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What steps should I take if an account holder has passed away?

In the unfortunate event of an account holder passing away, please contact our Customer Care Team, who will be happy to provide you with more information on what to do next. You can get in touch with them using LiveChat, emailing [email protected], or phoning 0800 802 1800.

We’ll require a few documents to be able to process the account (such as ID, bank statement, and the death certificate), but will confirm exactly what is required once we’ve been notified.

Please note that communications from Wealthify to the account holders account may not stop immediately, we will do our best to stop as much communication as we can —we apologise for any distress this might cause.

What happens to my investments if I pass away?

Once we have been notified by your next of kin, we will freeze your account to prevent any further payments and withdrawals. Before we are able to begin selling down the funds, we will require some additional documentation, which will be specific for the product(s) you hold in your account. If you owe fees, we may sell your assets to pay for this.

Please note there are no fees associated with any Wealthify Instant Access Savings Account.

The process is slightly different with pensions, as it will depend on what age you are when you pass away and whether you have accessed your pension. The main difference is if you pass away before 75, in which case your pension passes - tax-free - to your beneficiary.

Documentation required

We use different custodians for different products, meaning there will be different documentation required for each. We will let you know the exact documentation required once you have contacted our Customer Care Team.

Is probate required?

Whether probate is required will depend on the type of product held in the account and the Plan value. Our Customer Care Team can provide more definitive information when you contact them.

What happens to my pension when I pass away?

If you pass away before the age of 75 the Pension Plan will be paid out tax free to the beneficiary/ies. This would be either as a lump sum or as a beneficiary pension. There are two years from the notification of death to make the death benefit payment to the beneficiary/ies, otherwise the payments to the beneficiary/ies will be taxed.

Please note if the non-taxable benefit payment is made into a beneficiary Pension within the 2 years, then it will not be subject to tax for the remainder of the time it is in the beneficiary pension plan.

If you pass away after the age of 75 the Pension Plan will be paid at the beneficiary/ies tax rate, this would be with either a lump sum payment or when taking income from a beneficiary pension.

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