Financial Planning for Bereavement

If your loved one is already an IQ client, our dedicated advisers and support staff will have known them, their situation, and their finances very well. We will have already answered questions they have had, such as “How do I pass on my pension?”. This means we can help follow the paper trail more easily. We know exactly what protection, savings, and investments a client has, and how to deal with them once the client passes away. Even if you are coming to us for the first time, our team are experts in finding all the necessary information and navigating the complex processes involved.

Of course, we also offer general financial support and advice to give you reassurance and peace of mind during this challenging time. It is our deep commitment to a close client relationship, built around trust, that enables us to be right there when life is difficult. At what is often an emotional and confusing time, you can rely on us to communicate simply and clearly. Most importantly, we will be there for you and your family—whenever you need us and whatever for.

If you’ve been named an executor but have no idea how probate works—or indeed, you did not know you were the executor until your loved one died—then you’re not alone.   It’s also not uncommon for the bereaved to find probate quite slow and cumbersome to navigate, adding to the stress of the situation.

Applying for probate is the process whereby you obtain the legal right to deal with somebody's property, money and possessions when they die.  We can help you determine whether you need a grant of probate, how to apply for one, and what to do if a will cannot be located.

We can support beneficiaries and executors in navigating through probate, with advice and guidance to help smooth the process.

When building a client’s financial plan, one of the key things we consider is protection.

It’s so important to put the right protection in place to ensure that loved ones are financially supported when the client is no longer around. For a client in their younger years, this might mean support to replace income or to pay off a mortgage. Later in life, it might be to pay funeral costs or to manage an Inheritance Tax bill.

To support clients in bereavement, we liaise with insurers to make sure that any payouts from protection policies are made in a timely fashion, and in accordance with the deceased person’s instructions.

Losing a loved one is a stressful time. It’s easy to make rash or emotional decisions about how to deal with a large inheritance that might not be the best for you and your family in the long term.  If you’re wondering how to manage your inheritance responsibly, we can help.

Receiving an inheritance may also mean you feel more responsibility towards the money than you perhaps otherwise would. People are often more cautious with an inheritance than they would be with a different type of windfall.  If you’re wondering how you should invest a large inheritance, we can provide advice on handling it, considering factors such as tax implications and long-term financial goals.

Understandably, you might not want to decide what to do with your inheritance straight away. When you are ready, we can help you do what is right for you and your family. We can explain the tax implications of the inheritance—this might be ISAs, shares, property, or a range of assets—and provide you with independent, impartial advice on the best approach for you.

In challenging times such as the death of a loved one, taking financial advice can have a positive impact on your mental wellbeing. It can help you feel more in control, more confident, and less anxious about the situation, your responsibilities, and your future.

With two in five people suffering a deterioration in their mental health when dealing with the finances of a deceased person, talking to a financial planner can offer reassurance that makes a difference. Working with a trusted professional gives you the peace of mind that your finances, and that of your family, are in safe hands—invaluable at what could be a very difficult time.