How to settle your finances after the death of a Loved One
While it is hardly the most joyous quote ever uttered, Benjamin Franklin once proclaimed that there were only two certainties in life; chiefly death and taxes. While some may be well versed in the art of avoiding taxation and its relentless repayments, however, there is not a single individual in history who has ever avoided the spectre of death.
Given the finality and certainty of death, it is inevitable that we will lose loved ones at some point in our lives. While dealing with this emotional hardship is difficult enough in itself, it becomes even more daunting given the need to settle finances, organise estates and distribute shared assets.
How to organise finances in the event of a family Death
Given the magnitude of this challenge, it is important to seek out knowledge and adopt a proactive approach to settling estates and managing finances. For example: –
You must Access the will and settle the Estate
Initially, it is crucial that you access your family member’s will to ensure that their living wishes are carried out in death. The process of distributing and settling a loved one’s estate should be overseen by the executor, who is named in the will and has the responsibility of organises all finances and assets with the assistance of a solicitor or legal representative. This is the most important part of the process, as once an executor of an estate has been identified; assets can be shared, managed and distributed in the precise way that the deceased intended in life.
Split Shared Assets through sale or joint ownership
Occasionally, the process of settling an estate may be complicated by the presence of shared assets. If you are bequeathed a property with your siblings once a parent had died, for example, you are left with the challenging process of sharing a high value asset that cannot realistically be distributed equally. Bereavement means that you are unlikely to feel the need to retain such a property, however, so liquidising it through a quick sale ensures fairness and a speedy resolution. To make the process even simpler, you can partner with a rapid house buying firm such as Quick Buyers and offload your property without compromising on profitability.
Settle all remaining accounts
The next and final step is to settle all remaining accounts and debts, and you can begin this process by requesting a grant of representation. This affords you the legal right to access the deceased’s bank account and other financial information, as you look to contact lenders, pension providers and other service providers to settle and close all accounts. While this may enable you to acquire funds in some instances, there may also be debts that need to be settled using capital from the remaining estate.