Losing a loved one
What to do when someone dies

Frequently asked questions

• What is Probate and do I need to apply for it?

  If you have been nominated as an executor, or you are the next of kin, you might need to apply for probate.

  If the assets at HL are £50,000 or more:

  You will need to apply for further documentation if the total assets held by the deceased in any combination of these products exceed £50,000:

  • HL Fund & Share Account
  • HL Stocks & Shares ISA
  • HL Cash ISA
  • HL Lifetime ISA
  • HL Active Savings

  Applying for the legal right to deal with someone’s property, money and possessions (their ‘estate’) when they die is called ‘applying for probate’.

  • If there is a will, the executors will get a ‘grant of probate’.
  • If there is no will, you will get a ‘letter of administration’.

  We will send you a useful guide once you have informed us of your loved one passing, which tells you how to apply for probate if necessary.

  We will need to see either the original or a sealed copy of this document before releasing assets from any of the above products.

  If the assets at HL are less than £50,000:

  We will accept a Small Estates Declaration and Indemnity form in lieu of a Grant of Probate providing you are not applying for probate and the combined value of all portfolios with HL is below £50,000. To do so we will need a certified copy of the Will.

  If the deceased passed away intestate, we will need a Letter of Administration unless the portfolio with HL is below £500.

  These rules do not apply to any HL Self-Invested Personal Pension (SIPP) product. Click here for further info relating to SIPP products.

• Can HL investments be used to cover funeral costs or to pay for inheritance tax?

  Yes, we can issue a Declaration and Indemnity form to you as the executor to cover these costs from the estate once we have received a death certificate.

  The ‘Declaration and Indemnity form’ can be used to sell assets for any of these three reasons:

  • To be held as cash / avoid market risk
  • To be used for funeral expenses
  • To be used for Inheritance Tax

  Please note, any funeral expenses are paid directly to the funeral directors and any inheritance tax payments are made directly to HMRC. We will not make any payments directly to the executors until we have received sight of the Grant of Probate (or equivalent). Be aware that tax rules can and do change.

  The above is not true for an HL Self-Invested Personal Pension (SIPP) as it does not form part of the estate. Click here for further info relating to SIPP products.