Access to money

• Immediate access to money
• Occupational and personal pensions
• Deceased receiving a social welfare payment
• Dealing with bills and day to day matters
• Help with money matters

Immediate access to money

A bereaved person may need to get access to some of the deceased person's money to pay for funeral expenses. A dependent spouse or children may need to get access for living expenses at least until a social welfare payment is awarded. It is not easy to get immediate access to the deceased person's money unless it is in a joint account.

Money in the bank or building society

If money in the bank/building society is in the deceased's name only, then you usually cannot get access to it until probate is taken out. If the amount of money is small, the financial institution may release it provided the personal representatives or the next of kin sign an indemnity form - in effect, this is a guarantee that the bank/building society will not be at a loss if there are other claims on the money.

If the account is held jointly with a person other than your spouse (for example, the deceased is a sibling, partner or parent) talk to your bank or building society. They may need a letter of clearance from the Revenue Commissioners, Capital Taxes Office. Lo-call 1890 201 104. This will allow you to transfer money while any possible tax liability, such as Capital Acquisitions Tax (CAT) is being checked out. Spouses are not liable for CAT on inheritances from each other.

Credit union account

It is possible for holders of credit union accounts to nominate in writing a person or people to become entitled to all or part of the holder's property in the credit union at the time of the holder's death. The present limit on the amount which can be nominated in this way is €23,000. If such a nomination is made, then the person or people nominated become the owners of the money when the original holder dies and the money does not become part of the holder's estate. If no such nomination is made, then the credit union account is part of the deceased's estate and is distributed in the normal way.

Insurance policies

If an insurance policy names you as the beneficiary, then you may claim it directly from the insurance company. You need a death certificate. If there is no named beneficiary, then the proceeds form part of the overall estate of the deceased and are distributed with the other assets.

Occupational and personal pensions

The rules governing occupational and personal pensions vary. If the deceased was a member of a pension scheme, you should contact the employer or former employer or the scheme administrators to find out if there is a pension for the spouse and/or children. Self-employed people may have pension arrangements which involve some of the investments becoming part of the deceased's estate.

Divorced people may have access to some part of the pension scheme depending on whether or not a pension adjustment order was made at the time of the divorce.

The Pensions Board have a series of leaflets on pension matters for scheme members.

The Pensions Board
Verschoyle House
28/30 Lr Mount St
Dublin 2

Tel: (01) 613 1900
Fax: 01 631 8602
Email: pb@pensionsboard.ie
Web: www.pensionsboard.ie

Deceased receiving a social welfare payment

If the deceased was receiving a social welfare payment, you should inform the Department of Social and Family Affairs of the death and you should return the pension or payment book if there is one. You should not cash any of the deceased's social welfare cheques or vouchers or collect any of the deceased's payments after the death. If the payments are being made into the deceased's account, it is possible that some payments may be lodged after the death. In some circumstances these may have to be repaid but mainly they do not as most payments are continued for six weeks after the death.

You may, in general, continue to deal with your own social welfare payments in the normal way. If the social welfare payment you are receiving is a qualified adult payment which is dependant on the deceased continuing to be entitled to a payment, you should not cash it.

Dealing with bills and day to day matters

If the household bills are in the deceased's name, you can arrange to have them put into your name. There is no urgency about this as long as you can continue to pay them. The name on the bill can usually be changed by a telephone call to the supplier.

If the bills were paid by standing order or direct debit from the deceased's bank account you may need to inform the bank so they can cancel such arrangements.

You may need to cancel the deceased's credit and debit cards.

You may need to cancel the deceased's health insurance policy and car insurance policy. If you are the named driver on the deceased's car insurance you need to check with the insurance company about what needs to be done.

If the deceased lived alone, you may need to inform the insurance company which insures the house.

Help with money matters

Money Advice and Budgeting Services (MABS)

If you are experiencing financial difficulties following a bereavement, you may get advice from your local Money Advice and Budgeting Service. Each MABS is a free, confidential, independent service staffed by trained money advisers. Contact details are available in your local telephone directory or at www.mabs.ie.

Financial Information Service Centres (FISC)

FISC provides free confidential advice to people unable to afford the professional services of accountants through part-time clinics around the country. Details of clinics are available through your local Citizens Information Centre (CIC). There is a list of CISs in Appendix 2 and in the Golden Pages telephone directory.

Free Legal Advice Centres (FLAC)

FLAC runs a network of part-time, free, legal advice clinics throughout the country and a telephone information and referral line. Again, details of clinics are available through your local Citizens Information Centre.