When a client dies, our priority is to support their family by ensuring that the management of the client’s assets is handled as smoothly and stress‑free as possible. To help during this difficult time, we have outlined below the key information we will need and what the family can expect throughout the process.
GIA & ISAs
Please contact us as soon as you are able to let us know that your client has passed away. We will then confirm that we require the following:
- An original death certificate, or a certified copy.
- The name, date of birth, and full contact details of the person handling the deceased client’s affairs (the Executor), including their address, telephone number, and email address.
- A copy of the Executor’s ID.
- The date of death.
- A copy of the Grant of Probate or Letters of Administration. If this is not yet available, we can accept a copy of the client’s will in the meantime as evidence that the Executor is authorised to act.
Please note: If the client’s total holdings on the platform are less than £5,000, we will accept a copy of the will only, and a Grant of Probate or Letters of Administration will not be required.
Once we have been notified of the client’s death, we will update the client’s name to include “Estate of the Late” and place the accounts into a suspended status. This will stop any ongoing fees. You will still be able to view the account, but no changes can be made.
After receiving confirmation of the date of death, we will delink any models on the client’s accounts and remove any existing recurring payments.
When we receive the Executor’s ID and either the Grant of Probate or Letters of Administration, we will verify the Executor’s identity. The deceased client’s address and email address will then be updated to the Executor’s details.
We will then contact the Executor to outline the next steps and will copy in the adviser registered to the account. This communication will include a valuation as at the date of death and a payment instruction form.
Please remember that if the Grant of Probate has not yet been provided and the value of the plan exceeds £5,000, this must be supplied before any funds can be distributed. In the event that funds are required before probate can be obtained e.g:
- where an IHT bill is outstanding, and this needs to be paid before a GOP can be produced
- To pay for funeral costs
- To hold cash on account to avoid market risk
an Executor can sign a declaration and indemnity form which provides authority to us to sell funds on their behalf, and make payment directly to HMRC or a funeral director.
Once we have received bank details and ID for each beneficiary, we will validate this information. We will then carry out the necessary sales within the client’s account and arrange payment to the beneficiaries.
SIPPs
Please contact us as soon as you are able to let us know that your client has passed away. We will then confirm that we require the following:
- An original death certificate, or a certified copy.
- An original or certified copy of the will
- The date of death
- The name, DOB and contact details of the person handling the deceased client’s affairs (executor or next of kin) to include address, telephone number and email address.
Once we are notified of the client’s death, we will update the client’s name to include “Estate of the Late” and place all accounts into a suspended status. This stops any ongoing fees. The account will remain visible for reference, but no changes can be made.
After we receive confirmation of the date of death, we will delink any models attached to the client’s accounts and remove all existing recurring payments.
When the Executor’s ID and either the Grant of Probate or Letters of Administration are provided, we will verify the Executor’s identity. At that point, the deceased client’s address and email details will be updated to the Executor’s.
The pension trustees will then review the Will, any expression of wishes, and the information supplied by potential beneficiaries. Based on this, they will decide how the funds should be distributed. Once a decision has been made, the Service Team will contact the selected beneficiaries and the Executor or next of kin (if different) to inform them of the outcome and issue a payment instruction form.
If we do not already hold identification for any beneficiary who is due to receive funds, we will request a copy of their ID or provide an electronic verification link.
Beneficiaries will then confirm how they wish to receive payment, and funds will be transferred to the relevant bank accounts.
Beneficiaries may also choose to transfer the funds internally into a beneficiary drawdown. In this case, the new account must be set up by a registered adviser, and the Account ID must be included on the payment instruction form. The account must be active before any payments can be made.