Considering the death of a loved one isn’t a conversation many would like to think or talk about; however, it can be an important one. Losing someone – especially a spouse or partner, can have a huge impact on the family finances if you are not prepared for it. It could mean having to rely on emergency savings to get by or at worst falling into debt. Planning ahead to consider the financial implications of death as well as having a conversation with an independent financial planner could lessen the financial impact for those left behind at what would already be a difficult and stressful time.

Key questions to consider might be:
– How would you manage financially and what would be the impact on your household income, savings and expenditure?
– Do you have protection in place should the worst happen for example mortgage protection, term life assurance or family income benefit?
– Are you aware of the death benefits on your existing protections policies and would it be enough to repay your outstanding mortgage and other debts or make up for any lost income?   – Do you know what you would receive should your spouse or partner die?
– Would you be able to pay for a funeral?
– Do you both know where all the important documents are such as; wills, bank details, insurance policies or pension plans?
– Are you aware of the login details to access essential online accounts such as household bills?
– Do you have an up to date will?
– Will you be subject to inheritance tax?


Please find a useful and informative link of what to do when someone dies from the Money Advice Service – 

If you have any questions regarding financial planning, protection or inheritance tax, an independent financial adviser at Norfolk and Suffolk can help you.

This article aims to supply general information but it is not intended to constitute advice.  Every effort is made to ensure that the law referred to is correct at the date of publication and to avoid any statement which may mislead.  However, no duty of care is assumed to any person and no liability is accepted for any omission or inaccuracy.  Always seek specific advice.