Collating financial information when someone dies
Did you know?
The Financial Times reports that currently £77 billion of assets remains
unclaimed in the UK
It is the executor’s responsibility to collate all information relating to the deceased’s person’s asset and
liabilities. If the deceased left property, a large amount of cash or investments then the executor will
need to apply for a Grant of Probate. This will provide them with the legal authority to deal with the
deceased’s assets and, if relevant, sale of the property.
Before the Grant of Probate can be applied for the executor will need to complete a financial inventory
of all the deceased’s assets and liabilities to include:
• Property – was this owned jointly with
another person? It may be that the deceased
owned a share of the property (tenants in
common). The value of the property/share
must be established by way of an estate
agent’s valuation
• Bank accounts – obtain a statement that
shows the balance at the date of death
• Shareholdings – obtain the share price for the
date of death and multiply this by the number
of shares held. If you are unsure how to do
this you can speak to a stockbroker
• Investments – write to the organisation
holding the investment and request a valuation
for the date death
• Chattels (personal items) of a high value –
arrange a written valuation
• Vehicles – a local garage may value the vehicle
or you can use an online valuations website
• Cash found – if cash is found itmust be
recorded and helf safely by the executor
• If any utilities have been overpaid by the
deceased you will need to record these in the
financial inventory as a credit at the date of
death
Liabilities
When collating financial information, you will
need to ensure that you are aware of all liabilities
for example:
• Utility bills – gas, electric, water, telephone
and Council Tax
• Credit Cards, Store Cards
• Loans and finance
• Mortgages
• Overpayment of pensions and benefits
Once you have ascertained all assets and liabilities
you are now able to complete either the IHT 205
or IHT 400 form.
For more information please contact us:
[email protected], 01522 581570,
www.swwstrust.co.uk
The Society of Will Writers
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