How we can support you
We understand that the passing of a loved one is a challenging and emotional time.
We will help you navigate the process of managing a Transact portfolio following the death of a loved one so that it is as smooth as possible.
If you would prefer to speak with someone directly about our bereavement process, please don't hesitate to call us on 020 7608 4900 – we're here to help.
We're open from 8am to 6pm Monday to Friday (excluding bank holidays).
What to do when a client with a Transact portfolio has died
Typically clients will have been recommended to Transact by their financial adviser and where appropriate we encourage you to make contact with them in the first instance, as they will often be familiar with our death notification processes. If contacting the financial adviser is not possible for whatever reason we can support you through the process.
There are three stages to the process of closing the client’s account and distributing their assets.
1. Notify us of the death and your relationship to the portfolio holder
Notify us of the death: write, call or email and send us the original death certificate.
What we will do once you've notified us of the death:
We'll get in touch with the deceased's adviser, or in lieu of an adviser, we will contact you.
We put a hold on the portfolio, stopping any dealing, regular transactions and online access and removing any linked investment managers.
We liaise with the financial adviser linked to the portfolio.
We'll write to any relevant parties, such as the beneficiaries of a pension.
We'll produce a valuation for the client’s portfolio at date of death.
What next?
Contact us when you have the Grant of Representation (obtaining probate).
We'll return the original death certificate to you as soon as we are able, usually within 48 hours.
2. Obtain probate
You will need to send us a sealed Grant of Representation. A Grant of Representation is a legal document that shows you have obtained probate.
Probate means you are authorised to act on behalf of the deceased client and can deal with their estate.
We are now able to begin to close the portfolio and distribute the client's cash and assets.
We can make the following payments before probate is obtained:
Funeral costs
Inheritance tax to HMRC
We will need a copy of the Will before we can make the payments, along with other relevant documentation, so please contact our client service team to find out more information on what is required. Phone: 020 7608 4900.
3. Close the portfolio and distribute the cash and assets
This is where you tell us what to do with the investor portfolio.
What you need to do next will depend on the type of asset or investment.
You can find detailed information about what is required to access estate wrappers and distribute them in our bereavement guide for administrators and executors.
For further information or support, please contact our client service team.
Phone: 020 7608 4900
Email: info@transact-online.co.uk
Useful to know
You can request several original death certificates when registering a death. This may save you time having to wait for one original death certificate to be posted to several places.
You can find out how to register a death at Register a death - GOV.UK.
Advisers
Transact works closely with financial advisers on behalf of their clients. If you know who the financial adviser responsible for the deceased individual's portfolio was, you could liaise with them. They will be able to assist you with many of the administrative steps on your behalf, which will avoid you having to deal with this on your own.