Getting the Word Out: Notifying Banks, Insurers, and Pensions

Once someone passes away, letting all the relevant financial organisations know is a fundamental early step. It sounds like a mountain of phone calls and letters, but it is essential for securing the estate and getting the information you need. Let’s break down who to tell and the smartest way to do it.

Who Needs to Be Notified?

You need to inform any organisation the deceased held accounts, policies, or investments with. Think broadly:

• Banks and Building Societies: Current accounts, savings accounts, ISAs.
• Credit Card Companies: Including store cards.
• Mortgage Lenders: For any property loans.
• Loan Providers: Personal loans, car finance etc.
• Insurance Companies: Life insurance, home insurance, car insurance, private health insurance.
• Pension Providers: Both state pension (DWP) and private or workplace pensions.
• Investment Companies: For shares, bonds, unit trusts.
• HMRC: For tax affairs.
• Department for Work and Pensions (DWP): To stop state pension and benefits payments.

Being thorough now prevents complications later. Use the deceased's paperwork as your checklist.

The Notification Process: What to Expect

1. Initial Contact: Notify each institution as soon as possible after the death. You will usually need to provide a copy of the death certificate.
2. Account Freezing: Once notified, banks will typically freeze the deceased's sole accounts to prevent unauthorised access. Joint accounts usually pass to the surviving owner, but the bank still needs notification.
3. Information Gathering: This is your chance to request the date of death balances and details of any policies or investments held, crucial information for valuing the estate.

Streamline the Task: The Death Notification Service

Ringing every single bank and provider can be a real drag. Thankfully, there’s a free service designed to make this easier.

• What it is: The Death Notification Service lets you notify several member banks and building societies about a death, all in one go, online or by phone.
• How it Helps: It saves you considerable time and repetition. You provide the details once, and the service passes them securely to the participating organisations.
• Is it Comprehensive? It covers many major UK banks and building societies, but not all financial institutions (e.g., insurers, pension providers, HMRC usually need separate notification). Check their website for the current list of members. You will still need to contact any non members directly.

Our View: Use the Death Notification Service where you can; it's a massive help. Then tackle the remaining organisations individually.

Documents You Will Need

• Initially: Have the death certificate ready. Most organisations will need to see an original or certified copy before taking action.
• Later: Once you have it, the Grant of Probate will be required to formally close accounts, sell investments, or claim policy payouts.

Keep Track of Everything

Maintain a clear record of:

• Which organisations you have notified.
• When you notified them.
• Who you spoke to (if by phone) and any reference numbers.
• What information they provided (e.g., account balances).

This helps you stay organised and chase up any stragglers.

Wrapping Up

Notifying financial institutions is a necessary administrative task, but services like the Death Notification Service can lighten the load significantly. Getting this done early secures the accounts and helps you gather the key details needed for probate.

You are working through these steps methodically. Keep those records clear, and you will manage this efficiently. We are here to guide you through the next stage.