Collating Financial Information When Someone Dies

Did you know?    The Financial Times reports that currently £77 billion of assets remains unclaimed in the UK

It is the executor's responsibility to collate all information relating to the deceased's person's asset and liabilities. If the deceased left property, a large amount of cash or investments then the executor will need to apply for a Grant of Probate. This will provide them with the legal authority to deal with the deceased's assets and, if relevant, sale of the property.

Before the Grant of Probate can be applied for the executor will need to complete a financial inventory of all the deceased's assets and liabilities to include:

  • Property - was this owned jointly with another person? It may be that the deceased owned a share of the property (tenants in common). The value of the property/share must be established by way of an estate agent's valuation
  • Bank accounts - obtain a statement that shows the balance at the date of death
  • Shareholdings - obtain the share price for the date of death and multiply this by the number of shares held
  • Investments - write to the organisation holding the investment and request a valuation for the date death
  • Chattels (personal items) of a high value arrange a written valuation
  • Vehicles - a local garage may value the vehicle or you can use an online valuations website
  • Cash found - if cash is found it must be recorded and held safely by the executor
  • If any utilities have been overpaid by the deceased you will need to record these in the financial inventory as a credit at the date of death


When collating financial information, you will need to ensure that you are aware of all liabilities for example:

  • Utility bills - gas, electric, water, telephone and Council Tax
  • Credit Cards, Store Cards
  • Loans and finance
  • Mortgages
  • Overpayment of pensions and benefits

Once you have ascertained all assets and liabilities you are now able to complete either the IHT 205 or IHT 400 form.

Please contact us if you need assistance on 01823 336265

4 July 2019

The views expressed in this blog do not in any way constitute advice and are specific to the date noted. As time passes the facts can change and readers should consult their adviser for up to date advice on any matters covered within the blog. Invest Southwest offers an initial review, which is free of charge, however long it takes. From this we will be able to confirm how we can help and give you an opportunity to decide if you would like us to. Thereafter, we will provide you with detailed recommendations and exact costs. Please note that we promise not to levy any kind of fee unless we can demonstrate a benefit to you.

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