Financial Advice Following a Bereavement – Experiencing the loss of a loved one is incredibly challenging, and it often brings with it a host of financial concerns. Finding the right financial advice during such a difficult time is crucial to managing the complexities that arise. Here’s a guide on where to get financial advice following a bereavement.
1. Government Resources
The UK government provides several resources to help you navigate the financial aspects of bereavement. GOV.UK offers comprehensive guidance on managing financial matters, including information on bereavement benefits, dealing with the deceased’s estate, and understanding tax implications.
Key Resources:
- GOV.UK Bereavement Guide: Offers detailed information on what to do when someone dies, including registering the death and arranging the funeral.
- Bereavement Support Payment: Financial support for those who have lost a spouse or civil partner.
2. Financial Conduct Authority (FCA)
The FCA oversees financial advisors in the UK and ensures they meet certain standards. Their website provides a register of regulated financial advisors, helping you find trustworthy professionals.
FCA Register:
- Find a Financial Advisor: Use the FCA’s register to locate a qualified financial advisor in your area.
3. MoneyHelper
MoneyHelper, provided by the Money and Pensions Service, offers free and impartial financial advice. They cover a range of topics, including dealing with debts, managing bills, and understanding benefits after a bereavement.
Key Services:
- MoneyHelper Bereavement Guide: Offers practical advice on managing finances and handling money after losing a loved one.
- Free Helpline: Access to financial guidance via phone or chat.
4. The Money and Pension Service
If your bereavement involves pension issues, the Money and Pension Service (formally the The Pension Advisory Service) can help. They provide free, independent advice on workplace and personal pensions.
Support Available:
- TPAS Helpline: Contact for guidance on how to handle pension-related matters after a bereavement.
- Online Resources: Extensive articles and guides on managing pensions.
5. Citizens Advice
Citizens Advice offers free, confidential information and advice to assist people with financial, legal, consumer, and other problems. Their advisers can help you understand your rights and the support available.
How They Can Help:
- Local Offices: Visit a local Citizens Advice office for face-to-face advice.
- Online and Phone Support: Access their services through their website or helpline.
6. Charity Organisations
Several charities provide specialised support and financial advice following a bereavement. These organisations can offer both emotional and financial guidance.
Notable Charities:
- Cruse Bereavement Support: Offers emotional support and practical advice, including financial aspects of bereavement.
- Age UK: Provides advice specifically tailored for older people dealing with the loss of a loved one.
7. Banks and Financial Institutions
Many banks and financial institutions offer bereavement services. They can help you manage the deceased’s accounts, deal with outstanding debts, and access any funds you might be entitled to.
What to Expect:
- Bereavement Services: Banks often have dedicated teams to help with account closures and estate management.
- Financial Advice: Some banks offer free financial advice to customers dealing with bereavement.
8. Independent Financial Advisors (IFAs)
For tailored financial planning and advice, consider consulting an independent financial advisor. They can help you understand your financial situation, plan for the future, and manage any inheritance or estate matters.
Finding an IFA:
- Unbiased.co.uk: A platform to find local, regulated financial advisors.
- FCA Register: Ensure the advisor is authorised by checking their status on the FCA register.
Final Thoughts
Coping with a bereavement is never easy, and managing the financial implications can add to the stress. However, numerous resources are available in the UK to provide guidance and support during this difficult time. Whether you seek help from government resources, independent advisors, or charitable organisations, knowing where to turn can make the process more manageable. Taking advantage of these services can help you navigate financial matters with confidence and peace of mind, allowing you to focus on healing and remembrance.
