Death and Finances: Advice to Do After a Loved One Passes Away
What to Do for Financial Planning When a Loved One Dies Unexpectedly: It is stressful to deal with loved one’s death, one reason is what to do with finance after his or her death. At that time, it is difficult to handle with time, money and energy. Here are eight important tips that will make easy to deal after loved one’s death.
Get Multiple Copies of the Death Certificate
After the death of a spouse, go to the city clerk’s office and receive certified copy of death i.e. death certificate. Make 10 or more copies because it will need at financial institutions, government agencies, creditors, unions, membership groups, and other organizations. They will not talk even without death certificate for financial matters of died person.
Obtain Letters Testamentary or Letters of Administration
Letter of Testamentary is a proof that needed if a deceased person was doing business. The executor can obtain letters testamentary from the local courthouse or city hall in the county where the deceased was living when he or she died.
Consult a Lawyer – Even if You Decide Not to Hire One
Avoid real estate lawyers, divorce lawyers, personal injury or criminal attorneys, and others who don’t specialize in estate planning. Try to hire the attorney or firm who has received the highest possible professional standards and ethics rankings in his field.
Collect and Secure Pertinent Documents
Gathering documents after one’s death are one of the time-consuming work. This needs good record keeping, planning, and wide knowledge. To avoid this disaster, create an inventory or list of all assets, accounts, and property and put that list in a safe place.
Notify Financial Institutions, Government Agencies, and Others
It is necessary to file a copy of death certificate to Social Security Administration, The deceased person’s employer, Insurance companies, Credit bureaus, Credit card companies, Post office, Utility companies and Creditors.
Cancel or Transfer Accounts, Memberships and Subscriptions
There is no need to continue with accounts, various memberships and services of died person. Cancel or transfer to spouse’s name all these documents along with credit cards, insurance, and bank accounts.
Apply for Benefits Due to Survivors
Beneficiaries can receive cash value benefits from insurance policies, 401(k) funds, unused vacation time, holiday time or bonuses. Ask questions to insurers immediately along with all legal documentaries.
Pay Final Bills and Guard against Financial Fraud
Do not forget to pay bills of property tax, income tax or other due taxes.
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