How to cope with financial strife after death

NOTHING in this world is certain except death and taxes - and they both come with heavy financial implications.

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There is a lot of admin to wade through after losing a loved one - especially if they owed money.

From understanding your liabilities to navigating a will and knowing when not to pay, two financial experts break down how to deal with debt after losing someone.

First steps: Pause, notify and organise

Handling financial matters after a loved one's death can feel overwhelming and daunting.

In Scotland, obtaining a “Confirmation” should be the priority. This legal document, issued by the Sheriff Court, authorises executors to deal with the deceased's estate. In some cases, particularly with relatively small estates or specific types of assets (like jointly owned property), Confirmation might not be needed.

Iain McLeod, head of private clients at St James's Place, said: “Banks and lenders will normally only take instruction from an executor or administrator.”

Securing this legal documentation allows the estate to be managed properly and prevents delays.

Daniel Woodhouse, external relations manager at Money Wellness, echoes the need for clarity and swift communication.