Helping you. to work through finances during bereavement

Transcription

1 Helping you to work through finances during bereavement

2 Contents Helping you work it through We re here to help you 2 What you ll need to provide 3 If you have questions 4 Useful contacts 7 Some legal terms explained 9 Checklists for what we need from you 11 Has everything been taken care of? 15 For your information 16 When a family member, friend or someone close to you dies, it s naturally a very distressing time. As well as dealing with the emotional upset, you may also be faced with having to sort out his or her financial affairs. We will do our best to help you through this process. In this booklet, you ll find information on some of the practical actions you may need to take. 1

3 We re here to help you What you ll need to provide If you need to sort out the banking affairs of one of our customers who has passed away, we can take you through the process as clearly and as sensitively as possible. We've set up a Bereavement Support unit, dedicated to providing helpful and practical information. If you need to contact them, you can call them on the relevant number below (from within ROI) (from outside ROI) Or you can write to: Bank of Ireland Bereavement Support Unit PO Box 365 Dublin 18. We will not be able to act on your instructions until we have received the documentation we require. So if you can, try to get all the necessary paperwork together as quickly as possible. (i) Identification If you are the person entitled to administer the estate of the deceased, we will need some proof of identity from you so that we can deal with your requests. Take a look at our checklist on page 11 to see what forms of ID are required. (ii) Proof of Death We will need a certified copy of the Death Certificate, a certified extract of the Will naming executor(s) (if available) and ultimately we may need either a certified copy of the Grant of Probate or Letters of Administration. If you need information about obtaining the Death Certificate or a range of other support resources visit for help. Also see page 7 for a list of helpful contacts. Please do not post original documentation to Bank of Ireland. If you meet with us, we can certify copies of them and return all the documentation to you. (iii) The Executor or representative We also need details of the person authorised to represent the estate. If it is a solicitor, he or she will to tell us this in writing. If the estate has a value of over 25,000 we will need either a certified copy of the Grant of Probate or a certified copy of the Grant of Letters of Administration to enable us to deal with the assets. Your solicitor will be able to advise you on how to apply for these. If you do not wish to engage the services of a solicitor, the Probate Office of the High Court have an office dedicated to helping people or If you are the person entitled to administer the estate and you live outside the Republic of Ireland, you may need to contact a solicitor in Ireland. 2 3

4 If you have questions Where do I get the Death Certificate? The Death Certificate is issued by the Registrar of Births, Deaths and Marriages. You are usually able to get a Death Certificate immediately when you register the death. Do I need a solicitor? Only you can decide how much advice and support you will need. This can depend on the size of the estate and the type of assets, such as property or investments or the number of beneficiaries named in the will. As a general rule, larger and more complex estates need more professional support. What does an executor do? It s the executor s job to locate the will, apply for the Grant of Probate, carry out instructions for funeral arrangements, collect all assets, and pay any outstanding debts and distribute the assets in accordance with the deceased person s instructions. What if there is no will? If someone dies without a valid will, they are said to have died intestate. An Administrator must be appointed to look after the estate (rather than an executor). In this situation, the estate typically passes to the deceased person s next of kin, as set out in the Succession Act, In these circumstances, you may wish to seek advice from a solicitor. What is Probate? Probate is the legal process where the Probate Office of The High Court certifies the authenticity of the will and allows the executor to act. What happens to joint bank accounts? If a joint account is to pass to the person(s) named on the account who are still living, then it does not form part of the deceased s estate and passes immediately to the other joint account holder(s). If it is legally possible, we can then agree with you to allow the account to operate, and we will remove the name of the deceased person from the account name, bank statement and chequebook if appropriate. It is important to remember that the surviving joint account holder is still responsible for the account until arrangements are made to close it. What happens to credit cards? If the deceased person had a credit card, you may need to consider cancelling any existing direct debits attached to the card. Do ensure the card is kept securely. The deceased person and I have a mortgage together. What happens to it? You will need to continue paying your loan until the mortgage is cleared from the life assurance policy, if there is one. Interest will continue to be added to the account. If you are unable to meet your regular loan repayments, get in touch with your local branch. Alternatively, you or the representatives of the deceased s estate, such as a solicitor, can apply to postpone mortgage payments until the life assurance proceeds are paid out. If there is no life assurance policy affecting the loan, you and the estate will continue to be liable to repay the loan in full. What happens to trust accounts? If the deceased person held a trust account and you are a beneficiary, we recommend that you seek independent financial and/or legal advice. Can standing orders or direct debit payments continue from a deceased s sole account? No, the account will be blocked from the date of notification of the death. Any standing orders or direct debits will then be returned unpaid after notification. It is important that you notify us of death as soon as possible. You will need to contact all direct debit creditors linked to the deceased s bank account. Under SEPA, the originator is also known as the creditor. 4 5

