Dealing with the financial affairs of someone who has died is a detailed process that involves valuing their estate, settling debts and taxes, and distributing assets according to the will or intestacy laws. The executor or administrator is legally responsible for managing the deceased’s property, money, and possessions, known as the estate, from the date of death until everything has been passed on to beneficiaries. This includes applying for probate if required, informing banks and government departments, arranging the funeral, and ensuring all outstanding bills and taxes—such as Inheritance Tax and Capital Gains Tax—are paid before any inheritance is distributed. Probate is usually needed if the estate includes property, stocks, or significant sums of money, and the process can take several months to a year, depending on the complexity of the estate and whether there are disputes or complications.
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Dealing with the financial affairs of someone who has died?
Recent statistics show that in the tax year 2021 to 2022, only 4.39% of UK deaths resulted in an Inheritance Tax (IHT) charge, with the average IHT bill standing at £215,000 for taxpaying estates. The probate process itself has become more efficient, with grants of probate now taking an average of 7–9 weeks to be issued, thanks to digital applications. However, less than half of UK adults have discussed their wishes after death, and only 44% have made a will, which can complicate matters for those left behind. Nearly half of estates valued up to £325,000 involve paid professional help, rising to almost three-quarters for estates over £650,000, particularly when inheritance tax or trusts are involved.
Here’s a table summarising the key steps and considerations when dealing with the financial affairs of someone who has died:
| Step | What It Involves |
|---|---|
| Register the death | Obtain the death certificate and notify government departments using the Tell Us Once service. |
| Locate the will | Establish who is the executor and who inherits the estate. |
| Value the estate | List all assets (property, savings, investments, personal belongings) and debts. |
| Apply for probate | Legal authority to manage and distribute the estate; required for most property and large estates. |
| Pay debts and taxes | Settle outstanding bills, loans, and any inheritance or capital gains tax due. |
| Distribute the estate | Transfer assets to beneficiaries as per the will or intestacy rules. |
| Prepare final accounts | Document all financial transactions and obtain approval from beneficiaries. |
Reddit users often highlight the emotional challenges and practical hurdles of managing a loved one’s estate, from tracking down paperwork to dealing with family disagreements. Many recommend seeking professional advice if the estate is complex or if there are multiple beneficiaries, as this can help avoid costly mistakes and delays.
Sarah from Chester inherited a house but struggled to keep up with mortgage payments and the probate process. By reaching out to Property Saviour, she was able to sell inherited house quickly, settle outstanding debts, and move forward with peace of mind. If you’re facing a similar situation and need certainty and speed, we buy any property and can offer a guaranteed sale with empathy and understanding.
What Happens If There Is No Will?
If someone dies without a will (intestate), the law decides who inherits their estate. The next of kin can apply for a grant of administration to manage the estate, but the process can be more complicated and time-consuming. It’s always advisable to seek legal advice in these circumstances, especially if there are disputes among potential heirs.
How Long Does Probate Take?
The average time to receive a grant of probate is now around 7–9 weeks for digital applications, but the full administration of an estate can take several months or even more than a year if the estate is complex or contested. Delays may occur if there are missing documents, disputes, or tax issues.
Do I Need Probate to Sell an Inherited Property?
Yes, probate is usually required to sell inherited property unless it was jointly owned with the deceased. Once probate is granted, the executor can legally transfer or sell the property. If you need to sell quickly, a cash house buyer like Property Saviour can help you complete the sale without unnecessary delays.
Key Tips for Executors and Administrators
Gather all relevant documents, including the will, death certificate, and details of assets and debts.
Notify all relevant parties, from banks to utility providers.
Seek professional advice if the estate is large, includes trusts, or if you feel overwhelmed.
Keep clear records of all transactions and decisions.
Don’t distribute assets until all debts and taxes are settled.
If you’re dealing with the financial affairs of someone who has died and feel overwhelmed, Property Saviour is here to help. We offer a guaranteed sale for inherited properties, providing certainty and support during a difficult time. Get in touch today for a no-obligation chat—whatever your situation, we’re here to help you move forward.
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