How to deal with money issues after the death of a loved one

It can be a daunting proposition

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How to deal with money issues after the death of a loved one

How to deal with money issues after the death of a loved one

The death of a loved one is always an emotionally difficult time, but it can also give rise to financial issues that need to be tied up.

Here is a helpful list outlining the financial issues, supports and worries that can arise and how to deal with them:

Access to money - you will have to contact banks or institutions to alert them to the death of a loved one who holds an account with them. They will then be able to offer advice over access. 

Supports - Financial aids are available in Ireland to help families following a bereavement, including certain once-off Health Service Executive (HSE) Area and social welfare payments. You can find out more about them here

There are a number of benefits and entitlements following a death and you can see an overview of the different social welfare benefits here.

Guardian's payments - A guardian's payment or Orphan's Pension may be made to a person taking care of an orphan. In some cases it can be paid directly to the orphan. See here for more.

A brief summary of the tax treatment of unmarried and widowed people in the year of death can be seen here

Capital Acquisitions Tax - If you receive a gift, you may have to pay Gift Tax on it. If you receive an inheritance following a death, it may be liable to Inheritance Tax. Both these taxes are types of Capital Acquisitions Tax. See more here

You can see more advice and information on the financial implications after someone's death by clicking here.