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Financial planning you can do now to allow you to focus on the important things following a bereavement
Amy Woolliscroft7th July 2026
When a loved one has passed away, whether that’s following ill health, or completely unexpected, complicated finances are probably one of the last things you want to consider.
Some of the most frequent (and rewarding) feedback that we get back from clients is that we help them make a holistic financial plan, ensuring that they are working towards their objectives through careful financial planning, feeling reassured that they will achieve what they want to achieve for themselves, their family, and business.
Clients also value that when the time comes, they know there will be no financial loose ends that could prove not only stressful, but also financially detrimental for their loved ones.
So what can I do?
When the time comes, or is sadly expected soon, there are some important things to consider, and thinking about them now, ahead of time, may help ensure that you and your family can focus on what’s important following a loss – the family’s wellbeing.
A lot of what we are going to talk about is relative to the government’s current tax regulations but bear in mind that tax treatment depends on individual circumstances and may change over time. Where tax benefits apply, their value will vary based on your personal position and the rules in force.
1. Understanding what comes next - When someone passes away, their estate must be managed properly, which may involve applying for a Grant of Probate or Letters of Administration if the deceased left a will or died intestate, respectively. Familiarising yourself with these terms is beneficial as it helps set expectations on what needs to be done next. A family solicitor can help you with this.
2. Managing Immediate and Ongoing Expenses - In the wake of a bereavement, there will be financial obligations, such as funeral costs and possibly inheritance tax (IHT) liabilities, which can be substantial. It's vital to clarify how these expenses will be covered.
Prepaid funeral plans can alleviate some financial and emotional pressure, but if this isn’t in place, consider which resources, savings, or family assistance can help manage these costs. You could also look for help through bereavement grants offered by the government or community funds available for families facing significant loss. In the farming community, the Royal Agricultural Benevolent Institute (RABI) can often point you in the direction of local support.
If you or your loved one has a Whole of Life protection policy written into trust, the payout bypasses the lengthy probate process, allowing trustees to receive and distribute the funds - or pay inheritance tax liabilities and other expenses - quickly, often just a few weeks after a death certificate is issued. Ensuring that Whole of Life protection is written into trust also separates it from your estate, helping to cover any IHT liability, rather than add to the problem. There are lots of providers online, but working with a financial adviser ensures the policy is correctly set up.
Understanding these financial obligations and making sure you have enough to cover day-to-day expenditure (household bills, mortgage payments etc.) well in advance with your financial adviser can help make sure families and individuals are not left financially vulnerable at the worst time, especially if you are in a relationship where one relies on the other’s earnings. Sharing documents such as bank statements, insurance policies, and pension and investment details with your loved ones so they know where to find important details when the time comes will help provide clarity.
3. Wills and Financial Powers of Attorney – Remarkably, many people put off writing a will until much later in life – but if you or your partner die suddenly without a will there is a completely unnecessary extra layer of complications. Wills help make sure your assets go exactly where you want them to, appointing executors that you trust to process your wishes, protecting children and dependents and avoiding unnecessary family disputes.
Lasting Powers of Attorney (LPAs) are potentially one of the most important bits of administration you can do, protecting your loved ones if you are taken ill with a long-term and degenerative condition such as the effects of a stroke. An LPA ensures that joint bank accounts are not frozen, so loved ones can continue paying household bills etc. You might think your loved ones will be financially looked after if you pass away, but if you are in a coma for months, for example, then they could be in a real financial pickle without an LPA in place.
4. Emotional Wellbeing - During a stressful time, don’t neglect your emotional health and acknowledge the significant impact grief can have on your decision-making abilities. It’s advisable to take your time with big financial decisions, such as selling a home or business, where possible. Seek support from friends, family, or professional counsellors to process your feelings. As previously mentioned, the RABI can help point you in the direction of local support – call 0800 188 4444 or email help@rabi.org.uk
How can we help?
We know that the prospect of seeking financial advice can be intimidating but at Accession we work with our clients to make a plan that is holistic, incorporating all your life goals and working towards them in ways that are achievable. In an ideal world we would be working with you and your family from a much earlier stage of your life, but please be assured that if you have received a devastating terminal diagnosis, or are just aware that you are heading into the ‘winter season’ of life, it is never too late to work with a professional adviser to provide seamless financial guidance for you and your loved ones.
Accession specialises in providing high-quality, face-to-face intergenerational wealth management advice for farming families, professionals, rural businesses and families across Bedfordshire, Cambridgeshire, Northamptonshire and the surrounding counties.
All three Accession financial advisers – Emma Wilcock, Joe Moricca and Richard Jones - are Chartered Financial Planners and Fellows of the Personal Finance Society, accolades held by a very small number of financial advisers in the UK and meaning we are fully equipped to help guide you through planning for the future. They are also all Top-Rated Financial Advisers with VouchedFor, the independent review platform for professional services.
If you or someone you know would benefit from speaking to one of our advisers about planning for the future, please do contact us on 01832 279170 or accession@sjpp.co.uk to discuss your requirements and get an appointment in the diary.
Will writing and Powers of Attorney involve the referral to a service that is separate and distinct to those offered by St. James's Place and along with Trusts are not regulated by the Financial Conduct Authority.
SJP Approved 7/7/2027