5 What happens with interest charges on loans or mortgages? Unsecured debts such as credit cards and unsecured fixed rate personal loans do not accrue any ongoing interest charges. However, secured debts such as mortgages or secured personal loans will continue to accrue interest charges until the estate is finalised and the loan is repaid or refinanced. What is safe custody? We are sometimes asked to keep items securely. This is called safe custody. At your request, we will conduct a search to find out if the deceased person had anything held in safe custody. We will not know the contents of the safe custody packet. We cannot release any items in safe custody until either the Grant of Probate or Letters of Administration have been granted. You will be required to apply for probate if you are aware of a safe custody holding, although the executor or personal representative may attend the branch to view the item. If the item in safe custody contains the original will, this will be released to the executor. How long will it take to settle a deceased person s finances? The time needed to finalise your dealings with us can vary considerably. We will work with you to do this in the best manner possible. What do I do if Bank of Ireland is still sending mail? It is normal to receive a final statement for any transaction account once it s been finalised, showing a nil balance. If you continue to receive mail in the deceased person s name from us after this, please contact your branch or the Bereavement Support Unit, as we do not want to cause you any further distress. Useful contacts If you need to contact us you can contact us by writing to this address: Bank of Ireland Bereavement Support Unit PO Box 365 Dublin (from within ROI) (from outside ROI) There is also a range of other services that may be able to assist you at this time: Registrars of Births, Deaths and Marriages The Registrars of Births, Deaths and Marriages should be contacted to obtain a death certificate. Registrars of Births, Deaths and Marriages General Register Office, Government Offices, Convent Road, Roscommon. Tel: (090) LoCall: Fax: (090) Department Of Social Protection Social Welfare Services, College Road, Sligo. Bereavement Grant Section Social Welfare Services Office, Government Buildings, Ballinalee Road, Longford. Tel: (043) LoCall: Child Benefit Section Social Welfare Services Office, St. Oliver Plunkett Road, Letterkenny, Co. Donegal. Tel: (074) LoCall: Tel: (071) LoCall:

6 Treatment Benefit Section Social Welfare Services Office, St. Oliver Plunkett Road, Letterkenny, Co. Donegal. Tel: (074) LoCall: Information Services You can contact Information Services if you need an information booklet/leaflet or application form. Information Services College Road, Sligo. LoCall: Revenue Commissioners Revenue services are provided on a regional basis. You may need to inform them of anything you have received in a will. Revenue Commissioners National Capital Acquisitions Tax Information Unit 1st Floor Central Revenue Information, Cathedral Street Dublin 2. LoCall: The Probate Office The Probate Office issues grants of probate and administration. There are also 14 District Probate Registries. The Probate Office 1st Floor Phoenix House, Phoenix St. North, Smithfield, Dublin 7. Tel: (01) Fax: (01) Pensions Authority (previously the Pensions Board) The Pensions Authority (previously the Pensions Board) regulates occupational and personal pension schemes in Ireland, and can offer advice on a deceased person s pension. Pensions Authority Verschoyle House, Lower Mount Street, Dublin 2. info@pensionsauthority.ie Tel: (01) LoCall: Some legal terms explained Administrator A person appointed by the Probate Office of the High Court to handle the estate of someone who has died without leaving a valid will (intestate). The person entitled to act as Administrator is set out in the Succession Act, More than one administrator may be appointed. Beneficiary A person who is left something in a will or who has property held for them by trustees or executors. Certificate of Balance A list of accounts including account balances held by the deceased person. Death Certificate An official certified copy of the information registered when someone dies, including the date, place and cause of death. Deceased Estate The sole property and assets belonging to a person who has died is called their estate. Certified copy Certified copies are copies of original documents (like passports or death certificates) which have been branded original sighted and signed by an authorised official. To get a certified copy of a document, contact an accountant, barrister, solicitor, bank or building society official, commissioner of oaths, notary public, justice of the peace, FSA-registered broker/introducer, Post Office official (UK only), attorney or a serving member of An Garda Síochana. Please ensure that the following wording is used: True certified copy of Original. For photographic identification, please ensure that the following wording is used: "photograph on original sighted bears a good likeness to the subject". The person carrying out the certification should also include their signature, the date, their name and position / staff number (if applicable), and a business stamp or full address and contact details. Executor A person name in someone s will to carry out his or her wishes. There may be more than one executor and their duties will typically include ensuring that Inheritance Tax due is settled and applying for Grant of Probate. Grant of Probate 8 9

