Dealing with the Financial Affairs of Someone Who Has Died

Dealing with the financial affairs of someone who has died can be a challenging and emotional task, but there are some important steps that you can follow to make the process more manageable.

The team at Swansea Legal Solutions would like to share these guidelines to ensure there is minimum distress during what can be a very difficult time for all involved.

Steps To Take

The first step is to locate the will of the deceased person. This will give you a clear idea of their wishes and who has been appointed as the executor of their estate. You should then notify the relevant authorities of the person’s death, such as the Department of Work and Pensions, HM Revenue & Customs, and any pension providers. You will also need to cancel any subscriptions, memberships, or direct debits such as utility bills.

The next step is to collect all relevant financial information, including bank statements, insurance policies, pension documents, and other investment information. Then you should get the deceased person’s estate valued, including any assets, liabilities, and debts. This will help you to understand the financial position of the estate and what needs to be paid or distributed.

Grant of Probate

 It is at this point that you will need to apply for Grant of Probate but only if the estate is worth more than £10,000 or includes any property. This is a legal document that gives you the authority to deal with the deceased person’s assets and finances.

Once you have obtained the Grant of Probate, you will need to pay off any outstanding debts and distribute the assets to the beneficiaries according to the terms of the will. You may also need to file a final tax return on behalf of the deceased person, as well as any estate tax returns.

Professional Service

In short, dealing with the financial affairs of someone who has died can be complex and challenging which is why it is so important to use the services of a professional organisation like Swansea Legal Solutions. 

We have the legal knowledge and expertise to navigate the complex legal and financial matters related to probate and estate administration. We can also ensure that the estate is handled efficiently and in compliance with legal requirements. What’s more, estate administration involves a lot of paperwork and legal documents. Mistakes can be costly and time-consuming to rectify. We can minimise errors by ensuring that all documents are correctly completed and submitted.

We can also save you time by handling the process on your behalf, allowing you to focus on other important matters.

We recognise that the death of a loved one can be a difficult and emotional time and as professionals we can help reduce stress by providing guidance and support throughout the probate process.

Find out more here or call us today on 01792 420844.