Back
Between 4 and 10 May 2026, Hospice UK’s Dying Matters Awareness Week draws attention to the unspoken challenges faced during a person’s final days, as well as what their family will go through after they die.
It aims to break down the stigma around death and help bereaved individuals with practical tips that may prove invaluable during what is, undeniably, a very difficult time.
In the spirit of this cause, we felt it important to offer some guidance on the financial aspects of death and dying.
Indeed, when your spouse or partner passes away, the last thing on your mind is money.
That said, in the immediate weeks after their death, there are crucial and time-sensitive financial steps that could be essential for maintaining long-term control of your assets and theirs.
1. Remain in frequent communication with their executor, if you are not named
Before taking any steps to bring your late partner’s assets under control, it is important to establish a clear line of communication with the executor of their estate. Note that if they did not have a will, the Probate Registry will name an “administrator”, which is likely to be you, particularly if you were married.
If you are named as the executor or administrator, it will be your job to organise the valuation of the estate for Inheritance Tax (IHT) purposes. You can learn more about the responsibilities held by executors in our recent article.
Everything you need to know if you are named the executor of an estate
In the case that someone else is named the executor, remain in close communication with them and ensure the following two steps are taken between you. Keeping in contact with this person could help you establish a clear timeline for inheritance purposes, iron out any confusion surrounding complicated assets, and maintain efficiency during the often-lengthy probate process.
2. Notify any relevant financial institutions of their death
Once you have obtained your partner’s death certificate, a copy of which you will need to provide during this step, you must notify any financial institutions or individuals that managed money on their behalf.
This includes, but is not limited to:
- Mortgage lenders
- Banks and building societies
- Investment and pension providers
- Credit card companies
- Insurance providers (you may do this at the same time as making a claim)
- Trustees
- The government, using the Tell Us Once service
- Wealth Planners or Investment Managers.
This is an essential action to take because without it, these institutions could continue to charge fees or send correspondence to the deceased person.
If you do not have their passwords and account information, most providers have a bereavement service.
Once you notify them, institutions will freeze the person’s accounts until the probate process is complete, at which point the funds or assets will be allocated to their beneficiaries or liquidated for IHT purposes. Only a few charges will need to remain in place, such as Council Tax and ongoing maintenance charges for their main home or rental properties. In some cases, their executor can apply for a Council Tax exemption after probate has been granted.
It is the executor’s responsibility to ensure the estate is valued accurately and that IHT is paid within HMRC’s stipulated time frame, but you can aid this process by having as much information as possible to hand and supplying it in a timely manner.
3. Update your own will and other key documents
It is common that, after a partner’s death, the surviving spouse focuses entirely on the business of managing their loved one’s estate and ensuring the assets they left behind are secure.
While this is paramount in the immediate weeks after someone dies, your own assets and estate will also need to be reviewed and potentially revised.
- Your will – If your will names your deceased partner as a beneficiary, you might need to amend it as soon as possible and name a new beneficiary or several.
- Your pensions and insurance documents – These will also have beneficiary nomination forms that you could need to revisit if your late partner is named.
- Your Lasting Powers of Attorney (LPAs) – Again, if your late partner is named as an attorney on either your health and welfare or property and financial affairs LPA, you must nominate a new attorney and notify that person.
Read more: How to choose a suitable attorney to safeguard your wealth
If you put off these steps and something happens to you, the above documents could be declared invalid, further complicating the handling of your affairs for your loved ones and the executor of your will.
Our experienced team can help you move forward after bereavement
Facing your future without your partner after years of handling money as a pair may feel daunting.
With the support of our experienced, empathetic Wealth team, you could feel better equipped to make your partner’s legacy last a lifetime, pass wealth on to the next generation if you wish, and continue to work towards your own goals.
If you need legal advice, we can recommend you to trusted firms that we have worked with for many years, helping you to form a network of support you can rely on for years to come.
Contact your Relationship Manager or email info@ipscap.com for more information.
Please note
This article is for general information only and does not constitute advice. The information is aimed at individuals only.
All information is correct at the time of writing and is subject to change in the future.
Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.
The Financial Conduct Authority does not regulate Lasting Powers of Attorney, will writing, trusts, tax planning, or estate planning. IPS Capital does not provide tax or legal advice.
IPS Capital does not provide tax or legal advice.
