Inheritance rules could pose a major problem for some couples (Image: GETTY)
A woman who lost her partner has spoken of her heartbreak – and how she had to grapple financial issues as she mourned his death.Dealing with probate, solicitors and navigating inheritance laws can already be a taxing escapade, but adding on the emotional burden of grief can make it an even more devastating journey.
Finance expert Selina Flavius has tragically experienced this first-hand, discovering one of the biggest potential misconceptions in the UK’s inheritance process.
The Black Girl Finance founder joined Olamide Majekodunmi on her podcast All Things Money to discuss how grief affects your outlook on finances.
While Ola sadly lost her father, her family’s breadwinner, at the age of 16, which made her almost obsessed with saving and finances, Selina had dealt with an entirely different experience handling money amid her grief.
Selina lost her partner of 10 years to a sudden heart attack just six months before their wedding. Now, speaking about the tragedy, she shared: “I went from thinking about wedding dresses and bouquets of flowers to, you know, flowers, but for a completely different reason and organising things for his funeral.”
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The then-40-year-old struggled to get back to work and felt the understandably immense burden of grief bruising her shoulders.
However, there was still the matter of inheritance to figure out as she highlighted: “If you’re unmarried as well in the UK, in England in particular, there’s a bit of a myth of a common law wife or a husband. If you’re unmarried, it’s not the case.
“It’s very, very difficult. I even had difficulty speaking to a solicitor just to kind of try and sort out my partner’s affairs and advocate for myself whilst going through the loss. There’s so many different financial angles.”
For those dealing with a similar devastating loss, Selina urged them not to sweep their partner’s financial affairs under the rug until the heart wrenching feelings have subsided.
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She explained: “In the immediate aftermath of loss, although it’s probably the last thing that you want to think about or deal with, you do have to deal with the finances. There’s a misconception that someone that’s got any debts that they’re suddenly wiped out. They’re not – you have to look at a person’s estate, so the things that they own, and work out what their debts are. Those debts need to be paid off from their estate. Although it’s probably the furthest thing from your mind, it is something that needs to be sorted out.”
Couples who are married before one of them dies or those who have a well-constructed will can typically have a simpler process to manage all of their late loved ones affairs. Selina particularly urged people who aren’t married to “have a conversation about your husband or wives or your spouse’s wishes”.
Even the likes of Martin Lewis have previously spoken out on this common misconception, as he pinpointed this marital issue during an episode of Not the Martin Lewis podcast while explaining some strategic ways to avoid paying unnecessary Inheritance Tax.