to say that there is no need to feel overwhelmed. You don't have to do everything immediately.

Priority is to register mum's death, if that hasn't been done already, and use the Tell Us Once service at the registrars.

Next is to find mum's will and establish who the executors are.

Head over to this board, where you'll find lots of helpful people.

https://forums.moneysavingexpert.com/forumdisplay.php?f=217

AnotherJoe · 6 February 2019 at 2:55PM

Voyager2002 wrote: »

See a solicitor.

There are at least two online asset-tracing services for investments: one of them accepts instructions from solicitors and businesses but not individuals. This is one of the points that will be talked through when you have an initial meeting to discuss obtaining probate.

Dont see a solicitor (unless you'd like probate to take 3x as long and cost 10x as much as DIY), in which case, go right ahead.

Uxb1 · 6 February 2019 at 4:52PM

It all depends on what the will (if it exists) says as to whether consulting a solicitor would be wise.
If the OP really has no idea how to proceed then maybe a solicitor might be the way to go.
Either they have to spend their time learning about how to do it or pay someone (solicitor) to do it for them.

There are all sorts of things to catch one out if you are DIY's ing it
For example does the OP or indeed posters on here know all about the desirability of posting the standard notice to any creditors of the deceased in "The Gazette" and why under some circumstances it is essential to do so and others circumstances (single sole beneficiary who is also the executor) it's not really necessary.
If there are legacies left in the will to individuals do you all know about the necessity of conducting a bankruptcy search on the individuals prior to distributing the estate/legacy.
Then there is finalising the income tax return for the sadly departed person between the 6th April and the date of death - which often results in a tax refund being due to the estate.

Sorting finances after death

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