YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE PAYMENTS ON YOUR MORTGAGE.
Where you are currently making interest only payments to your mortgage it is your responsibility to ensure that you have adequate means to fully repay your balance at the end of the term.
The Society discloses details of your payment history to Credit Reference Agencies, please be aware that when mortgage payments are not made to your account this may effect your credit rating with these Agencies. BEREAVEMENT GU IDE
Ipswich Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered on the Financial Services Register, Firm Registration Number (FRN) 104875. PO Box 547 Ipswich IP3 9WZ 0330 123 0723 www.ibs.co.uk Correct as at 1 February 2018 IBS06 (08/18) Losing someone close to you can be very difficult. In addition to the emotional upheaval WHAT TO of coping with a death, you may also need to take care of the practical matters. This guide DO F IRST has been put together to help you deal with any
accounts that the deceased held with us. Register the death If there is no Will This should be done at the registry The deceased’s estate is distributed office closest to where the death according to the law of intestacy. This occurred. The registry office will law determines how the estate is divided If you have any issue you with a certified copy of the and shared. For more information on registration of death and should offer intestacy visit www.gov.uk. questions, or if there you the ‘Tell Us Once’ service. For more information on the ‘Tell Us Once’ is anything else you service, please visit www.gov.uk. Establish whether are unsure of, we are probate is required Please contact us on here for you. Obtain the Will Probate refers to the right to manage the affairs of the deceased. This is 0330 123 0723 or e-mail Having the most up to date Will is usually required when the deceased’s [email protected] important as it states the wishes estate includes property. If the estate is of the deceased and names the just made up of cash held in banks and where a member of staff executors. The executors are the building societies then the accounts named persons responsible for will help you through may be able to be closed by signing carrying out these wishes. this difficult time. a ‘Letter of Indemnity’, which can be obtained from any of our branches. Ipswich Building Society will allow an account to be closed using a ‘Letter of Indemnity’ provided that the total balances do not exceed £15,000. See page 9 of this booklet for more details.
2 3 PROV ING YOUR IDENT IT Y W HAT W E In order to manage the deceased’s WILL NEED accounts, you will need to provide us TO REGIST ER with acceptable forms identification. Personal Identification Certified Copies THE DEAT H Acceptable forms of Personal If you cannot provide us with the original Identification include: document then we can accept a certified copy. Documents can be certified to be - Full valid UK photocard Driving a true copy of the original, which must License (issued after 19 January 2013) Death certificate Identification be done by a practising professional - Full valid UK Passport For Executors or Beneficiaries, and should include the name, date, or Grant of Probate - Original National Identity Card for we will require valid Personal signature and the registration number of We will need a certified copy or a solicitor EU nationals Identification. Please see overleaf the professional. Examples of practising certified copy of the death certificate or - Original Passport for EU nationals for examples of acceptable forms professionals include: Grant of Probate. We will also accept of identification or ask a member We may be able to accept other forms an interim or coroner’s certificate or the - Chartered Accountants of staff. of identification; please speak to us for original Grant of Probate. - Solicitors more details. - Doctors Passbooks - Teachers - Banks or Building Societies (of which We will need the passbook(s) you are a customer) relating to the account(s), if - Post Office (there is a surcharge for they are available. this service)
4 5 HOW WE INVESTMENT CAN HELP ACCOUNTS
Dealing with the death of someone close to you From 3 December 2014, a spouse or civil partner is never easy, and we want to do our bit to make can invest an additional tax free allowance the process as painless as possible. equivalent to the value of the balances held in an ISA(s) by the deceased as at the date of their death. Help with the payment to HMRC direct. We will need a copy of the Inheritance Tax These are classed as previous year’s The additional permitted subscription Calculation for our records. There is no mortgage payments subscriptions and are in addition to their allowance equals the higher of the value charge for sending a CHAPS payment to If the deceased held a mortgage with us, annual ISA allowance. of the ISA(s) as at the date of death or HMRC direct. For more information on there are ways we can help – such as when they cease to be a continuing ISA. suspending all payments on the account Inheritance Tax, you can visit The Society does not currently offer an for a limited period to give you space to www.hmrc.gov.uk, or call HMRC’s account for these funds, however the The account will cease to be a manage the estate. More information is Inheritance Tax helpline on 0300 123 1072. allowance can be transferred to another continuing ISA on the earlier date of outlined on page 10 of this booklet. provider. Simply contact your new either: if the account is closed; or if the provider direct to start the process. account remains open 3 years after the Help with funeral date of death or on the administration of the deceased’s estate. Help with and other costs Additional Permitted Inheritance Tax We understand that it can often be The spouse or civil partner of the difficult to pay for the funeral, but if the Subscriptions deceased can invest this value, which In most cases, any Inheritance Tax is classed as the previous years’ due must be paid before the Grant deceased had funds in their accounts, Where a saver dies on or after the 6 April we can release these in order to help. We subscriptions and is in addition to their of Probate is issued. If you find 2018, any ISA(s) held by the deceased own annual ISA allowance. yourself in this situation, we can can also release funds to help you pay may remain open as a continuing ISA. help by releasing the funds held in associated costs such as care fees or an the deceased’s accounts to pay for unpaid utility bill if needed. All we need is Inheritance Tax. We can make a the original invoice or bill and the cheque cheque payable to HMRC or send will be made payable to that party. 6 7 INVESTMENT ACCOUNTS CONT INUED
WHAT HAPPENS NEXT? HOW DO I CLOSE THE ACCOUNT?
