One of the most challenging moments in life is the death of a loved one. The last thing you want to think about while grieving is the process of sorting out economic affairs, but avoiding these necessary steps will only cause you more headaches in the future. The checklist below will help you carry out your loved one’s final wishes and reduce the amount of stress you have to experience when a loved one passes away.
1. Obtain several originals of the death certificate.
In order to discuss financial business with any institution or organization, you will first be required to present a death certificate validating the death of your loved one. This includes creditors, banks, investment companies, government agencies, and any other organizations that have open accounts with the deceased. Many organizations do not accept copies, which is why you will need several originals. The death certificate is also vital to receiving any benefits as the spouse or executor. We suggest you obtain at least six originals of the document to ensure that all institutions will have access to one.
2. Collect all other important documents.
Hopefully your loved one planned ahead by keeping track of assets and property in a compiled list and organizing all critical documents into one location. If not, you may have to spend some extra time locating items such as:
Insurance Policies
Credit Card Statements
Tax Returns
Deeds
Mortgage Statement
Marriage Certificate
Children’s Birth Certificates
Investment Accounts
Bank Statements
Will or Trust
Collecting these documents now will save you time when you submit claims for benefits and are sorting out other financial affairs on behalf of the deceased.
3. Talk to your lawyer.
The executor of the will often faces pressure to carry out the will exactly as it reads. This kind of liability can be overwhelming, especially because most people do not specialize in estate planning. Additionally, you may be too grief-stricken to handle complicated affairs such as the will/trust on your own. A lawyer can help you avoid mistakes that result in surcharges and will work to relieve you of the burdens that estate planning can present.
4. Find and submit the will.
If there is a will, it is your job as the executor to file it in your local probate court and manage the assets until they are distributed. Once you find the will, you’ll need to determine whether it needs to go through a probate process. If assets are jointly owned, these can usually pass to the surviving owner without probate.
5. Notify all parties involved.
There are several organizations, agencies, institutions, and people who need to be notified after the passing of a loved one. Ask family members to help by contacting those who were close to the deceased while you take care of notifying the following parties:
Employer of the deceased
Social Security Administration
Clergy
Creditors
Insurance Company
Credit Card Companies
Utility Companies
6. Discuss life insurance and other benefits.
Heirs may be entitled to several different kinds of payouts from the deceased person’s employer, such as pension benefits and 401(k) funds. You should also check on insurance policies to see if any premiums were paid, which would add to cash benefits that family members can collect. Lastly, you should submit a claim for the life insurance policy along with a death certificate. In the midst of your grief, it may be wise to avoid spending large sums of the life insurance payout immediately.
One of the extra responsibilities you have as the executor is the task of protecting the survivors of the deceased. Closely monitor the information that is released on social media and in the obituary. The more details you offer about the deceased person, the more likely a burglar or identity thief is to use that information to break in to a vacant home or compromise existing accounts. You should also make sure that final bills, property taxes and income taxes are paid to prevent a burden from being placed on the remaining heirs.
Remember to seek out emotional support as well as professional help when the tasks ahead of you become difficult to handle. With a little planning and a solid checklist, you can spend less time sorting out affairs and more time grieving in a healthy way with other loved ones.
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