Losing a loved one brings overwhelming grief alongside a daunting pile of administrative tasks, now commonly referred to as 'deathmin'. From sorting through accounts to managing an estate, the process can feel insurmountable during a time of emotional turmoil.
A methodical approach to death administration
Laura Linden, a fractional Chief Finance Officer and money expert, has developed a professional strategy to make this process manageable. Using techniques from her corporate finance background, she provides a structured plan that helps people navigate their loved one's finances without becoming overwhelmed.
"When someone dies, everything feels urgent. It isn't," explains Linden. Apart from notifying close family and ensuring dependents and pets are safe, most financial tasks can realistically wait a few days. The system creates pressure for immediate action, but giving yourself space to process emotions first actually leads to better decision-making.
Practical steps for managing financial affairs
Before contacting any organisations, Linden recommends creating what she calls a "money map" - a comprehensive tracker of every account, bill, policy, subscription and asset. This involves reviewing bank statements, emails, postal correspondence and even the deceased's phone to build a complete picture of their financial landscape.
The initial focus should be on identifying who's being paid, who's owed money, and what regular payments are coming in and going out. This visibility prevents surprises later, such as discovering ongoing subscriptions charging significant amounts.
Starting with "easy wins" creates momentum during this difficult time. Cancelling subscriptions, stopping direct debits and freezing cards provide practical benefits by preventing unnecessary expenses while building confidence to tackle more complex tasks.
Leveraging government services and managing costs
The UK's Tell Us Once service, available through local registrars, efficiently notifies multiple government departments about a death, covering areas including tax, pensions, benefits and official documents. For financial institutions, the Death Notification Service allows one form to alert multiple banks and building societies.
Hidden costs represent another critical consideration. Empty properties still require insurance and basic utilities, with many insurers restricting coverage after 30-60 days of vacancy. Being proactive about these matters prevents expensive problems like property damage or council tax errors from developing.
For those dealing with joint accounts or shared finances, clarity is essential. Some accounts freeze automatically when one person dies, while others continue operating. Surviving partners should prioritise their financial stability by gradually moving recurring bills to accounts in their name.
Managing complex situations and planning ahead
When small businesses are involved, the administrative burden increases significantly. Linden advises prioritising continuity over control, ensuring business accounts remain separate from personal ones and that trusted individuals know how to access essential information. Engaging the company accountant provides valuable support during this transition.
Throughout the process, using checklists rather than relying on memory proves crucial. Grief naturally affects cognitive function, making written records of contacts made, pending actions and required paperwork essential for maintaining progress.
Confronting debts and bills directly, while challenging, prevents larger problems later. Most lenders, utility companies and councils have bereavement departments that can pause interest charges or collections while the estate is being settled.
Having navigated this process professionally, Linden emphasises the importance of creating your own emergency folder containing essential information about accounts, policies, passwords and key contacts. "The best gift you can give the people you love isn't money - it's clarity," she concludes.
Laura Linden's book, 'UNF*ck Your Business Finances: Unlearn the Shame, Reclaim the Power and Change the Game' is scheduled for publication in December.