7 This is applied for through the Probate Office of the High Court. It confirms that a person s will is valid and confirms the executor as the representative of the person s estate. It is sometimes referred to simply as Probate. Inheritance Tax Inheritance Tax is a tax which may need to be paid by a person who receives an inheritance depending on their relationship to the person who died and depending on their individual thresholds. The date when an inheritance is taken may vary depending on the type of in heritance. For example, some inheritances are deemed to be taken at the date of death, where others are deemed to be taken on the date of issue of the Grant of Probate or Letters of Administration. You should consult the Revenue Commissioners or your solicitor to establish what the relevant date is. Intestate A person dies intestate if they do not leave a valid will. In this case, an application needs to be made to the Probate Office of the High Court for Letters of Administration. Letters of Administration An official order issued from the Probate Office of the High Court appointing an administrator of a deceased person s estate where no valid will exists. Next of Kin A person s closest living relative or relatives. This is usually their surviving husband, wife, civil partner or their children. If the deceased has no surviving spouse, civil partner or children, then their parents, brothers and sisters may be their next of kin. Personal Representative This general term refers to either an administrator or executor. Will A valid will is a legal document detailing how a person wishes their estate to be distributed upon their death. It specifies the person or people he or she wants to carry out the will s instruction. Checklists for what we need from you Releasing funds for Funeral Director Expenses 1. Enough money in the account to cover the funeral expenses 2. Certified copy of the Death Certificate 3. Funeral director s invoice 4. Our payment authorisation form signed by the executors or next of kin Releasing funds for other Funeral Related Expenses You can also pay for additional funeral expenses like refreshments, memorial cards and the headstone from the deceased s account(s). We just need the following documents from the executors or next of kin: 1. Enough money in the account to cover the expenses 2. Certified copy of the Death Certificate 3. Certified extract of the Will naming executor(s), or a letter naming the next of kin if there is no will 4. Original invoice or receipt 5. Our indemnity form for funeral related invoices, completed by the executors where there is a valid will, or signed by all next of kin if there is no will 10 11

8 Withdrawing funds from accounts if the estate is less than 25, Certified extract of the Will naming executors or a letter naming the next of kin if there is no will 3. Our indemnity on payment of monies from deceased customer s account form, completed by the executors where there is a valid will or by all next of kin if there is no will 4. Our payment authorisation form, signed by the executors or by all next of kin if there is no will Withdrawing funds from accounts if the estate is more than 25, Certified copy of the Grant of Probate or Letters of Administration 2. Our payment authorisation form, signed by the executors or by all next of kin if there is no will Settling and closing travel insurance policies 2. Contact the insurer to notify them 3. Travel booking invoices and medical expenses (if making a claim) 4. Travel tickets (if making a claim) 5. Claim form (if making a claim) 6. Contact the insurer to notify them Settling and closing personal or motor payment protection insurance (PPI) policies 2. Contact the insurer to notify them Settling and closing a credit card PPI policy 2. Contact the card issuer to notify them If you hold any of the following products or policies with Bank of Ireland, please indicate this when notifying us. The following will be required. Settling and closing home insurance policies Settling and closing Personal Accident or Hospital Cash policies 2. Contact the card issuer to notify them 2. Contact the insurer to notify them 12 13