If interest is being paid to another If the account is account and this is in the sole name of held jointly with the deceased, we will require alternative Total balances instructions. less than £250 another person Total balances Under Survivorship rules funds held in a If you are related as the spouse/civil in excess of £15,000 joint account pass automatically to the partner, child, parent or sibling, you If the account is We will require sight of the original surviving account holder. If there are can close the account on completion Grant of Probate or Letters of multiple account holders, the Society in a sole name of a Letter of Indemnity. Administration. The Executors can then will transfer voting rights to the account The Society requires that all accounts of confirm their instructions in writing. holder who has been a member with the deceased are closed. All membership us for the longest period. If you would rights will cease and are not transferable; Total balances like us to treat the account differently, however you can retain the account in this will need to be confirmed by all the the name of the deceased until maturity between £250 We will close the accounts by cheque, remaining account holders. if the account has a fixed end date in the and £15,000 however the funds can be sent direct to future. Any interest being paid to another a nominated bank account if required If the surviving holder would like to Regardless of your relationship to the account will cease. for which a fee of £25 is payable and remain within the FSCS compensation deceased, you can complete a Letter can be deducted from the amount limit then the Society will provide penalty At this point we can also supply you with of Indemnity, which must be witnessed sent. If the value of the accounts totals free access to funds held in accounts a 975 Tax Deduction Certificate if tax by a Solicitor or Notary Public. where withdrawal restrictions apply. was deducted prior to 6 April 2016. After £100,000 or more, funds will be sent This facility is available for 60 days from 6 April 2016, we can supply you with a automatically by CHAPS and without registration of the death. Certificate of Interest paid if needed. charge. Please ensure that you supply the receiving bank account details with your closing instructions. 8 9 MORTGAGE COUNSELLING ACCOUNTS AND SUPPORT Money Advice Trust - Cruse Bereavement Care WHAT HAPPENS NEXT? National Debtline www.cruse.org.uk 0808 808 1677 (Mon-Fri 9.30am-5.00pm) www.nationaldebtline.co.uk Tel: Helpline: [email protected] When you are able to do so, please Tel: 0800 808 4000 Young person's helpline: [email protected] If the mortgage contact us and we will be happy to is in a sole name assist you with the handling of the mortgage from this point onwards. Money Advice Service The Bereavement Trust If the deceased holds a mortgage in Moneyadviceservice.org.uk The Society is happy to liaise with your www.bereavement-trust.org.uk their sole name, the mortgage will need Tel: 0300 500 5000 to be settled eventually. However, the solicitor on your behalf, if you wish. Tel: 0800 435 455 Society would like to assist in any way Trained volunteers offer comfort, support that we can during this difficult time. We Citizens Advice and practical advice to the bereaved will, therefore, suspend payments on the If the mortgage www.citizensadvice.org.uk/index/getadvice from 6pm until 10pm. If the line is engaged, account for 3 months and will require no please ring 0800 9177 416. further mortgage contributions during is in joint names this period. This should allow you some The name of the deceased will be Step Change Debt Charity space to manage the estate as you removed from the mortgage. The www.stepchange.org require. You are of course welcome to mortgage will now be in the names of Tel: 0800 138 1111 make mortgage payments from estate the remaining parties and will continue funds if you wish. with the existing terms, interest rate and required monthly payment. The Society is happy to liaise with Please be aware that interest will any third party organisation acting continue to be charged on the mortgage If you are concerned about your on your behalf if we hold your account, so the mortgage balance will on-going mortgage payments, you can written authority to do so. increase if you choose to make telephone or email us to see what further no payments. help or information may be available. Tel: 01473 278511 Email: [email protected] Usef ul Contacts 10 Investments: Mortgages: 11 Tel: 0330 123 0723 Tel: 01473 278511 Email: [email protected] Email: [email protected]