7IM's Bereavement Process
What to do when you lose a loved one
We appreciate that this is an incredibly difficult time and that there will be many things for you to deal with. We want to make it as easy as possible for you to understand the process at 7IM and guide you through what happens next.
Step 1: Inform us
We are here to help and guide you through the process of what to do for any 7IM investments or accounts they held.
Step 2: Send the death certificate![]()
What you need to do
Once you have received the death certificate, we ask that you send us either an original or a certified copy.
If you are sending an original death certificate, please confirm where you would like it returned to. We will return the certificate as soon as possible, by recorded delivery.
If you are sending a certified copy, please ensure it is certified by either a Financial Adviser, Solicitor, Notary or an Accountant. We do not return certified copies.
How to certify a document
Take both the photocopied and original documents, and ask the person to certify the copy by doing the following:
- writing ‘Certified to be a true copy of the original seen by me’ on the copied document
- signing and dating it with their name printed under the signature
- adding their occupation, address, and telephone number
For documents with a photo, the certification must contain the wording (or its effect): “I certify this to be a true likeness of <insert individual's name> and that this document is certified to be a true copy of the original seen by me.”
What we will do
- We will amend the account name to be prefaced with ‘The Estate of the Late’. We can also change the correspondence address if you would like us to do so.
- Generate a Probate Valuation, and send it to the person who notified us of the death. This is required when calculating the value of the deceased’s estate.
- Direct debits and standing orders will be cancelled, except in the case of joint accounts. 7IM will continue to manage the account as previously and any investments will not be ‘frozen’.
Fees due to a financial adviser or 7IM will continue to be taken. - We can generate a Consolidated Tax Voucher if required. This is not automatic and must be requested. It is usually advisable for this to be done three months after the date of death to ensure all income due has been paid.
Step 3: Sending Grant of Probate or Letters of Administration
What you need to do
If the value of the estate held with 7IM is over £25,000:
- If there is a Will in place, we will need a certified copy of the Grant of Probate, or the Certification of Confirmation if in Scotland.
- If there is no Will, we will need a certified copy of the Letters of Administration.
We need this information to evidence that we are able to act upon the named person's instructions. Further information about a Grant of Probate and Letters of Administration can be found on www.gov.uk.
If the value of the estate the deceased held with 7IM is under £25,000:
This is treated as a 'Small Estate' and all we require is you to complete our 'Small Estates Statutory Declaration' form.
What we will do
Once we receive the relevant documents, we will carry out electronic identity checks on all named personal representatives (Including Beneficiaries) before a payment is made to them. If we are unable to verify the details electronically, we may ask for further documentation in order to meet our anti-money laundering requirements.
We will update the correspondence address for the account to that of the personal representative . This will supersede any previous addresses, including if you provided one after notifying us of the death.
If the deceased held a 7IM SIPP
Once we have received additional information, we will write out individually to each beneficiary to explain their options.
Step 4: Instructing us as to what you would like to do with the holdings
What you need to do
There are a number of different options when deciding what to do with the deceased’s holdings, and we strongly recommend that you seek professional advice about these options.
When you have reached a decision, we will action your request. This could include:
- Selling the investments and paying out the resulting money
- Transferring the investments
- Paying an inheritance tax bill directly to HMRC
- If the deceased held an ISA, make use of the Additional Permitted Subscription (APS) allowance. Please see our APS Frequently Asked Questions Guide for more information.
Requests for any of the above must be made in writing and signed by all personal representatives.
In order to pay an inheritance tax bill direct to HMRC, you will need to complete an IHT423 form. This can be obtained from www.gov.uk.
What we will do
Before making a payment, we will run an electronic check to verify bank details. If we are unable to verify these electronically, we may ask for further documentation in order to meet our anti-money laundering requirements.
Contact us
If you have any questions, or need any further assistance, please do not hesitate to get in touch with us.
7IM, 1 Angel Court, London, EC2R 7HJ
