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Coping with practical matters after losing someone can be overwhelming, especially if you’re emotionally attached to the person. Sorting through their financial affairs might feel invasive, and it can be distressing if you uncover private matters like unpaid debts.

If you’re finding it difficult to manage, consider reaching out to a trusted family member or friend who can offer emotional and practical support. And if you’re struggling to find help, there are resources available to guide you through the process and provide the advice you need during this challenging time.

What happens to debts when someone passes away?

If the debts are solely in the deceased person’s name and they have no assets, the debts will not be owed by anybody else.

You don’t have to pay someone else’s debt unless you owed the money jointly with them or if you were a guarantor of their debt. You have no legal or moral obligation to do so if it was just the individual that owed money. If the debts were joint or someone has acted as a guarantor, the debt will be passed to the other joint owner or guarantor who will now be liable for those debts. 

If there are any assets, such as property, land, money in the bank and/or personal possessions, the debts have to be paid from the estate before any beneficiaries can receive anything.  This is the responsibility of the Executor of the Will or, where there’s no will in place, an appointed administrator (this usually tends to be the closest family member).

Regardless of the size of your estate, it is recommended to have a will. Without one, the law decides how your assets are distributed, which may not be how you would wish for them to be split. Unmarried or non-civil partners won’t automatically inherit, potentially causing financial hardship. A will also ensures proper arrangements are in place for children if both parents pass away. Additionally, planning ahead can reduce inheritance tax. If your circumstances change, for example you get married or divorced, it’s important to update your will to reflect your current wishes, as certain life events can invalidate previous wills.

Who is a will for?

A will isn’t for you. You’ll never use it. It’s for the people you leave behind.

Without a will, the people you leave behind are left with more work, costs, and stress at an already overwhelming time. Writing a will can take unnecessary work off their plate and leave them time for what matters most.

Receive a free will this October

Creating a will usually costs around £150-300 for a simple will and up to £1000 if it’s more complicated, howeverur partners over at The National Bereavement Service (NBS) have teamed up with Octopus Legacy  and other charities from across the UK to cover the cost of writing or updating your will this October. This means they’re offering to write your will for free throughout October.

You can access this free service online, over the phone/video, in-branch or via a home visit.

Answer a few questions to get started.

Why do I have to pick a charity to claim my free will?

You’ll be asked to choose a charity at the start of the process, so Octopus and supporting charities can track uptake, and offer you the chance to include a gift in your will to them down the line. However, although many people do, there is no obligation to leave them a gift in order to claim this offer.

Contact us if you need help with your debts

If you’re struggling with debts, call us on 0800 316 1833. We’re open from 8am – 8pm Monday to Friday, and 9am – 3pm on Saturdays. Alternatively, you can visit our advice page to speak to us via live chat or for more information.