Navigating Finances after a Loss

Grief is a difficult and lonely time. 

Having a change in your financial circumstances adds an additional layer of distress. Like grief, everyone’s financial experience is unique. You may find yourself with a reduced income and are struggling to manage your day-to-day living expenses and financial obligations.

It can be difficult to manage without assistance. MABS are here to help you deal with your new financial situation. MABS is the Irish Money Advice Service. For over 30 years, we have supported people with money advice, budgeting and debt.

• Our service is free of charge; you can get impartial advice from MABS to help you manage your money.
• We offer support over the telephone, face to face and virtually.
• We have 60 offices located around Ireland. Many regions operate outreach services to cover rural areas.

In addition, there is the MABS National Helpline, open from 09:00am to 8:00pm Monday to Friday.

Taking Steps to Maximise Your Income

Step 1: Check Your Social Welfare Entitlements

The Department of Social Protection has different benefits and entitlements during this difficult period.

You may be entitled to:

• One-Parent Family Payment – a means-tested payment payable if you have a child under 7
• Working Family Payment
• Household Budget Scheme
• Medical Card
• Fuel Allowance

Everyone’s entitlements are unique and subject to means testing. An Information Officer in your local Citizens Information Service can assist you to check any possible entitlement.

If you have a child, you may be entitled to the Bereaved Parent Grant. It is a once-off payment and is also means tested.

You may be entitled to get help with the cost of the funeral or paying your rent if you are struggling. Your local Community Welfare Officer deals with some of these payments.

Step 2: Notify the Department of Social Protection

If your loved one was receiving social welfare, notify the Department. In some circumstances, social welfare payments will continue to be paid to the spouse, civil partner, carer or cohabitant who died for 6 weeks after their death, depending on qualifying criteria.
See www.gov.ie

Contact Revenue and tell them your situation, so they can ensure you are getting the correct tax credits.

Step 3: Managing Debts Left Behind

You may be concerned about your loved one leaving behind debts that have to be repaid. MABS can assist you with this.

If you have taken out a mortgage with your loved one who has died, check if the borrowing is covered by mortgage protection insurance/life insurance.

• If it is not covered, continue to repay the mortgage.
• If you have difficulty in making these payments, talk to your mortgage provider.
• You can also contact MABS for support.

Step 4: Contact Financial Institutions and Insurers

Contact your:

• Bank
• Credit Union
• An Post

Some banks have dedicated Bereavement Support Teams.

Check your insurances:

• Contact your insurance company
• Check all insurance policies you have, or that your loved one had

For more, visit MABS.ie