9 Settling and closing credit cards 1. Details of the estate to settle outstanding payments 2. Certified copy of the Death Certificate Has everything been taken care of? Use this checklist to make sure that you ve covered all the deceased person s personal affairs Settling and closing mortgage and /or life assurance policies 1. Certified copy of Grant of Probate or Letters of Administration 2. Certified copy of the Death Certificate 3. Deed of Assignment 4. Claim form 5. Certified copies of Birth Certificates of the lives insured 6. Original Policy Documents **Life assurance policies may be subject to medical assessment Settling and closing a pension. 2. Certified copy of Birth Certificate. 3. Certified copy of Marriage Certificate. 4. Beneficiary bank details. Bills and direct debits Rent Gas Oil Electricity Water Internet Phone Mobile phone TV rental or cable Medical Taxation Other Other financial institutions Building Society Post Office Credit Union Store Cards Insurance policies Life assurance Credit card insurance Personal loan insurance Home/contents insurance Car insurance Health Insurance Income protection insurance Investments Financial planning/investment products Occupational and personal pensions Other organisations Passport Office Motor Taxation Office Train or Bus Saver tickets Social Welfare TV Licence Gym or sports clubs Other clubs Library membership Revenue Commissioners 14 15

10 For your information These are the documents we can accept as either proof of address or as identification. Proof of Identity Passport Driver s licence: full or provisional (or learner permit) with a photo issued in the Republic of Ireland or the UK National ID Card (EU) Garda ID Card (issued by the Department of Justice and Equality) Army ID Card (issued by the Department of Justice and Equality) Telephone directory Thoms Directory or available street directory A document posted to you from one of the following: National utility provider Government department State sponsored body Semi-State body Local refuse collectors Local employer (employing ten or more people) Major retailer Age Card issued by the Garda Community Relations Bureau Proof of Address Utility bill (less than six months old) or a bank statement Children s Allowance Book Driver s licence: full or provisional (or learner permit) (These may only be used for either proof of identity or proof of address, but not both.) House or car insurance documents Revenue Commissioners Balancing Statement Revenue Commissioners C2 Certificate Social Insurance document Tax-Free Allowance Certificate Disability Allowance Book Disability Pension Book Local Electoral Register held at post offices, libraries and Garda stations Pension book 16 17

11 Home Insurance is provided by Bank of Ireland Insurance Services Limited. Bank of Ireland Insurance Services Limited is a member of the Bank of Ireland Group. Bank of Ireland Insurance Services Limited is regulated by the Central Bank of Ireland. Bank of Ireland Home Insurance is underwritten by RSA Insurance Ireland Limited. Bank of Ireland Insurance Services Limited is tied to RSA Insurance Ireland Limited for the purpose of selling Home Insurance. RSA Insurance Ireland Limited is regulated by the Central Bank of Ireland. Bank of Ireland is regulated by the Central Bank of Ireland. Cover is subject to underwriting criteria and terms and conditions apply.. Travel Insurance is provided by Bank of Ireland Insurance Services Limited. Bank of Ireland Insurance Services Limited is a member of the Bank of Ireland Group. Bank of Ireland Insurance Services Limited is regulated by the Central Bank of Ireland. The Travel Insurance cover is underwritten by AIG Europe Limited. AIG Europe Limited is authorised by the Prudential Regulation Authority of the United Kingdom, and is regulated by the Central Bank of Ireland for conduct of business rules. Payment Protection Insurance is provided by Bank of Ireland Insurance Services Limited. Bank of Ireland Insurance Services Limited is a member of the Bank of Ireland Group. Bank of Ireland Insurance Services Limited is regulated by the Central Bank of Ireland. Payment Protection Insurance is underwritten by Financial Insurance Company Limited, trading as Genworth Financial. Bank of Ireland Insurance Services Limited is tied to Financial Insurance Company Limited, trading as Genworth Financial, for the purpose of selling Payment Protection Insurance. Financial Insurance Company Limited, trading as Genworth Financial is authorised and regulated by the Financial Conduct Authority of the United Kingdom, and is regulated by the Central Bank of Ireland for conduct of business rules. Bank of Ireland Mortgage Bank trading as Bank of Ireland Mortgages is regulated by the Central Bank of Ireland. Life assurance and pension products are provided by New Ireland Assurance Company plc trading as Bank of Ireland Life. Advice on Bank of Ireland Life products is provided by Bank of Ireland Insurance & Investments Limited. Bank of Ireland Life is a trading name of New Ireland Assurance Company plc. New Ireland Assurance Company plc trading as Bank of Ireland Life is regulated by the Central Bank of Ireland. A member of Bank of Ireland Group. Bank of Ireland Insurance & Investments Limited is regulated by the Central Bank of Ireland. Bank of Ireland Insurance & Investments Limited is a tied agent of New Ireland Assurance Company plc and is a member of Bank of Ireland Group. Bank of Ireland is regulated by the Central Bank of Ireland. Information is correct as at November R (10/15)